Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#1

Post by yonibot » Tue, May 30, 2023, 8:21 PM UTC

Economic theory is pretty confident that lowering interest rates only fans the flames of inflation - so why have the Turkish people re-elected Erdogan, who has made it clear that he will continue his policy of lowering interest rates even further?

I know that Erdogan is a strongman leader and that government propaganda is on his side - but as far as I’m aware, Turkey still has free access to the Internet. So why has reason not prevailed? Did he just squash the reputation of his opponent Kilicdaroglu?

Re: Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#2

Post by NickC25 » Tue, May 30, 2023, 8:28 PM UTC

Religious conservatives and right wing nationalists re-elected Erdogan.

Also, given the fragile nature of Turkey's geopolitical importance (and the fact that they are part of NATO), foreign actors probably all figured the status quo was better than an unknown, and thus he got re-elected.

Re: Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#3

Post by hunglee2 » Tue, May 30, 2023, 8:33 PM UTC

Erdogan's party has 11 million members, about 1/8th of the whole population, dwarfing the competition. It's a formidable vote generating machine, never surprising for Erdogan win it, its the default setting under the current set up

Re: Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#4

Post by Finnucane » Tue, May 30, 2023, 8:40 PM UTC

It's the homeopathic theory of economics.

Re: Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#5

Post by yonibot » Tue, May 30, 2023, 8:53 PM UTC

NickC25 wrote: post #2

Religious conservatives and right wing nationalists re-elected Erdogan. Also, given the fragile nature of Turkey's geopolitical importance (and the fact that they are part of NATO), foreign actors probably all figured the status quo was better than an unknown, and thus he got re-elected.

The foreign actor point is a good one. But I’m still confused as to why right wing nationalists would not have gotten the information from the internet that Erdogan’s policies are destroying their economy. Is his voter base largely less educated?

Re: Ask HN: Why did the Turks re-elect Erdogan given his interest rate policy?

#6

Post by goodguysstick » Wed, May 31, 2023, 10:04 AM UTC

Because Erdogan is the best, just ask anybody! Vote Erdogan! Vote Often!