Economic progressivism

Economic progressivism is a political philosophy incorporating the socioeconomic principles of social democrats and political progressives. These views are often rooted in the concept of social justice and have the goal of improving the human condition through government regulation, social protections and the maintenance of public goods.[1] It is not to be confused with the more general idea of progress in relation to economic growth.

Economic progressivism is based on the idea that capitalist markets left to operate with limited government regulation are inherently unfair, favoring large corporations and the wealthy. Progressives believe that a fair market should result in a normal distribution of wealth, but in most countries the wealthy earn heavily disproportionate incomes. Hence, progressives advocate controlling the markets through public protections that they believe will favor upward mobility, diminish income inequality and reverse marginalization. Specific economic policies that are considered progressive include progressive taxes, income redistribution aimed at reducing inequalities of wealth, a comprehensive package of public services, universal health care, resisting involuntary unemployment, public education, social security, minimum wage laws, antitrust laws, legislation protecting workers' rights and the rights of trade unions and a welfare state.

The progressive economic philosophy is typically defined in opposition to economic liberalism, laissez-faire and the conclusions of Austrian and Chicago economics. Many organizations that promote economic progressivism can be characterized from a range of applying criticism of capitalism to being anti-capitalist and include principles and policies based on Keynesianism, Marxism and other left-wing schools of socioeconomic thought.

Economic progressivism can also be seen as a potential response to and treatment of social and economic problems such as affluenza, environmental racism, inverted totalitarianism, market fundamentalism, wage slavery, and "socialism for the rich and capitalism for the poor" as well as a counter-argument to the culture of capitalism, prosperity theology and rugged individualism.

Progressivism in economics is compounded with the larger political progressive movement that emerged in the Western World during the late 19th century and early 20th century. During this time, the movement and its ideas directly confronted the laissez-faire economics and increasing socioeconomic inequality that was characterised society. The term economic progressivism, especially while describing policies of social welfare, high taxation and general leftist economic measures, finds particular resonance in the parlance of the United States of America compared to rest of the world. Nations in Europe developed social welfare systems either by social-democratic governments or by more right-wing governments as concessions to pacify the population from moving further towards the left[2]. Meanwhile, less developed countries, and postcolonial nations, in continents like Africa and Asia, developed a tradition of social welfare systems being implemented to aid the population develop across social and economic indices. The development of economic progressivism has been markedly different across different parts of the world.

See also

• Criticism of the profit motive
• Economics
• Eye of a needle

References

1. "The Origins and Evolution of Progressive Economics".
2. Stefan, George M. "European Welfare State in a Historical Perspective: A Critical Review".
3. McGerr, Michael (2016). Progressivism, Liberalism and the Rich. Yale University Press. pp. 243–263. ISBN 9780300204841. JSTOR j.ctt1g69wkf.15.
4. Stefan, George M. "European Welfare State in a Historical Perspective: A Critical Review". ResearchGate. Retrieved 28 April 2020.
5. Petersen, Klaus (2013). "The early Cold War and the Western welfare state". Journal of International and Comparative Social Policy. 29 (3): 226–240. doi:10.1080/21699763.2013.855129. Retrieved 28 April 2020.