In the previous article, I made a small introduction to the economic side of politics, its implications and significance in any society, and also presented the idea of a political compass of economics. This time I will summarize the economic ideologies by splitting them into four main categories that can be observed along the axis of the political compass. (If the reader doesn't or only vaguely understands this concept, I suggest reading my previous article named “The Political Compass of Economics” where it is properly explained.) These categories are: top left, top right, bottom left, and bottom right.
The top left is the first we shall take a closer look at. It represents the economic viewpoint of those who lean towards the idea of "left-wing" or "liberal" economics. Economic ideologies from this side of the compass believe in having a strong government role in the economy. This means supporting progressive taxation, social welfare programs, and regulations on businesses to promote equality and protect the less privileged. They support a fair distribution of wealth and resources and prioritize social well-being over unbridled free-market capitalism. Here, the main aim is to create a more equitable society where the government actively intervenes to address economic disparities and ensure everyone's basic needs are met.
On the other hand, the top right of the political compass represents the economic viewpoint of those who lean towards "right-wing" or "conservative" economics. Ideologies from this area believe in a limited government role in the economy. This means supporting lower taxes, deregulation of businesses, and free-market principles. They advocate for individual freedom and believe that a smaller government will encourage economic growth and personal responsibility. The main idea is to prioritize free enterprise and competition, trusting that the market will efficiently allocate resources and create prosperity. Thus, this approach aims to foster innovation and economic opportunities by allowing businesses and individuals to thrive without extensive government interference.
Continuing, another area of the compass is the bottom right, which represents the economic viewpoint of those who lean towards "right-wing" or "libertarian" economics and believe in a minimal government role in the economy. By supporting low taxes, limited regulations, and free-market principles, ideologies from here advocate for individual freedom and personal responsibility, allowing people to make their own economic choices without government interference. They prioritize free enterprise and believe that less government involvement leads to more efficient and prosperous markets. Therefore, the main principles of these ideologies are individual liberty and economic independence, trusting that individuals and businesses can best determine their own paths to success and growth without the interference of the state.
Last but not least, there is the bottom left, which is extremely similar to the top left from an economic point of view. Here, the differences between the top and bottom left lie in social policies — at least in terms of theory and principles. However, the way theory is put into practice differs. This will be analyzed in future articles when ideologies will be presented in more detail.
It is important for the reader to understand that what I just explained are only general ideas, and I approached the political compass from a macro point of view, so details are evidently lacking. Another point I must make is that in this article, I presented only theory and how these blocks of ideologies are supposed to work, not how they actually work. That being said, if everything goes well, in the next article I will begin to concretely present ideologies in both theory and practice, starting with the top left corner and the ideology of communism.
Bibliography:
https://www.britannica.com/topic/conservatism/General-characteristics
https://www.sciencedirect.com/topics/social-sciences/economic-liberalism
https://www.britannica.com/topic/libertarianism-politics/Libertarian-philosophy
https://www.investopedia.com/terms/s/socialism.asp
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