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The impossible trinity (also known as the impossible trilemma, the monetary trilemma or the Unholy Trinity) is a concept in international economics and international political economy which states that it is impossible to have all three of the following at the same time:
Libertarian socialist economist Robin Hahnel notes that even if central planning overcame its inherent inhibitions of incentives and innovation, it would nevertheless be unable to maximize economic democracy and self-management, which he believes are concepts that are more intellectually coherent, consistent and just than mainstream notions of ...
Indeed, it has been said that democracy is the worst form of government except all those other forms that have been tried from time to time." [2] Critics of democracy have often tried to highlight democracy's inconsistencies, paradoxes, and limits by contrasting it with other forms of government, such as epistocracy or lottocracy.
Economic inequality in the United States has been steadily increasing since the 1980s as well and economists such as Paul Krugman, Joseph Stiglitz, and Peter Orszag, politicians like Barack Obama and Paul Ryan, and media entities have engaged in debates and accusations over the role of tax policy changes in perpetuating economic inequality.
75) ("An imbalance between rich and poor is the oldest and most fatal ailment of all republics"), and even the father of the free market, Adam Smith (who warned of "great inequality" where "civil government" is "instituted for the defence of the rich against the poor") (p. 82).
In the post-World War II period, states sacrificed globalization while embracing democracy at home and national autonomy. [7] The trilemma suggests that the backlash against globalization in the last few decades is rooted in a desire to reclaim democracy and national autonomy, even if it undermines economic integration. [7]
Criticism of libertarianism includes ethical, economic, environmental and pragmatic concerns. With right-libertarianism, critics have argued that laissez-faire capitalism does not necessarily produce the best or most efficient outcome, and that libertarianism's philosophy of individualism and policies of deregulation fail to prevent the abuse of natural resources. [1]
He also states that this new system came to be referred to as embedded liberalism in order to "signal how market processes and entrepreneurial and corporate activities were surrounded by a web of social and political constraints and a regulatory environment that sometimes restrained but in other instances led the way in economic and industrial ...