Economists and Economic Terms..pdf

Economists and Economic Terms..pdf - Economists and...

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Economists and Economic Terms Wikipedia – peer reviewed and seriously condensed and edited for accuracy by Professor Fish Marxism-Leninism Mixed Economy Karl Marx Vladimir Lenin Marxism Communism Laissez-Faire Socialism Million Billion George H. W. Bush Ronald Reagan George W. Bush Barack Obama Trillion Although the United States claims to be a free-market or capitalist economic system, we are primarily a mixed economy. A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism. There is not one single definition for a mixed economy, but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns and social welfare, or state ownership and management of some of the means of production for national or social objectives). For some states, there is not a consensus on whether they are capitalist, socialist, or mixed economies. Economies ranging from the United States to Cuba have been termed mixed economies. The mixed economy as an economic ideal is supported by social democrats as a compromise between socialism and free-market capitalism among others. The term mixed economy was coined to describe economic systems that stray from the ideals of either the free market, or various planned economies, and "mix" with elements of each other. As most political-economic ideologies are defined in an idealized sense, what is described rarely if ever exists in practice. Most would not consider it unreasonable to label an economy that, while not being a perfect representation, very closely resembles an ideal by applying the rubric that denominates that ideal. However, when a system in question diverges to a significant extent from an idealized economic model or ideology, the task of identifying it can become problematic. Hence, the term "mixed economy" was coined. As it is unlikely that an economy will contain a perfectly even mix, mixed economies are usually noted as being skewed towards either private ownership or public ownership, toward capitalism or socialism 1 , or toward a market economy or command economy (communism 2 ) in varying degrees. Command economies using communism and socialism are based on the writings of Karl Marx 3 1 Socialism is an economic system in which the means of production are either state owned or commonly owned and controlled cooperatively; or a political philosophy advocating such a system. Goods and services for consumption are distributed through markets, and distribution of income is based on the principle of individual merit/individual contribution. Some socialists advocate for the nationalization of the means of production, distribution and exchange, while other advocate public control of capital within the framework of a market economy. Libertarian socialists and anarchists reject using the state to build socialism, arguing that socialism
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