Economic interventionism in the context of Liberal conservative

Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is the standard left-wing ideology in most countries. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.

Socialist systems are divided into non-market and market forms. A non-market socialist system seeks to eliminate the perceived inefficiencies, irrationalities, unpredictability, and crises that socialists traditionally associate with capital accumulation and the profit system. Market socialism retains the use of monetary prices, factor markets and sometimes the profit motive. As a political force, socialist parties and ideas exercise varying degrees of power and influence, heading national governments in several countries. Socialist politics have been internationalist and nationalist; organised through political parties and opposed to party politics; at times overlapping with trade unions and other times independent and critical of them, and present in industrialised and developing nations. Social democracy originated within the socialist movement, supporting economic and social interventions to promote social justice. While retaining socialism as a long-term goal, in the post-war period social democracy embraced a mixed economy based on Keynesianism within a predominantly developed capitalist market economy and liberal democratic polity that expands state intervention to include income redistribution, regulation, and a welfare state.

A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.

Market economies range from minimally regulated to highly regulated systems. On the least regulated side, free market and laissez-faire systems are where state activity is restricted to providing public goods and services and safeguarding private ownership, while interventionist economies are where the government plays an active role in correcting market failures and promoting social welfare. State-directed or dirigist economies are those where the state plays a directive role in guiding the overall development of the market through industrial policies or indicative planning—which guides yet does not substitute the market for economic planning—a form sometimes referred to as a mixed economy.

Laissez-faire (/ˌlɛseɪˈfɛər/ LESS-ay-FAIR, from French: laissez faire [lɛse fɛːʁ] , lit. 'let do') is a type of economic system in which transactions between private individuals are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay.

Another basic principle of laissez-faire holds that markets should naturally be competitive, a rule that the early advocates of laissez-faire always emphasized.

Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism.

Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where the goal is to derive relative gains (as opposed to mutual gains).

Interventionism, in international politics, is the interference of a state or group of states into the domestic affairs of another state for the purposes of coercing that state to do something or refrain from doing something. The intervention can be conducted through military force or economic coercion. A different term, economic interventionism, refers to government interventions into markets at home.

Military intervention, which is a common element of interventionism, has been defined by Martha Finnemore in the context of international relations as "the deployment of military personnel across recognized boundaries for the purpose of determining the political authority structure in the target state". Interventions may be solely focused on altering political authority structures, or may be conducted for humanitarian purposes, or for debt collection. The 1933 Montevideo Convention on the Rights and Duties of States provides that "no state has the right to intervene in the internal or external affairs of another." The General Assembly of the United Nations has condemned (with one abstaining and no dissenting vote) "armed intervention and all other forms of interference or attempted threats against the personality of the State or against its political, economic and cultural elements."

Industrial policy is proactive government-led encouragement and development of specific strategic industries for the growth of all or part of the economy, especially in absence of sufficient private sector investments and participation. Historically, it has often focused on the manufacturing sector, militarily important sectors, or on fostering an advantage in new technologies. In industrial policy, the government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of industrial policy.

Industrial policies are interventionist measures typical of mixed economy countries. Many types of industrial policies contain common elements with other types of interventionist practices such as trade policy. Industrial policy is usually seen as separate from broader macroeconomic policies, such as tightening credit and taxing capital gains. Traditional examples of industrial policy include subsidizing export industries and import-substitution-industrialization (ISI), where trade barriers are temporarily imposed on some key sectors, such as manufacturing. By selectively protecting certain industries, these industries are given time to learn (learning by doing) and upgrade. Once competitive enough, these restrictions are lifted to expose the selected industries to the international market. More contemporary industrial policies include measures such as support for linkages between firms and support for upstream technologies.

Murray Newton Rothbard (/ˈrɒθbɑːrd/; March 2, 1926 – January 7, 1995) was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian movement, particularly its right-wing strands, and was a founder and leading theoretician of anarcho-capitalism. He wrote over twenty books on political theory, history, economics, and other subjects.

Rothbard argued that all services provided by the "monopoly system of the corporate state" could be provided more efficiently by the private sector and wrote that the state is "the organization of robbery systematized and writ large". He called fractional-reserve banking a form of fraud and opposed central banking. He categorically opposed all military, political, and economic interventionism in the affairs of other nations.

The capitalist state is the state, its functions and the form of organization it takes within capitalist socioeconomic systems. This concept is often used interchangeably with the concept of the modern state. Despite their common functions, there are many different sociological characteristics recognized as aspects of capitalist states.

The primary functions of the capitalist state are to provide a legal framework and infrastructural framework conducive to business enterprise and the accumulation of capital. Different normative theories exist on the necessary and appropriate function of the state in a capitalist economy, with proponents of laissez-faire favoring a state limited to the provision of public goods and safeguarding private property rights while proponents of interventionism stress the importance of regulation, intervention and macroeconomic stabilization for providing a favorable environment for the accumulation of capital and business.

Centre-left politics is the range of left-wing political ideologies that lean closer to the political centre. Ideologies commonly associated with it include social democracy, social liberalism, progressivism, and green politics. 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. Centre-left politics are contrasted with far-left politics that reject capitalism or advocate revolution.

The centre-left developed with the rest of the left–right political spectrum in 18th and 19th century France, where the centre-left included those who supported transfer of powers from the monarchy to parliament or endorsed moderate republicanism. Early progressivism and left liberalism evolved in the late-19th and early-20th centuries in Western Europe and the United States, while social democracy split from revolutionary socialism, which became associated with communism, and advocated reformist socialist positions. Social democracy became the dominant ideology in Western Europe during the post–World War II economic expansion and it spread to Africa after decolonization.

Liberal conservatism is a political ideology combining conservative policies with liberal stances, especially on economic issues but also on social and ethical matters, representing a brand of political conservatism strongly influenced by liberalism.

The ideology incorporates the classical liberal view of minimal government intervention in the economy, according to which individuals should be free to participate in the market and generate wealth without government interference. However, liberal conservatives also hold that individuals cannot be thoroughly depended on to act responsibly in other spheres of life; therefore, they believe that a strong state is necessary to ensure law and order and that social institutions are needed to nurture a sense of duty and responsibility to the nation. Liberal conservatives also support civil liberties, along with some socially conservative positions. They differ on social issues, with some being socially conservative and others socially liberal, though all liberal conservatives broadly support the rule of law regarding civil rights, social equality and the environment. This is equated with the creation of a cohesive and tolerant society with increased levels of individual responsibility and less inequality.