- Economic ideology
An economic ideology discerns itself from a pure
economic theorybecause it is normative rather than just explanatory in its approach. It describes the way an economy should be run and to what end, whereas the only aim of economic theories is to create accurate descriptive models. However the two are closely interrelated. A good way of discerning whether an ideologycan be classified an economic ideology is to query if it inherently takes a specific and detailed economic standpoint. For instance, Anarchismcannot be said to be an economic ideology as such, because it has amongst others Anarcho-capitalismon the one hand and Anarcho-communismon the other as subcategories thereof, which in turn can. Furthermore, economic ideologies can be said to be a distinct subset of economic systems, because of the ideological element which is not part of economic systems per se.
CapitalismCapitalism is a broad economic system where competitionin a free marketdetermines the price, productionand consumptionof goods through the invisible handof supply and demandreaching efficient market equilibrium. Capital, propertyand enterpriseare privately ownedand managed for a profit. New enterprises may freely gain market entrywithout State restriction. Employmentand wagesare determined by a labour marketthat will result in some unemployment. Governmentand Judicial interventionare necessary at times to ensure the efficient operation of markets against price fixingand collusionby producers and organized labour, and abuse of market powerby monopolies. The capitalist economy will likely follow a business cycleof economic growthand recession. There are several variations of capitalism, the main ones being capitalist mixed economies, where the state intervenes in market activity and provides some services, Lassiez faire, where the state plays a minimal role, and anarcho-capitalismwhere the market and private enterprise are completely free from the state which is nonexistent.
SocialismSocialism refers to a broad set of economic systems in which the major enterprises are either owned or controlled by the state or owned by the members who work in the enterprises who manage them as cooperatives. Some socialist economic systems direct the economy through a national economic plan, while most favor a form of a mixed economy of public and private ownership, while currents such as Social Democracyadvocate social welfare programs in a predominately market-based economy. In most socialist systems private propertyand private ownership of capital is restricted. The State usually decides on what is produced, and in the case of market socialism, the prices, incomes and levels of production. Unemployment is abolished and employment is guaranteed for life. Traditional Marxian socialism and labor-oriented socialism aim to subsidizekey industries and provide cradle to the grave provision of social services in order to create a more equal society that may be able to develop into Communism. Socialism is usually divided into a few main variations, the planned economysystem, the mixed economy, market socialismand participatory economics or libertarian socialism.
CommunismCommunism is the evolution of socialism so that the central role of the State has 'withered away' and is no longer necessary for the functioning of a planned economy. All property and capital are collectively owned and managed in a communal, classlessand egalitariansociety. Currencyis no longer needed, and all economic activity, enterprise, labour, production and consumption is freely exchanged " from each according to his ability, to each according to his needs".
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