The Economic and Political Spectrum

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The Economic and Political Spectrum:

The Economic and Political Spectrum

The History of the Political and Economic Spectrums:

The History of the Political and Economic Spectrums The concept of the Political and economic spectrums and the Left and Right came about in 1789-1796 during the French Revolution.

The Left, Right, and the Centre:

The Left, Right, and the Centre The Left refers to the economic ideas collectivism, equality, redistribution of wealth, and government ownership. The political left focuses on societal change, advancement in ideas, and radical changes. The Left will try to force change on a society. Ideologies such as Socialism and Communism lye on the left of the spectrum. Economically the Right is about Individualism, Private businesses, and the equality of opportunity. Politically the right try to maintain the status quo of society or take society back to the “good ol ’ days”. Right leaning people are reactionaries who will attempt to stifle large social change. Ideologies such as Capitalism and Fascism lye on the right of the spectrums. The Centre tries to balance the ideologies of both sides of the spectrum. People in the centre will try to have both private and public enterprises, and will have forms of social equality such as welfare while still reinforcing the ideals of individualism that capitalism promotes.

The Economic spectrum:

The Economic spectrum Communism Socialism Mixed Economy Capitalism Fascism

The Political Spectrum:

The Political Spectrum Communism Liberalism Conservatism Fascism Dictatorship Democracy Dictatorship On the Political Spectrum, governments that are in the centre of the spectrum will be democracies, while the extremes of both sides will be Dictatorships. While both sides are ruled by Dictators, they tend to differ in the way the Dictator rules. Communist Dictators are Totalitarians, they control all facilities of society; the economic, social, and military. Dictatorships in Fascist states tend to be Authoritarian regimes. The people still control there own businesses but are still heavily regulated by the government. The people are controlled through heavily enforced laws under a strict police state.

Communism:

Communism Communism is the farthest left ideology on both the economic and p olitical spectrums. Communism is founded on the ideals of Karl Marx which he wrote about in “Das Kapital ” and “The Communist Manifesto”. Communism believes in government having full ownership of the means of production, full equality through the redistribution of wealth, and the a bolishment of excess in society and instead trying to have people live by t heir needs. Communists promote quick radical societal change, getting rid of capitalism in favor of government control. The final goal of Communism is to reach a state of self- sufficency where a government is no longer needed.

Socialism:

Socialism Socialism is a more moderate form of communism that uses the system of public ownership and social equality programs, but does not involve the redistribution of wealth or centrally planned economies. Socialists will distribute goods in terms of the needs of the people rather than what creates the most profit. Socialist countries will have many social equality programs such as welfare, healthcare, unemployment insurance, and pay for all or parts of your education. These policies will be paid for through high taxation rates usually in the upwards of 50%. Most Socialist countries are run by Democracies voted for by the people.

Case Study: Sweden:

Case Study: Sweden Post World War II Sweden restructured its government and economy to reflect more Socialist policies. Up until the 1990’s Sweden had very high taxation rate of about 50% of the countries GDP. This money was used to fun things like Universal healthcare, which ranks in the top of the world, large welfare pay outs for the poor, and free University education for students. This is system could not sustain itself however as During the 90’s Sweden’s GDP dropped by 5% and it had the lowest level of unemployment since the 1930’s.

Mixed Economy:

Mixed Economy A mixed economy is described as being the most centre of all the economies on the spectrum that tries to balance the individualism of capitalism with social equality policies such as welfare. These economies really on individuals to work and start up businesses to bring in money and foreign investment similar to capitalism, but they will have higher taxation rates than capitalist countries so that they can support social policies such as healthcare and welfare. Mixed economies will not regulate the market or the distribution of goods as much as Socialism will. Canada is best described as a mixed economy.

Capitalism:

Capitalism Capitalism is based on the ideals of a free market devoid of government intervention, privately owned means of production, competition, and equality of opportunity. Capitalism relies on entrepreneurs to create and support the industries that create jobs and strengthen the economy. Capitalism rose to prominence during the industrial revolution due to people such as Henry Ford and John Rockefeller creating huge multi million industries that provided jobs for most of the country. The ideals of individualism that Capitalism promotes are best described as the “American Dream”. This is the idea that anyone, regardless of race, religion or background, can achieve wealth through hard work and perseverance.

Fascism:

Fascism Fascism is the extreme of the right wing, the economy is run by private businesses but is controlled by the government. While anyone is still allowed to open and sell their own goods and services, the government and regulate and decide how the business is run, the prices, what is sold, and even whether you’re allowed. Fascism was first realized by the Italians in 1919 and was pushed by Benito Mussolini and was adopted by Adolf Hitler when he gained control of Germany. Fascism will use indoctrination and heavily promote nationalism to rally the population under them, scapegoats will be used to distract the people away from problems.

Keynesian Economics:

Keynesian Economics Keynesian economics is often used by Liberals in capitalist countries to help fight the effects of economic stagnation. Keynesian economics is based on the ideas of 20 th century economist John- Maynerd Keynes. Keynesian economics promotes growth from the ground up by through heavy regulation and increased taxes on the rich and large corporations, while putting money into small businesses, social security policies, and reduced interest rates on loans. Keynesian economics was used during the Great depression by Franklin Roosevelt and the “New Deal”

Trickle-down Economics:

Trickle-down Economics Trickle-down economics is the economic policy used by conservatives. Trickle-down economics will provide large tax breaks to corporations, give large grants for research, and deregulate the market. To pay for these money will be taken out of social equality programs, many public policies will be scrapped, and interest rates on savings will be increased. Trickle-down economics is commonly referred to as “Reaganomics” after US president Ronald Reagan who used these policies to combat the growing stagflation in America.

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