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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]
In political science, democratic socialism and social democracy are sometimes seen as synonyms, [25] while they are distinguished in journalistic use. [26] Under this democratic socialist definition, [nb 1] social democracy is an ideology seeking to gradually build an alternative socialist economy through the institutions of liberal democracy. [23]
This is an accepted version of this page This is the latest accepted revision, reviewed on 21 February 2025. Economic system based on private ownership This article is about an economic system. For other uses, see Capitalism (disambiguation). "Capitalist" redirects here. For other uses, see Capitalist (disambiguation). Part of a series on Capitalism Concepts Austerity Business Business cycle ...
According to the Columbia University Center on Capitalism and Society, “Capitalism is a system of largely private ownership that is open to new ideas, new firms and new owners — in short, to ...
One of the great advantages of capitalism, he argues, is that as compared with pre-capitalist periods, when education was a privilege of the few, more and more people acquire (higher) education. The availability of fulfilling work is however limited and this, coupled with the experience of unemployment, produces discontent.
Some proponents of capitalism (like Milton Friedman) emphasize the role of free markets, which, they claim, promote freedom and democracy. For many (like Immanuel Wallerstein), capitalism hinges on the extension into a global dimension of an economic system in which goods and services are traded in markets and capital goods belong to non-state ...
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
The term "late capitalism" was first used by the German social scientist Werner Sombart in a 1928 publication [12] after he had completed his three-volume magnum opus Der Moderne Kapitalismus ["Modern Capitalism"], which was published from 1902 through 1927 (only the first volume of Sombart's Modern capitalism has been translated into English so far. [13]