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Welfare Capitalism
WELFARE CAPITALISM is capitalism that includes social welfare policies. Welfare capitalism is also the practice of businesses providing welfare services to their employees. Welfare capitalism in this second sense, or INDUSTRIAL PATERNALISM, was centered on industries that employed skilled labor and peaked in the mid-20th century. Today, welfare capitalism is most often associated with the models of capitalism found in Continental and Northern Europe, such as the Nordic model
Nordic model
, social market economy and Rhine capitalism
Rhine capitalism
. In some cases welfare capitalism exists within a mixed economy , but welfare states can and do exist independently of policies common to mixed economies such as state interventionism and extensive regulation
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American School (economics)
The AMERICAN SCHOOL, also known as the "NATIONAL SYSTEM", represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1860s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas. It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War
American Civil War
until the mid-twentieth century. Closely related to mercantilism , it can be seen as contrary to classical economics
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Austrian School
The AUSTRIAN SCHOOL is a school of economic thought that is based on methodological individualism – the concept that social phenomena result from the motivations and actions of individuals. It originated in late-19th and early-20th century Vienna
Vienna
with the work of Carl Menger , Eugen Böhm von Bawerk , Friedrich von Wieser
Friedrich von Wieser
, and others. It was methodologically opposed to the Prussian Historical School (in a dispute known as Methodenstreit ). Current-day economists working in this tradition are located in many different countries, but their work is still referred to as AUSTRIAN ECONOMICS
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Chicago School Of Economics
The CHICAGO SCHOOL OF ECONOMICS is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago , some of whom have constructed and popularized its principles. In the context of macroeconomics, it is connected to the "freshwater school" of macroeconomics, in contrast to the saltwater school based in coastal universities (notably Harvard University
Harvard University
, MIT
MIT
, and UC Berkeley ). Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations . The freshwater-saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other
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State-sponsored Capitalism
The EAST ASIAN MODEL (sometimes known as STATE-SPONSORED CAPITALISM ) is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new (or specific) industries in the private sector . It generally refers to the model of development pursued in East Asian economies like Singapore , Japan , Taiwan and South Korea . In recent decades it has also been used to classify the contemporary economic system in mainland China. Key aspects of the East Asian model include state control of finance, direct support for state-owned enterprises in "strategic sectors" of the economy or the creation of privately owned "national champions ", high dependence on the export market for growth, and a high rate of savings. It is similar to dirigisme
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Regulated Market
A REGULATED MARKET (RM) or CONTROLLED MARKET is a market where the government controls the forces of supply and demand , such as who is allowed to enter the market and/or what prices may be charged. It is common for some markets to be regulated under the claim that they are natural monopolies . For example, telecommunications, water, gas or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets. A variety of forms of regulations exist in a regulated market. These include controls, oversights , anti-discrimination , environmental protection , taxation and labor laws . In a regulated market, the government regulatory agency may legislate regulations that privilege special interests , known as regulatory capture
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Private Property
PRIVATE PROPERTY is a legal designation for the ownership of property by non-governmental legal entities . Private property
Private property
is distinguishable from public property , which is owned by a state entity; and from collective (or cooperative ) property, which is owned by a group of non-governmental entities . Private property
Private property
is further distinguished from personal property , which refers to property for personal use and consumption. Private property
Private property
is a legal concept defined and enforced by a country's political system. CONTENTS * 1 History * 2 Economics * 3 Criticism * 4 See also * 5 References * 6 External links HISTORY Gate with a private property sign. Prior to the 18th century, English-speakers generally used the word "property" in reference to land ownership
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Profit (economics)
In economics , PROFIT in the accounting sense of the excess of revenue over cost is the sum of two components: NORMAL PROFIT and ECONOMIC PROFIT. Normal profit is the profit that is necessary to just cover the opportunity costs of the owner-manager or of the firm's investors. In the absence of this much profit, these parties would withdraw their time and funds from the firm and use them to better advantage elsewhere. In contrast, economic profit, sometimes called excess profit, is profit in excess of what is required to cover the opportunity costs. The enterprise component of normal profit is the profit that a business owner considers necessary to make running the business worth his or her while, i.e., it is comparable to the next-best amount the entrepreneur could earn doing another job
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Mercantilism
MERCANTILISM was a type of national economic policy designed to maximize the trade of a nation and especially to maximize the accumulation of gold and silver. It was dominant in modernized parts of Europe from the 16th to the 18th centuries. It promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. With the establishment of overseas colonies by northern European powers early in the 17th century, mercantile theory gained a new and wider significance, in which its aim and ideal became both national and imperialistic. Mercantilism
Mercantilism
functioned as the economic counterpart of the older version of political power : divine right of kings and absolute monarchy . Mercantilism
Mercantilism
includes a national economic policy aimed at accumulating monetary reserves through a positive balance-of-trade , especially of finished goods
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Classical Economics
CLASSICAL ECONOMICS (also known as LIBERAL ECONOMICS) asserts that markets function best with minimal government interference . It was developed in the late 18th and early 19th century by Adam Smith
Adam Smith
, Jean-Baptiste Say , David Ricardo
David Ricardo
, Thomas Robert Malthus
Thomas Robert Malthus
, and John Stuart Mill . Many writers found Adam Smith's idea of free markets more convincing than the idea, widely accepted at the time, of protectionism . Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in Smith's influential book was that the wealth of nations was based not on gold but on trade: That when two parties freely agree to exchange things of value, because both see a profit in the exchange, total wealth increases
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Institutional Economics
INSTITUTIONAL ECONOMICS focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in Thorstein Veblen 's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton . Institutional economics
Institutional economics
emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading heterodox approach to economics. A significant variant is the new institutional economics from the later 20th century, which integrates later developments of neoclassical economics into the analysis
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New Institutional Economics
NEW INSTITUTIONAL ECONOMICS (NIE) is an economic perspective that attempts to extend economics by focusing on the social and legal norms and rules (which are institutions ) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics . It can be seen as a broadening step to include aspects excluded in neoclassical economics. It rediscovers aspects of classical political economy . CONTENTS * 1 Overview * 2 Institutional levels * 3 See also * 4 References * 5 Further reading * 6 External links OVERVIEWIt has its roots in two articles by Ronald Coase , "The Nature of the Firm " (1937) and " The Problem of Social Cost " (1960). In the latter, the Coase Theorem (as it was subsequently termed) maintains that without transaction costs , alternative property right assignments can equivalently internalize conflicts and externalities
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New Keynesian Economics
NEW KEYNESIAN ECONOMICS is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics . It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New Classical macroeconomics . Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations . But the two schools differ in that New Keynesian analysis usually assumes a variety of market failures . In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "sticky ", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other market failures present in New Keynesian models , imply that the economy may fail to attain full employment
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Age Of Enlightenment
The ENLIGHTENMENT (also known as the AGE OF ENLIGHTENMENT or the AGE OF REASON; in French : le Siècle des Lumières, lit. 'the Century of Lights'; and in German : Aufklärung, 'Enlightenment') was an intellectual and philosophical movement which dominated the world of ideas in Europe during the 18th century, The Century of Philosophy. The Enlightenment included a range of ideas centered on reason as the primary source of authority and legitimacy, and came to advance ideals like liberty , progress , tolerance , fraternity , constitutional government , and separation of church and state . In France, the central doctrines of les Lumières were individual liberty and religious tolerance in opposition to an absolute monarchy and the fixed dogmas of the Roman Catholic Church
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Neoclassical Economics
NEOCLASSICAL ECONOMICS is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand . This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production , in accordance with rational choice theory . Neoclassical economics
Neoclassical economics
dominates microeconomics , and together with Keynesian economics forms the neoclassical synthesis which dominates mainstream economics today. Although neoclassical economics has gained widespread acceptance by contemporary economists, there have been many critiques of neoclassical economics, often incorporated into newer versions of neoclassical theory
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Monetarism
MONETARISM is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation . Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy . Monetarism
Monetarism
today is mainly associated with the work of Milton Friedman , who was among the generation of economists to accept Keynesian economics and then criticise Keynes's theory of gluts using fiscal policy (government spending)
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