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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.
Under this type of definition, social democracy's goal is that of advancing those values within a capitalist market economy, as its support for a mixed economy no longer denotes the coexistence between private and public ownership or that between planning and market mechanisms but rather, it represents free markets combined with government ...
Sometimes a free market economy is defined as one in which the government has little, if any, control over the marketplace. Under this definition a market with any significant amount of government ...
Although democracy is generally understood to be defined by voting, [1] [8] no consensus exists on a precise definition of democracy. [19] Karl Popper says that the "classical" view of democracy is, "in brief, the theory that democracy is the rule of the people and that the people have a right to rule". [20]
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.
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 ...
A social market economy is a free-market or mixed-market capitalist system, sometimes classified as a coordinated market economy, where government intervention in price formation is kept to a minimum, but the state provides significant services in areas such as social security, health care, unemployment benefits and the recognition of labor ...