Political Economy and Ideological Views Flashcards
What are the conservative views in political economy?
Conservatives favor free markets, low taxes, and limited government intervention.
What do liberals advocate in political economy?
Liberals support social welfare programs, regulatory oversight, and equitable wealth distribution.
How does socialism differ from liberalism?
Socialism involves state ownership of key industries, while liberalism focuses on market regulation.
What is the primary goal of political economy?
To study the relationship between politics and economics in shaping societal outcomes.
Define the term “physiocracy.”
A theory stating that land and agriculture are the ultimate sources of wealth.
How did classical economists view the role of the government?
As limited to enforcing contracts, protecting property, and ensuring national defense.
How does Marxist political economy view capitalism?
As inherently exploitative, leading to inequality and eventual collapse.
What is the focus of Keynesian economics?
Managing aggregate demand through fiscal and monetary policies to prevent economic downturns.
How does Karl Marx differ from Keynes?
Marx focused on structural critiques of capitalism, while Keynes emphasized demand management.
What is the main critique of socialism by conservatives?
It stifles individual initiative and economic efficiency.
