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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.
Free Market Fairness is a 2012 book of political philosophy written by John Tomasi, president of the Heterodox Academy and former Professor of Political Philosophy at Brown University. Tomasi presents the concept of "free market fairness" or "market democracy," a middle ground between Friedrich Hayek and John Rawls 's ideas.
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]
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]
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 ...
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.