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Democratic capitalism, also referred to as market democracy, is a political and economic system that integrates resource allocation by marginal productivity (synonymous with free-market capitalism), with policies of resource allocation by social entitlement. [1] The policies which characterise the system are enacted by democratic governments. [1]
A free market does not directly require the existence of competition; however, it does require a framework that freely allows new market entrants. Hence, competition in a free market is a consequence of the conditions of a free market, including that market participants not be obstructed from following their profit motive.
Free association; Freed market; Industrial democracy; Input–output model; Internationalism; Labour-time calculation; Labour voucher; Material balance planning; Peer‑to‑peer economics; Production for use; Sharing economy; Spontaneism; Social dividend; Social ownership; Socialism in one country; Socialist mode of production; Soviet ...
Cosmopolitan democracy, also known as global democracy or world federalism, is a political system in which democracy is implemented on a global scale, either directly or through representatives. An important justification for this kind of system is that the decisions made in national or regional democracies often affect people outside the ...
Market abolitionists such as David McNally argue in the Marxist tradition that the logic of the market inherently produces inequitable outcomes and leads to unequal exchanges, arguing that Adam Smith's moral intent and moral philosophy espousing equal exchange was undermined by the practice of the free market he championed—the development of ...
Mill rejected centralised models of socialism that he thought might discourage competition and creativity, but he argued that representation is essential in a free government and democracy could not subsist if economic opportunities were not well distributed, therefore conceiving democracy not just as a form of representative government, but as ...
The revival of free-market ideologies during the mid-to-late 20th century came with disagreement over what to call the movement. While many believers in economic freedom prefer the term libertarian , some free-market conservatives reject the term's association with the 1960s New Left and its connotations of libertine hedonism. [ 87 ]
Democratic socialism is a left-wing [1] economic and political philosophy that supports political democracy and some form of a socially owned economy, [2] with a particular emphasis on economic democracy, workplace democracy, and workers' self-management [3] within a market socialist, decentralised planned, or democratic centrally planned ...