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Economic democracy (sometimes called a democratic economy [1] [2]) is a socioeconomic philosophy that proposes to shift ownership [3] [4] [5] and decision-making power from corporate shareholders and corporate managers (such as a board of directors) to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public.
In the 20th century, T. H. Marshall proposed what he believed to be central democratic ideals in his seminal essay on citizenship, citing three different kinds of rights: civil rights that are the basic building blocks of individual freedom; political rights, which include the rights of citizens to participate in order to exercise political ...
Equal economic opportunity, a robust social safety net, and strong labor unions have long been at the heart of Democratic economic policy. [9] The party favors a mixed economy [17] and generally supports a progressive tax system, higher minimum wages, Social Security, universal health care, public education, and subsidized housing. [9]
The same word is sometimes used to identify both an ideology and one of its main ideas. For instance, socialism may refer to an economic system, or it may refer to an ideology that supports that economic system. The same term may also refer to multiple ideologies, which is why political scientists try to find consensus definitions for these terms.
The Federalist Party was founded by Alexander Hamilton to support political candidates that advocated classical republicanism, stronger federal government, and the American School of economics, while the Democratic-Republican Party was founded by Thomas Jefferson to support political candidates that advocated the agrarian and anti-federalist ...
Marilyn B. Young argues that after the end of the Cold War in 1991, neoconservative intellectuals and policymakers embraced the idea of an "American empire," a national mission to establish freedom and democracy in other nations, particularly poor ones. She argues that after the September 11, 2001 terrorist attacks, the George W. Bush ...
An opposing view offered by Cass R. Sunstein in The Second Bill of Rights (Basic Books, 2004, ISBN 0-465-08332-3) argues that through his Supreme Court appointments Nixon effectively ended a decades-long expansion of economic rights along the lines of those put forward in the Universal Declaration of Human Rights, adopted in 1948 by the United ...
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.