Economic Ideology

Definition

Economic ideology refers to a set of beliefs or principles that guide economic policies and practices within a society. It encompasses ideas about how resources should be allocated, wealth distributed, markets regulated, and government involvement in the economy.

Related terms

Capitalism: An economic system characterized by private ownership of resources and means of production, free market competition, profit motive, and limited government intervention.

Socialism: An economic system where there is collective ownership or control over resources with an emphasis on social welfare rather than individual profit.

Mixed Economy: An economic system that combines elements of both capitalism (private ownership) and socialism (government intervention) to varying degrees.