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Old Wednesday, March 14, 2007
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Smile Theories of Political Economy

Modern political economists categorize theories under three general ideologies:

Liberalism: Wealth comes from ingenuity, labor and exchange. It is the result of the use of land and other natural resources, along with capital in the form of durable goods and labor.
Everyone can benefit from economics. Economics is regarded to be not a zero sum game, but one that is continually progressing with rising standards.
Individuals are unimportant, but the good of the community at large is the criterion for decision-making.
Individuals are generally virtuous even when given a fair amount of political and economic liberties.
Everyone can win, when the conditions are fair and favouable.
The accumulation of private property is good for society.
Equality of opportunity is important, inequality of possesions is less so.
The state supports the structure of civil society.
Therefore, the state should let individuals have freedom with the liscence of not causing harm to others.

Marxism: Wealth comes from manual labor and exchange, not ingenuity and all individuals should benefit from economics. Inequality is inherently bad. Economics is regarded to be a zero sum game.
Individuals are unimportant, classes are emphasized.
Individuals have not been virtuous throughout history due to superficial inequality. However, with the elimination of inequality comes virtue.
Not everyone can win.
The unequal accumulation of private property is not good for society. In the communist utopia, no one will be allowed to own private property anymore.
Inequality is bad.
The modern capitalist state contradicts the needs of the civil society.
Therefore, the state should mediate the distribution of wealth until the state is no longer needed.

Economic Nationalism: Wealth comes from the use of power, and the use of power facilitates the accumulation of wealth. Individuals should work to benefit the wealth and power of the state. Economics is regarded to be a zero sum game.
The state is important.
Individuals are generally not virtuous. Instead, they are ignorant and confused, and cannot form a cohesive society without a strong state.
Not everyone can win.
The state's accumulation of public property is better for the society than the individual accumulation of private property is.
Inequality is a reality and sometimes important and necessary.
The state controls, permeates, and becomes one with the civil society.
Therefore, everything should be done to benefit the state.
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