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Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Philosopher William Pepperell Montague coined the term Kratocracy, from the Greek: κρατερός (krateros), meaning "strong", for government by those who are strong enough to seize power through force or cunning. [4] In a letter to Albert Einstein from 1932, Sigmund Freud also explores the history and validity of "might versus right". [15]
Economism, sometimes spelled economicism, [1] is "the most orthodox [position in Marxism which] provides one-to-one correlations between the socio-economic base and the intellectual superstructure". [2] [3] Economism refers to the distraction of working-class political activism from a global political project to purely economic demands. The ...
In the context of public economics, the term government failure refers to an economic inefficiency caused by a government regulatory action, if the inefficiency would not have existed in a free market. [1] The costs of the government intervention are greater than the benefits provided.
The cycle starts with economic stagnation, which can enhance and expose the inefficiencies of a weak government and rule of law that cannot effectively respond to the problem. Because a government is unaccountable or weak, small interest groups can use the government for their specific interests, resulting in rent-seeking and corruption.
Economic determinism attributes primacy to economic structure over politics in the development of human history. It is associated with the dialectical materialism of Karl Marx . Technological determinism is the theory that a society's technology drives the development of its social structure and cultural values.
The government, then, has the autonomy to deal with certain issues on a national level, while helping state bureaucrats maintain the internationalism necessary to develop the nation's economy. The final aspect of developmentalism's ideology deals with the idea that it is necessary for nations to utilize the capitalist system as a means of ...