Economic ideology & Laissez-faire - Unionpedia, the concept map

Anarchism

Anarchism is a political philosophy and movement that is against all forms of authority and seeks to abolish the institutions it claims maintain unnecessary coercion and hierarchy, typically including the state and capitalism.

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Capitalism

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.

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Communism

Communism (from Latin label) is a sociopolitical, philosophical, and economic ideology within the socialist movement, whose goal is the creation of a communist society, a socioeconomic order centered around common ownership of the means of production, distribution, and exchange that allocates products to everyone in the society based on need.

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Distribution (economics)

In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).

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Economic inequality

Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders). Each of these can be measured between two or more nations, within a single nation, or between and within sub-populations (such as within a low-income group, within a high-income group and between them, within an age group and between inter-generational groups, within a gender group and between them etc, either from one or from multiple nations). Income inequality metrics are used for measuring income inequality, the Gini coefficient being a widely used one. Another type of measurement is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. Important concepts of equality include equity, equality of outcome, and equality of opportunity. Historically, there has been a long-run trend towards greater economic inequality over time. The exceptions to this during the modern era are the declines in economic inequality during the two World Wars and amid the creation of modern welfare states after World War II. Whereas globalization has reduced the inequality between nations, it has increased the inequality within the population in most nations. Income inequality between nations peaked in the 1970s, when world income was distributed bimodally into "rich" and "poor" countries. Since then, income levels across countries have been converging, with most people now living in middle-income countries. However, inequality within the population in most has risen significantly in the last 30 years, particularly among advanced countries. Research has generally linked economic inequality to political and social instability, including revolution, democratic breakdown and civil conflict. Research suggests that greater inequality hinders economic growth and macroeconomic stability, and that land and human capital inequality reduce growth more than inequality of income. Inequality is at the center stage of economic policy debate across the globe, as government tax and spending policies have significant effects on income distribution. In advanced economies, taxes and transfers decrease income inequality by one-third, with most of this being achieved via public social spending (such as pensions and family benefits). While the "optimum" amount of economic inequality is widely debated, there is a near-universal belief that complete economic equality (Gini of zero) would be undesirable and unachieveable.

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Economic system

An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society.

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Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services.

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Fascism

Fascism is a far-right, authoritarian, ultranationalist political ideology and movement, characterized by a dictatorial leader, centralized autocracy, militarism, forcible suppression of opposition, belief in a natural social hierarchy, subordination of individual interests for the perceived good of the nation or race, and strong regimentation of society and the economy.

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Free market

In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers.

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Great Depression

The Great Depression (19291939) was a severe global economic downturn that affected many countries across the world.

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Ideology

An ideology is a set of beliefs or philosophies attributed to a person or group of persons, especially those held for reasons that are not purely epistemic, in which "practical elements are as prominent as theoretical ones".

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Invisible hand

The invisible hand is a metaphor inspired by the Scottish moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to act unintentionally in the public interest.

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Karl Marx

Karl Marx (5 May 1818 – 14 March 1883) was a German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist.

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Labor theory of value

The labor theory of value (LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it.

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Laissez-faire

Laissez-faire (or, from laissez faire) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations).

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Market economy

A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand.

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Market socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy.

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Mercantilism

Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy.

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Mixed economy

A mixed economy is an economic system that accepts both private businesses and nationalized government services, like public utilities, safety, military, welfare, and education.

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Political economy

Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).

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The logotype "Quaerite Libertatem et Altruismum" (Latin: as a transnational and neutral language) means "Seek Freedom and Altruism!".

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Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership.

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Subsidy

A subsidy or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy.

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Workplace democracy

Workplace democracy is the application of democracy in various forms to the workplace, such as voting systems, debates, democratic structuring, due process, adversarial process, and systems of appeal.

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