16th-August-2008
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The Four Economic Theories | |
Quote: The Four Economic Theories
By: Mechanized
Marxism – (Socialist Commonwealth) The labor value theory; the theory that contends that the value of a good comes from the labor that was put into it; that workers do not receive all proceeds from a sale is due to exploitation.
In the pure socialist commonwealth market prices remain non-existent, for all property is communally owned, that is to say publicly owned. Without exception all the means of production fall under the ownership of government. However since a society simply cannot exist without market prices, at least above that of the most primitive of societies, absolute socialism doesn’t and cannot exist.
A number of problems arise within the socialist commonwealth. For example:
Since the government is the only employer negotiation between employer and employee remain one-sided and competition is void.
Whatever set of prejudices can most easily connect with the most ignorant members of society tend to win the most allegiance in a socialist nation.
In the socialist commonwealth workers are assigned a specific job by the state, employing them elsewhere would require a complete reworking of the entire economic system.
Fascism - (aka – Mercantilism, Political Capitalism, Corporatism) This supposed “third way” of managing social cooperation is the path that takes advantage of market efficiency while controlling it’s alleged “excesses”. Examples of such planned regulatory economies include German National Socialism and Fascist Italy. In other words, the means of production is privately owned but is directly subject to a planned economy as created and enforced by government. Examples of such regulation include various forms of taxation, price controls, tariffs and so forth.
It is important to note that while FDR’s New Deal does indeed hold similar to identical economic characteristics of the former two his policies do not translate into a wholly planned and complete implementation of economic fascism, for his policies were implemented in a reactionary manner. This could probably be more appropriately understood as interventionism.
The result of economic fascism is a complete politicization of the economy and thus society as a whole, causing the government and extremely wealthy entrepreneurs to work in coordination for their own mutual benefit at the expense of the populace.
Interventionism – This basically falls under the category of economic fascism yet is, realistically speaking, the more reactionary version of economic fascism. Under such an approach the economy will suffer various degrees of fascist economic policy, depending on the level of applied intervention on the economic system, without the implementation of the entire apparatus. However as with the Roman Empire, it will eventually transform over a period of time into a completely planned economy, resulting in an economic fascist policy.
Socialists, in their misguided attempt to prevent the creation of oligopolies or monopolies within any given industry, insist upon regulatory controls by government in an effort to prevent the former and what they perceive will result in a corrupt corporatist system without said controls. However such an attempt is essentially the actual cause of government established/enforced cartels, oligopolies and/or monopolies, empowering a now politicized Big Business. Thus socialist regulatory controls create the very problem they allegedly seek to alleviate or even completely remove.
Interventionism distorts market prices, such as interest rates, profits, losses, and wages. The end result must be either an eventual complete economic collapse or a release of certain to all government controls. However due to the initial distortion on market prices via interventionism an economic downturn must ensue in order for a market correction in prices to take place; which is the cause of the business cycle.
Capitalism – The theory that all property is privately owned. Laissez-faire exists when the market is devoid of government interventionism, though still subject to common law. Varying degrees of capitalism below that of laissez-faire exist when any degree of government interventionism is introduced into the system.
With the private ownership of the means of production, under a policy of laissez-faire, economic growth is guaranteed, for all economic actors work for self-benefit without the coercive legislative power of government. Government interventionism however creates the existence of cartels to the benefit of a politically favored business/industry as desired by politicians. Permanent monopolies are an existential impossibility within laissez-faire for no coercive powers exist to prevent new and more efficient means of production by inventive entrepreneurial effort to be introduced into a given industry.
Capitalism is often closely associated with democracy due to its popularity with the Founding Fathers of the United States. However laissez-faire and democracy do not necessarily remain partners as the latter has become increasingly infested with socialist and mercantilist economic ideas and policies via the interventionism of government. In relation to the United States the latter two have been implemented in stages (interventionism) effectively creating a bizarre form of quasi-capitalism; a mixture of fascist, socialist, and capitalist economic polices that has continued on the path of economic dilution.
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