An economic ideology refers to a set of beliefs and principles that shape how an economy should be organized, including the distribution of resources and the role of government in economic affairs.
Related terms
Capitalism: An economic system based on private ownership and free market competition, where individuals and businesses make decisions about what to produce and consume.
Socialism: An economic system where the means of production are owned collectively or by the state, with a focus on equitable distribution of resources.
Communism: A political and economic ideology advocating for collective ownership of all property and a classless society.