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Economic Theories in Politics
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Keynesianism
A macroeconomic theory emphasizing that government intervention can stabilize the economy through adjusting levels of spending and taxation.
Neoliberalism
An economic and political approach advocating for free-market capitalism, deregulation, and reduction in government spending.
Marxism
A socio-economic theory proposing that the working class should rise up to overthrow capitalism, leading to a classless society.
Monetarism
An economic theory which asserts that controlling the money supply is the key determinant of economic activity and inflation.
Classical Liberalism
An economic ideology that emphasizes the importance of individual liberty, free markets, and limited government.
Mercantilism
An economic theory and practice dominant in Europe from the 16th to 18th century that promotes governmental regulation of a nation's economy for the purpose of augmenting state power.
Socialism
A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Fascism
An authoritarian and nationalistic right-wing system of government and social organization with severe economic and social regimentation, and forcible suppression of opposition.
Utilitarianism
An ethical theory that posits the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.
Supply-Side Economics
An economic theory which argues that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free market forces to operate.
Protectionism
An economic policy of restraining trade between nations through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow 'fair competition' between imports and goods and services produced domestically.
Anarchism
A political theory favoring the abolition of governments and organized states and espousing a society based on voluntary cooperation and free association of individuals and groups.
Corporatism
A political or economic system in which power is given to civic assemblies that represent economic, industrial, agrarian, and professional groups.
Environmental Economics
A subfield of economics concerned with environmental issues, emphasizing the role of market failures and government interventions in accounting for the environmental costs of economic activity.
Behavioral Economics
A method of economic analysis that applies psychological insights into human behavior to explain economic decision-making.
Communitarianism
A political and moral philosophy focused on strengthening civil society and communal bonds as a means of working towards the common good without total dependence on the state.
Libertarianism
A political philosophy that upholds liberty as its principal objective, emphasizing free will, voluntary association, and individual judgment.
Welfare Economics
A branch of economics that focuses on the optimal allocation of resources and goods and on how the allocation of these resources affects social welfare.
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