Political Parties, Social Class, and Economic Policy Preferences

ALTHOUGH THE SYNCHRONIZATION OF ECONOMIC FLUCTUations with the electoral cycle often preoccupies political leaders, the real force of political influence on macroeconomic performance comes in the determination of economic priorities. Here the ideology and platform of the political party in power dominate. Just as the electoral calendar helps set the timing of policy, so the ideology of political leaders shapes the substance of economic policy.