The Paradox of Money in Politics: When Businessmen Choose to Be Politicians

Heba Mohamed Zahra

doi:doi:10.11648/j.eco.20211001.13

| Peer-Reviewed

The Paradox of Money in Politics: When Businessmen Choose to Be Politicians

Heba Mohamed Zahra

Published in Economics (Volume 10, Issue 1)

Received: 5 January 2021 Accepted: 26 January 2021 Published: 2 February 2021

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

This research paper highlights the link between economics and politics through exploring the controversial phenomenon of money in politics. Using the theoretical framework that highlights the importance of the multinational corporations in global politics as well as the structural relationship between the state and businessmen, this paper starts to analyze the complexity of this phenomenon. Most of the scholarly work emphasized the negative consequences of this phenomenon and a few showed that it could result in mixed outcomes. A number of scholars went beyond these results to show us the real paradox or dilemma about money in politics. Money was indispensable to electoral campaigns that informed voters in spite of any problems that money could cause. In addition, money had an impact on the democratic process, although this impact differed from a country to another. Then the paper highlights one of the most famous and perplexing manifestations of money in politics in today’s world which is the willingness of businessmen to run for elections as candidates who seek office as legislators or executives. This desire to occupy a governmental position made scholars keen to explain the convenient environmental conditions for this to take place, the popular support for businessmen candidates and the motive behind this. The paper concludes the persistence of this paradox and recommends the necessity of collaboration between economic and political researchers in order to investigate this dilemma and further explain the conditions related to businessmen who reach office.

Published in	Economics (Volume 10, Issue 1)
DOI	10.11648/j.eco.20211001.13
Page(s)	21-27
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Business, Politics, Elections, Structural Relationship, Public Opinion

References

[1]	Grunewald, D. (1965). Businessmen Must Get Active in Politics. The Academy of Management Journal, 8 (1): 50-52.
[2]	Babic, M., Fichtner, J. and Heemskerk, E. M. (2017). States versus Corporations: Rethinking the Power of Business in International Politics. The International Spectator, 52 (4): 20-43.
[3]	Scherer, A. G. and Palazzo, G. (2011). The New Political Role of Business in a Globalized World: A Review of a New Perspective on CSR and its Implications for the Firm, Governance, and Democracy. Journal of Management Studies, 48 (4): 899-931.
[4]	L. Zingales, “Towards A Political Theory of the Firm,” NBER Working Paper Series, Working Paper 23593, National Bureau of Economic Research, Massachusetts, July 2017.
[5]	Castaneda, N. (2016). Book Review: Tasha Fairfield, Private Wealth and Public Revenue in Latin America: Business Power and Tax Politics (New York, Cambridge University Press, 2015). Journal of Latin American Studies, 48 (4): 886-887.
[6]	J. Roos, Why Not Default? The Political Economy of Sovereign Debt. Princeton: Princeton University Press, 2019.
[7]	Tham, J. - C. (2019). Democracy before Dollars. AQ: Australian Quarterly, 90 (2): 20-32.
[8]	Gomez, E. T. (2012). Monetizing Politics: Financing Parties and Elections in Malaysia. Modern Asian Studies, 46 (5): 1370-1397.
[9]	Mutalib, H. M. (2017). The Other Side of Malaysia’s Enviable Economic and Multiethnic Stability: The Obstinate Resilience of ‘Money Politics’. Asian Ethnicity, 18 (1): 54-73.
[10]	Clark, L. and Walton, G. W. (2017). Drivers of Electoral and Institutional Money Politics in Papua New Guinea. Australian Journal of Asian Law, 18 (2), Article 4: 1-13.
[11]	B. Bowornwathana, “The Politics of Combating Corruption when Big Businessmen are at the Helm: Lessons from Thaksin and Berlusconi,” in The Many Faces of Public Management Reform in the Asia-Pacific Region, Research in Public Policy Analysis and Management, vol. 18, C. Wescott, B. Bowornwathana and L. R. Jones, Eds. UK: Emerald Group Publishing Limited, 2009, pp. 73-96.
[12]	Matsumoto, M. (2002). Political Democratization and KMT Party-Owned Enterprises in Taiwan. The Developing Economies, XL-3: 359-380.
[13]	Pye, L. W. (1997). Money Politics and Transitions to Democracy in East Asia. Asian Survey, 37 (3): 213-228.
[14]	Bailey, M. (2004). The Two Sides of Money in Politics: A Synthesis and Framework. Election Law Journal, 3 (4): 653-669.
[15]	B. Abegaz, “Political Parties in Business,” The College of William and Mary, Department of Economics, Working Paper Number 113, April 2011.
[16]	Gehlbach, S., Sonin, K. and Zhuravskaya, E. (2010). Businessman Candidates. American Journal of Political Science, 54 (3): 718-736.
[17]	Neumeier, F. (2018). Do Businessmen Make Good Governors? Economic Inquiry, 56 (4): 2116-2136.
[18]	Adams, B. E., Lascher Jr., E. L. and Martin, D. J. (2020). Ballot Cues, Business Candidates, and Voter Choices in Local Elections. American Politics Research: 1-12.
[19]	Campbell, R. and Cowley, P. (2014). Rich Man, Poor Man, Politician Man: Wealth Effects in a Candidate Biography Survey Experiment. The British Journal of Politics and International Relations BJPIR, 16: 56-74.
[20]	Coffe, H. and Theiss-Morse, E. (2016). The Effect of Political Candidates’ Occupational Background on Voters’ Perceptions of and Support for Candidates. Political Science, 68 (1): 55-77.
[21]	Bunkanwanicha, P. and Wiwattanakantang, Y. (2009). Big Business Owners in Politics. The Review of Financial Studies, 22 (6): 2133-2168.

Cite This Article

Plain Text BibTeX RIS

APA Style

Heba Mohamed Zahra. (2021). The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics, 10(1), 21-27. https://doi.org/10.11648/j.eco.20211001.13

Copy | Download

ACS Style

Heba Mohamed Zahra. The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics. 2021, 10(1), 21-27. doi: 10.11648/j.eco.20211001.13

Copy | Download

AMA Style

Heba Mohamed Zahra. The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics. 2021;10(1):21-27. doi: 10.11648/j.eco.20211001.13

Copy | Download

@article{10.11648/j.eco.20211001.13,
  author = {Heba Mohamed Zahra},
  title = {The Paradox of Money in Politics: When Businessmen Choose to Be Politicians},
  journal = {Economics},
  volume = {10},
  number = {1},
  pages = {21-27},
  doi = {10.11648/j.eco.20211001.13},
  url = {https://doi.org/10.11648/j.eco.20211001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.eco.20211001.13},
  abstract = {This research paper highlights the link between economics and politics through exploring the controversial phenomenon of money in politics. Using the theoretical framework that highlights the importance of the multinational corporations in global politics as well as the structural relationship between the state and businessmen, this paper starts to analyze the complexity of this phenomenon. Most of the scholarly work emphasized the negative consequences of this phenomenon and a few showed that it could result in mixed outcomes. A number of scholars went beyond these results to show us the real paradox or dilemma about money in politics. Money was indispensable to electoral campaigns that informed voters in spite of any problems that money could cause. In addition, money had an impact on the democratic process, although this impact differed from a country to another. Then the paper highlights one of the most famous and perplexing manifestations of money in politics in today’s world which is the willingness of businessmen to run for elections as candidates who seek office as legislators or executives. This desire to occupy a governmental position made scholars keen to explain the convenient environmental conditions for this to take place, the popular support for businessmen candidates and the motive behind this. The paper concludes the persistence of this paradox and recommends the necessity of collaboration between economic and political researchers in order to investigate this dilemma and further explain the conditions related to businessmen who reach office.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - The Paradox of Money in Politics: When Businessmen Choose to Be Politicians
AU  - Heba Mohamed Zahra
Y1  - 2021/02/02
PY  - 2021
N1  - https://doi.org/10.11648/j.eco.20211001.13
DO  - 10.11648/j.eco.20211001.13
T2  - Economics
JF  - Economics
JO  - Economics
SP  - 21
EP  - 27
PB  - Science Publishing Group
SN  - 2376-6603
UR  - https://doi.org/10.11648/j.eco.20211001.13
AB  - This research paper highlights the link between economics and politics through exploring the controversial phenomenon of money in politics. Using the theoretical framework that highlights the importance of the multinational corporations in global politics as well as the structural relationship between the state and businessmen, this paper starts to analyze the complexity of this phenomenon. Most of the scholarly work emphasized the negative consequences of this phenomenon and a few showed that it could result in mixed outcomes. A number of scholars went beyond these results to show us the real paradox or dilemma about money in politics. Money was indispensable to electoral campaigns that informed voters in spite of any problems that money could cause. In addition, money had an impact on the democratic process, although this impact differed from a country to another. Then the paper highlights one of the most famous and perplexing manifestations of money in politics in today’s world which is the willingness of businessmen to run for elections as candidates who seek office as legislators or executives. This desire to occupy a governmental position made scholars keen to explain the convenient environmental conditions for this to take place, the popular support for businessmen candidates and the motive behind this. The paper concludes the persistence of this paradox and recommends the necessity of collaboration between economic and political researchers in order to investigate this dilemma and further explain the conditions related to businessmen who reach office.
VL  - 10
IS  - 1
ER  -

Copy | Download

Author Information

Heba Mohamed Zahra

Department of Political Science, Faculty of Economics and Political Science, Cairo University, Giza, Egypt

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Heba Mohamed Zahra. (2021). The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics, 10(1), 21-27. https://doi.org/10.11648/j.eco.20211001.13

Copy | Download

ACS Style

Heba Mohamed Zahra. The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics. 2021, 10(1), 21-27. doi: 10.11648/j.eco.20211001.13

Copy | Download

AMA Style

Heba Mohamed Zahra. The Paradox of Money in Politics: When Businessmen Choose to Be Politicians. Economics. 2021;10(1):21-27. doi: 10.11648/j.eco.20211001.13

Copy | Download

@article{10.11648/j.eco.20211001.13,
  author = {Heba Mohamed Zahra},
  title = {The Paradox of Money in Politics: When Businessmen Choose to Be Politicians},
  journal = {Economics},
  volume = {10},
  number = {1},
  pages = {21-27},
  doi = {10.11648/j.eco.20211001.13},
  url = {https://doi.org/10.11648/j.eco.20211001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.eco.20211001.13},
  abstract = {This research paper highlights the link between economics and politics through exploring the controversial phenomenon of money in politics. Using the theoretical framework that highlights the importance of the multinational corporations in global politics as well as the structural relationship between the state and businessmen, this paper starts to analyze the complexity of this phenomenon. Most of the scholarly work emphasized the negative consequences of this phenomenon and a few showed that it could result in mixed outcomes. A number of scholars went beyond these results to show us the real paradox or dilemma about money in politics. Money was indispensable to electoral campaigns that informed voters in spite of any problems that money could cause. In addition, money had an impact on the democratic process, although this impact differed from a country to another. Then the paper highlights one of the most famous and perplexing manifestations of money in politics in today’s world which is the willingness of businessmen to run for elections as candidates who seek office as legislators or executives. This desire to occupy a governmental position made scholars keen to explain the convenient environmental conditions for this to take place, the popular support for businessmen candidates and the motive behind this. The paper concludes the persistence of this paradox and recommends the necessity of collaboration between economic and political researchers in order to investigate this dilemma and further explain the conditions related to businessmen who reach office.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - The Paradox of Money in Politics: When Businessmen Choose to Be Politicians
AU  - Heba Mohamed Zahra
Y1  - 2021/02/02
PY  - 2021
N1  - https://doi.org/10.11648/j.eco.20211001.13
DO  - 10.11648/j.eco.20211001.13
T2  - Economics
JF  - Economics
JO  - Economics
SP  - 21
EP  - 27
PB  - Science Publishing Group
SN  - 2376-6603
UR  - https://doi.org/10.11648/j.eco.20211001.13
AB  - This research paper highlights the link between economics and politics through exploring the controversial phenomenon of money in politics. Using the theoretical framework that highlights the importance of the multinational corporations in global politics as well as the structural relationship between the state and businessmen, this paper starts to analyze the complexity of this phenomenon. Most of the scholarly work emphasized the negative consequences of this phenomenon and a few showed that it could result in mixed outcomes. A number of scholars went beyond these results to show us the real paradox or dilemma about money in politics. Money was indispensable to electoral campaigns that informed voters in spite of any problems that money could cause. In addition, money had an impact on the democratic process, although this impact differed from a country to another. Then the paper highlights one of the most famous and perplexing manifestations of money in politics in today’s world which is the willingness of businessmen to run for elections as candidates who seek office as legislators or executives. This desire to occupy a governmental position made scholars keen to explain the convenient environmental conditions for this to take place, the popular support for businessmen candidates and the motive behind this. The paper concludes the persistence of this paradox and recommends the necessity of collaboration between economic and political researchers in order to investigate this dilemma and further explain the conditions related to businessmen who reach office.
VL  - 10
IS  - 1
ER  -

Copy | Download