Economic rationalismEconomic rationalism is an Australian term often used in the discussion of macroeconomic policy, applicable to the economic policy of many governments around the world, in particular during the 1980s and 1990s. Economic rationalists tend to favour economically liberal policies: deregulation, a free market economy, privatisation of state-owned industries, lower direct taxation and higher indirect taxation, and a reduction of the size of the welfare state. Near-equivalents include Rogernomics (NZ), Thatcherism (UK) and Reaganomics (US).
Social democracySocial democracy is a political, social, and economic philosophy within socialism that supports political and economic democracy. As a policy regime, it is described by academics as advocating economic and social interventions to promote social justice within the framework of a liberal-democratic polity and a capitalist-oriented mixed economy. The protocols and norms used to accomplish this involve a commitment to representative and participatory democracy, measures for income redistribution, regulation of the economy in the general interest, and social welfare provisions.
ProgressivismProgressivism holds that it is possible to improve human societies through political action. As a political movement, progressivism seeks to advance the human condition through social reform based on purported advancements in science, technology, economic development, and social organization. Adherents hold that progressivism has universal application and endeavor to spread this idea to human societies everywhere. Progressivism arose during the Age of Enlightenment out of the belief that civility in Europe was improving due to the application of new empirical knowledge to the governance of society.
Christian democracyChristian democracy is a political ideology inspired by Christian social teaching to respond to the challenges of contemporary society and politics. Chief amongst these challenges was reconciling Catholicism with democracy, answering the "social question" surrounding capitalism and the working class, and resolving the tensions between church and state. Christian democrats led postwar Western Europe, building the welfare states and constructing the European Union.
Modern liberalism in the United StatesIn United States politics, modern liberalism is a form of social liberalism that is one of two current major political factions in the United States. It combines ideas of civil liberty and equality with support for social justice. Economically, modern liberalism supports government regulation on private industry and opposes corporate monopolies. It opposes cuts to the social safety net, while simultaneously promoting income-proportional tax reform policies to reduce deficits.
Democratic socialismDemocratic socialism is a left-wing political philosophy that supports political democracy and some form of a socially owned economy, with a particular emphasis on economic democracy, workplace democracy, and workers' self-management within a market socialist economy or an alternative form of a decentralised planned socialist economy. Democratic socialists argue that capitalism is inherently incompatible with the values of freedom, equality, and solidarity and that these ideals can only be achieved through the realisation of a socialist society.
CentrismCentrism is a political outlook or position involving acceptance or support of a balance of social equality and a degree of social hierarchy while opposing political changes that would result in a significant shift of society strongly to the left or the right. Both centre-left and centre-right politics involve a general association with centrism that is combined with leaning somewhat to their respective sides of the left–right political spectrum.
Centre-left politicsCentre-left politics is the range of left-wing political ideologies that lean closer to the political centre. Major ideologies of the centre-left include social democracy, social liberalism and progressivism. Ideas commonly supported by the centre-left include welfare capitalism, social justice, liberal internationalism, and multiculturalism. Economically, the centre-left supports a mixed economy in a democratic capitalist system, often including economic interventionism, progressive taxation, and the right to unionize.
ThatcherismThatcherism is a form of British conservative ideology named after Conservative Party leader Margaret Thatcher that relates to not just her political platform and particular policies but also her personal character and style of management while in office. Proponents of Thatcherism are referred to as Thatcherites. The term has been used to describe the principles of the British government under Thatcher from the 1979 general election to her resignation in 1990, but it also receives use in describing administrative efforts continuing into the Conservative governments under John Major and David Cameron throughout the 1990s and 2010s.
Social market economyThe social market economy (SOME; soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state. It is sometimes classified as a regulated market economy.
