What economic ideology do you most follow/support?

Posted by: PetersSmith

There's a difference between economic ideology and system, I may make one on economic systems later.

Vote
22 Total Votes
1

Capitalism

Capitalism is an economic system in which trade, industry, and the means of production are largely or entirely privately owned and operated for profit. Central characteristics of capitalism include capital accumulation, competitive markets and wage ... labour. In a capitalist economy, the parties to a transaction typically determine the prices at which assets, goods, and services are exchanged.The degree of competition, role of intervention and regulation, and scope of state ownership varies across different models of capitalism. Economists, political economists, and historians have taken different perspectives in their analysis of capitalism and recognized various forms of it in practice. These include laissez-faire capitalism, welfare capitalism, crony capitalism and state capitalism; each highlighting varying degrees of dependency on markets, public ownership, and inclusion of social policies. The extent to which different markets are free, as well as the rules defining private property, is a matter of politics and policy. Many states have what are termed capitalist mixed economies, referring to a mix between planned and market-driven elements   more
18 votes
4 comments
2

Market socialism

Market socialism is a type of economic system where the means of production are either publicly owned or socially owned as cooperatives and operated in a market economy. This differs from non-market socialism in that a market exists for allocating c... apital goods and the means of production. There are many models of market socialism. Depending on the specific model, profits generated by socially-owned firms may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend. Although models of socialism involving factor markets have existed since the early 19th century, the term "market socialism" only emerged in the 1920s during the Socialist calculation debate.Market socialism is distinguished from the concept of the mixed economy, because unlike the mixed economy, models of market socialism are complete and self-regulating systems   more
3 votes
0 comments
3

Dirigisme

Dirigisme or dirigism is an economic system where the state exerts a strong directive influence over investment. It designates a capitalist economy with a strong directive, as opposed to a merely regulatory, role for the state.The term emerged in th... e post-war era to describe the economic policies of the French economy, which included substantial state-directed investment, the use of indicative economic planning to supplement the market system, and the establishment of state enterprises in strategic sectors of the French economy.The term has subsequently been used to classify other economies that pursued similar policies, most notably the East Asian tiger economies, and more recently the economy of the People's Republic of China. A related concept is state capitalism.Most modern economies can be characterized as dirigiste to some degree – for instance, the state may exercise directive action by performing or subsidizing research and development of new technologies, through government procurement or through state-run research institutes   more
1 vote
0 comments
4

Fascism

The economics of fascism refers to the economic policies implemented by fascist governments. Historians and other scholars disagree on the question of whether a specifically fascist type of economic policies can be said to exist. Baker argues that ... there is an identifiable economic system in fascism that is distinct from those advocated by other ideologies, comprising essential characteristics that fascist nations shared. Payne, Paxton, Sternhell, et al. Argue that while fascist economies share some similarities, there is no distinctive form of fascist economic organization. Feldman and Mason argue that fascism is distinguished by an absence of coherent economic ideology and an absence of serious economic thinking. They state that the decisions taken by fascist leaders can not be explained within a logical economic framework   more
0 votes
0 comments
5

Georgism

Georgism is an economic philosophy holding that the economic value derived from natural resources and natural opportunities should belong equally to all residents of a community, but that people own the value they create. The Georgist paradigm can b... e described as a model of political economy that offers solutions to social and ecological problems, relying on principles of land rights and public finance which attempt to integrate economic efficiency with social justice. The philosophical basis of Georgism dates back to several early proponents such as John Locke and Baruch Spinoza, but the concept of gaining public revenues from natural resource privileges was widely popularized by the economist and social reformer Henry George and his first book, Progress and Poverty.Georgism is concerned with just and efficient distribution of economic rent caused by natural monopolies, pollution, and the control of commons, including title over natural resources and other contrived privileges   more
0 votes
0 comments
6

Islamic economics

Islamic economics refers to the economic system that conforms to Islamic scripture and traditions. Islamic finance belongs to the category of religious ethical finance, like Christian finance. The central features of an Islamic economy are summarize... d as the following: "behavioral norms and moral foundations" derived from the Quran and Sunnah; Zakat tax as the basis of Islamic fiscal policy, and prohibition of interest.Islamic movements and authors generally describe an Islamic economic system as neither socialist nor capitalist, but as a "third way", an ideal mean with none of the drawbacks of the other two systems.To reduce the gap between the rich and the poor, Islam encourages trade, discourages the hoarding of wealth and outlaws usury. Therefore wealth is taxed through zakat, but trade is not taxed. Profit sharing and venture capital where the lender is also exposed to risk are acceptable. Hoarding of food for speculation is also discouraged Grabbing other people's land is also prohibited   more
0 votes
0 comments
7

Laissez-faire

Laissez-faire is an economic system in which transactions between private parties are free from intrusive government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights. The phrase laissez-faire is French an... d literally means "let [them] do," but it broadly implies "let it be," "let them do as they will," or "leave it alone.   more
0 votes
0 comments
8

Communist society

The communist society is the type of society and economic system postulated to emerge from technological advances in the productive forces in the theory of Marxism, and is the ultimate goal of the political ideology of Communism. A communist society...  is based upon common ownership of the means of production with free access to the articles of consumption and is classless and stateless, implying the end of economic exploitation. Karl Marx referred to this stage of development as upper-stage communism.Communism is a specific stage of socioeconomic development that emerges from technological advances in the productive forces that leads to a superabundance of material wealth, allowing for distribution based on need and social relations based on freely-associated individuals.The term "communist society" should be distinguished from "communist state", the latter referring to a state ruled by a party which professes a Marxist-Leninist variation of communist ideology   more
0 votes
0 comments
9

Corporatism

Corporatism is the socio-political organization of a society by major interest groups, or corporate groups, such as agricultural, business, ethnic, labour, military, patronage, or scientific affiliations, on the basis of common interests. Corporatis... m is theoretically based upon the interpretation of a community as an organic body. The term corporatism is based on the Latin root word "corpus" meaning "body".In 1881, Pope Leo XIII commissioned theologians and social thinkers to study corporatism and provide a definition for it. In 1884 in Freiburg, the commission declared that corporatism was a "system of social organization that has at its base the grouping of men according to the community of their natural interests and social functions, and as true and proper organs of the state they direct and coordinate labor and capital in matters of common interest".Corporatism is related to the sociological concept of structural functionalism. Corporate social interaction is common within kinship groups such as families, clans and ethnicities. In addition to humans, certain animal species like penguins exhibit strong corporate social organization   more
0 votes
0 comments
10

Anarchist economics

The early English anarchist William Godwin´s views on economics could be summarized as follows: "he envisages the possibility of specialization in the various crafts, which would lead to a man's following the task for which he had the greatest aptit... ude, and distributing his surplus products to whoever may need them, receiving what he himself needs of other things from the surplus produced by his neighbours, but always on the basis of free distribution, not of exchange. It is evident that, despite his speculations on the future of machinery, Godwin's ideal society is based on the economics of handcrafts and cultivation." The anti-authoritarian sections of the First International proclaimed at the St. Imier Congress (1872) that "the aspirations of the proletariat can have no purpose other than the establishment of an absolutely free economic organization and federation, founded upon the labour and equality of all and absolutely independent of all political government", in which each worker will have the "right to the enjoyment of the gross product of his labours and thereby the means of developing his full intellectual, material and moral powers in a collective setting." This revolutionary transformation could "only be the outcome of the spontaneous action of the proletariat itself, its trades bodies and the autonomous communes.   more
0 votes
0 comments
11

Mercantilism

Mercantilism was an economic theory and practice, dominant in Europe from the 16th to the 18th century, that promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. It...  is the economic counterpart of political absolutism. Mercantilism includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods. Historically, such policies frequently led to war and also motivated colonial expansion. The Mercantilism theory varies in sophistication from one writer to another and has evolved over time. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilism policy. Other policies have included:Building overseas colonies;Forbidding colonies to trade with other nations;Monopolizing markets with staple ports;Banning the export of gold and silver, even for payments;Forbidding trade to be carried in foreign ships;Export subsidies;Promoting manufacturing with research or direct subsidies;Limiting wages;Maximizing the use of domestic resources   more
0 votes
0 comments
12

Neomercantilism

Neomercantilism is a policy regime that encourages exports, discourages imports, controls capital movement, and centralises currency decisions in the hands of a central government. The objective of neo-mercantilist policies is to increase the level ... of foreign reserves held by the government, allowing more effective monetary policy and fiscal policy.This is generally believed to come at the cost of lower standards of living than an open economy would bring at the same time, but offers the advantages to the government in question of having greater autonomy and control. China, Japan and Singapore are described as neo-mercantilist. It is called "neo-" because of the change in emphasis from classical mercantilism on military development, to economic development.Its policy recommendations sometimes echo the mercantilism of the early modern period. These are generally protectionist measures in the form of high tariffs and other import restrictions to protect domestic industries combined with government intervention to promote industrial growth, especially manufacturing   more
0 votes
0 comments
13

Participatory economics

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for the allocation of the factors of production and guidance of production in a given society. Partici... patory decision-making involves the participation of all persons in decision-making on issues in proportion to the impact such decisions have on their lives. Participatory economics is a form of decentralized economic planning and socialism involving the common ownership of the means of production. The participatory economic system is proposed as an alternative to contemporary capitalism, as well as an alternative to central planning. This economic model is primarily associated with the proposals put forth by the political theorist Michael Albert and economist Robin Hahnel, who describe participatory economics as an anarchistic economic vision.The underlying values that parecon seeks to implement are equity, solidarity, diversity, workers' self-management and efficiency   more
0 votes
0 comments
14

Protectionism

Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow fair competition between imports and good... s and services produced domestically.This policy contrasts with free trade, where government barriers to trade are kept to a minimum. In recent years, protectionism has become closely aligned with anti-globalization and anti-immigration. The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations   more
0 votes
0 comments
15

Socialist economics

Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.A socialist economic system is based on some form of social ownership of the means of production, which may mean autono... mous cooperatives or direct public ownership; wherein production is carried out directly for use. Where markets are utilized for allocating inputs and capital goods among economic units, the designation market socialism is used. When planning is utilized, the economic system is designated a planned socialist economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind or a direct measure of labor-time as a means to value resources and goods.The term socialist economics may also be applied to analysis of former and existing economic systems that call themselves "socialist", such as the works of Hungarian economist János Kornai.Socialist economics has been associated with different schools of economic thought   more
0 votes
0 comments
16

State capitalism

State capitalism is usually described as an economic system in which commercial economic activity is undertaken by the state, with management and organization of the means of production in a capitalist manner, including the system of capital accumul... ation, wage labor, and centralized management. This designation applies to economies regardless of the political aims of the state, even if the state is nominally socialist. State capitalism is characterized by the dominance of state-owned business enterprises in the economy. Examples of state capitalism include corporatized government agencies and states that own controlling shares of publicly listed corporations. State capitalism is usually used as criticism of states that named themselves socialist; for instance, many communist and Marxist tendencies argue that the Soviet Union did not establish socialism, but rather established state capitalism.State capitalism has also come to refer to an economic system where the means of production are owned privately but the state has considerable control over the allocation of credit and investment, as in the case of France during the period of dirigisme   more
0 votes
0 comments
17

Syndicalism

Syndicalism is a type of proposed economic system, a form of socialism, considered a replacement for capitalism. It suggests that industries be organised into confederations or syndicates. It is "a system of economic organization in which industries...  are owned and managed by the workers."Its theory and practice is the advocation of multiple cooperative productive units composed of specialists and representatives of workers in each respective field to negotiate and manage the economy. Syndicalism also refers to the political movement and tactics used to bring about this type of system.For adherents, labour unions and labour training are the potential means of both overcoming economic aristocracy and running society fairly and in the interest of informed and skilled majorities, through union democracy. Industry in a syndicalist system would be run through co-operative confederations and mutual aid. Local syndicates would communicate with other syndicates through the Bourse du Travail which would cooperatively determine distributions of commodities   more
0 votes
0 comments
18

Third Way

In politics, the Third Way is a left-wing position advocating a varying synthesis of liberal economic and social policies. The Third Way was created as a serious re-evaluation of political policies within various centre-left progressive movements in...  response to international doubt regarding the economic viability of the state; economic interventionist policies that had previously been popularized by Keynesianism and contrasted with the corresponding rise of popularity for economic liberalism and the New Right. The Third Way is promoted by some social democratic and social liberal movements.Major Third Way social democratic proponent Tony Blair claimed that the socialism he advocated was different from traditional conceptions of socialism. Blair said "My kind of socialism is a set of values based around notions of social justice ... Socialism as a rigid form of economic determinism has ended, and rightly". Blair referred to it as "social-ism" that involves politics that recognized individuals as socially interdependent, and advocated social justice, social cohesion, equal worth of each citizen, and equal opportunity   more
0 votes
0 comments
Leave a comment...
(Maximum 900 words)
Harper says2015-06-30T13:45:27.2784029-05:00
I chose capitalism and this was my reasoning: It is the political philosophy that has been historically the most free, most successful, and has granted the greatest amount of economic and technological growth. The basic components of a capitalist society are twofold: 1. The right to private property and 2. Access to a free market, both of which contribute to social progress. When individuals own the means of production and can control supply and demand themselves, it allows for the greatest amount of innovation and new ideas as any individual can participate. This isn't to say that we should have no government regulation, as some is necessary in order to keep monopolies in check.

Freebase Icon   Portions of this page are reproduced from or are modifications based on work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License.

By using this site, you agree to our Privacy Policy and our Terms of Use.