the economy Flashcards
major agreements for socialists on the economy
critique on unregulated capitalism, as it concentrates wealth to a small proportion of the population rather than the broader people
the need for intervention into the economy
promotion of social justice through economic policy
what did marx/engels believe about the economy?
critiques unregulated capitalism for its exploitation of the working class and inherent inequalities.
They argue that capitalism concentrates wealth and power in the hands of a few, leading to social and economic injustices.
the abolition of capitalism and an economy where the means of production are collectively owned and managed.
classless society where wealth is redistributed based on needs not wants to eliminate inequality
complete abolition of private property
revolution needed to overthrow capitalism and establish socialism
the market is inherently exploitative of the working class so wealth should be redistributed based on need not want
what does webb believe about the economy?
Gradual replacement
of capitalism by
common ownership
of the means of
production.
regulation required to limit capitalism
social justice through redistribution policies, progressive taxation, and welfare programs to reduce inequality and increase equality of opportunity
what does crosland believe about the economy?
A mixed economy.
gradual and democratic reforms
significant state regulation to correct market failures and ensure that economic activities serve the public good.
state ownership of key industries while allowing private enterprise to operate in less critical sectors.
redistribution policies, progressive taxation, and welfare programs to reduce inequality
what does giddens believe about the economy?
A neo-liberal
economy to
provide for welfare
programmes.
need for regulation to address excesses of capitalism to benefit broader population
the government invests in education, infrastructure, and social programs to support economic growth and social justice.
market-based economy with strategic state intervention.
the market is an essential driver of innovation and growth
