Modern political economists categorize theories under three general ideologies:
Liberalism: Wealth comes from ingenuity, labor and exchange. It is the result of the use of land and other natural resources, along with capital in the form of durable goods and labor.
Everyone can benefit from economics. Economics is regarded to be not a zero sum game, but one that is continually progressing with rising standards.
Individuals are unimportant, but the good of the community at large is the criterion for decision-making.
Individuals are generally virtuous even when given a fair amount of political and economic liberties.
Everyone can win, when the conditions are fair and favorable.
The accumulation of private property is good for society.
Equality of opportunity is important, inequality of possessions is less so.
The state supports the structure of civil society.
Marxism: Wealth comes from manual labor and exchange, not ingenuity and all individuals should benefit from economics. Inequality is inherently bad. Economics is regarded to be a zero sum game.
Profit in capitalism comes from surplus labor extracted from the worker. The worker must be producing more than he is paid by his employer, thus the surplus of his labor is stolen from him.
The private ownership of the means of production and wage labor will inherently breed inequality and leave some in society with immense wealth and many mired in poverty. The means of production should thus be collectively controlled.
Inequality is bad.
The modern capitalist state meets the needs of the majority of civil society and favors an elite.
Modern political economists categorize theories under three general ideologies:
Liberalism: Wealth comes from ingenuity, labor and exchange. It is the result of the use of land and other natural resources, along with capital in the form of durable goods and labor.
Everyone can benefit from economics. Economics is regarded to be not a zero sum game, but one that is continually progressing with rising standards.
Individuals are unimportant, but the good of the community at large is the criterion for decision-making.
Individuals are generally virtuous even when given a fair amount of political and economic liberties.
Everyone can win, when the conditions are fair and favorable.
The accumulation of private property is good for society.
Equality of opportunity is important, inequality of possessions is less so.
The state supports the structure of civil society.
Marxism: Wealth comes from manual labor and exchange, not ingenuity and all individuals should benefit from economics. Inequality is inherently bad. Economics is regarded to be a zero sum game.
Profit in capitalism comes from surplus labor extracted from the worker. The worker must be producing more than he is paid by his employer, thus the surplus of his labor is stolen from him.
The private ownership of the means of production and wage labor will inherently breed inequality and leave some in society with immense wealth and many mired in poverty. The means of production should thus be collectively controlled.
Inequality is bad.
The modern capitalist state meets the needs of the majority of civil society and favors an elite.
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