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Ethical socialism is a political philosophy that appeals to socialism on ethical and moral grounds as opposed to consumeristic, economic, and egoistic grounds. [1] It emphasizes the need for a morally conscious economy based upon the principles of altruism, cooperation, and social justice while opposing possessive individualism. [2]
The term is generally used by critics of a national government. It has been used variously in the past to describe the Russian government under Boris Yeltsin and later, under Vladimir Putin, [10] the government of Egypt under Abdel Fattah Al-Sisi, [11] governments in sub-Saharan Africa, [12] the government of the Philippines under Rodrigo Duterte, [13] and the governments under some United ...
Moral economy is a way of viewing economic activity in terms of its moral, rather than material, aspects. The concept was developed in 1971 by British Marxist social historian and political activist E. P. Thompson in his essay, "The Moral Economy of the English Crowd in the Eighteenth Century".
It is not to be confused with the more general idea of progress in relation to economic growth. Economic progressivism is based on the idea that capitalist markets left to operate with limited government regulation are inherently unfair, favoring big business, large corporations and the wealthy.
It calls for active government involvement in other social and economic matters such as reducing economic inequality, increasing diversity, expanding access to education and healthcare, regulating economic activity, and environmentalism. [3] Modern liberalism was formed in the 20th century in response to the Great Depression. [4]
Many of Woodrow Wilson's ideas about moral diplomacy and America's role in the world come from American exceptionalism.American exceptionalism is the proposition that the United States is different from other countries in that it has a specific world mission to spread liberty and democracy.
The term "economic rationalism" is commonly used in criticism of free-market economic policies as amoral or asocial. In this context, it may be summarised as "the view that commercial activity... represents a sphere of activity in which moral considerations, beyond the rule of business probity dictated by enlightened self-interest, have no role to play" (Quiggin 1997).
In its initial formation, economic liberalism was focused on promoting the idea of private ownership and trade; however, due to a growing awareness of concerns regarding policy, the rise of economic liberalism paved the way for a new form of liberalism, known as social liberalism. This promoted an accommodation for government intervention in ...