Sunday, March 11, 2012

Popular Modern Political Philosophies, Political Ideologies & Economic Ideologies ---> It is a good idea to know something about everything, eh?

From the link:

Political philosophy is the study of such topics as politics, liberty, justice, property, rights, law, and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what, if anything, makes a government legitimate, what rights and freedoms it should protect and why, what form it should take and why, what the law is, and what duties citizens owe to a legitimate government, if any, and when it may be legitimately overthrown—if ever. In a vernacular sense, the term "political philosophy" often refers to a general view, or specific ethic, political belief or attitude, about politics that does not necessarily belong to the technical discipline of philosophy.

Political philosophy can also be understood by analysing it through the perspectives of metaphysics, epistemology and axiology. It provides insight into, among other things, the various aspects of the origin of the state, its institutions and laws.

It is a good idea to know some terms below in some detail (political philosophies of):
  • Ancient China
  • Ancient Greece
  • Ancient India
  • Medieval Christianity
  • Medieval Islam
  • Medieval Europe
  • European Renaissance
  • European Age of Enlightenment
  • Industrial Revolution & the Modern Era
  • Contemporary political philosophy
  • Influential political philosophers
From the link:
(P.S: An Economic Ideology is different from Economic theory and Economic Ecosystem).

Economic ideology expresses a perspective on the way an economy should be run and to what end (without accurate explanatory models to back the ideologies). An Economic Ideology is being normative (passing value judgements) rather than explanatory in its approach. Examples of Economic Ideologies:
  • Capitalism
  • Socialism
  • Communism
Capitalism is a broad economic system where competition in a free market determines the price, production and consumption of goods through the invisible hand of supply and demand reaching efficient market equilibrium. Capital, property and enterprise are privately owned and managed for a profit. New enterprises may freely gain market entry without State restriction. Employment and wages are determined by a labour market that will result in some unemployment. Government and Judicial intervention are employed at times to change the economic incentives for people for various reasons. The capitalist economy will likely follow a business cycle of economic growth along with a steady cycle of small booms and bustsThere are several implementations of capitalism that are loosely based around how much government involvement there is. The main ones that exist today are mixed economies, where the state intervenes in market activity and provides some services, Laissez faire, where the state only supplies a court, a military, and a police, and anarcho-capitalism where the state does not exist and thus cannot interfere.


Socialism refers to the various theories of economic organization which advocate either public or direct worker ownership and administration of the means of production and allocation of resources.


As Friedrich Engels described it (in Anti-Dühring), communism is the evolution of socialism so that the central role of the State has 'withered away' and is no longer necessary for the functioning of a planned economy. All property and capital are collectively owned and managed in a communal, classless and egalitarian society. Currency is no longer needed, and all economic activity, enterprise, labour, production and consumption is freely exchanged "from each according to his ability, to each according to his needs". It must be noted that communism is also a political system as much an economic one - with various models in how it is implemented - the well known being the Marxist Leninist model, which argues for the use of a vanguard party to bring about a workers state to be used as a transitional tool to bring about stateless communism, the economic arrangement described above. Other models to bring about communism include democratic socialism, which argues for slow social transformation and evolution, or anarcho-communism, which argues similarly to Marxist schools for a revolutionary transformation to the above economic arrangement, but does not use a transitional period or vanguard party.

Economic Theories - relates to the study of  Economics itself - Classical Political Economics, Marxism, Neoclassical, Keynesian & so on. Will try to make a list of various sub-types and variations / hybrids soon :) 

List of Political Ideologies - can be found here:

Ideologies of Individual leaders :
What got me interested in posting this blog post in the first place was the various types of hybrids / evolutions of Socio-Politico-Economic Ideologies of various leaders (and I am trying to make a short list of them), some of them being:
  • Reagonomics
  • Thatcherism
  • Blairism
  • Powellism
  • Glasnost
  • Perestroika
  • Putinism
Other terms I need to study & write a follow up blog on:
  • Libertarianism
  • Toryism
  • Monetarism
  • Neo-Liberalism etc
Why do we need to study these (or at least know about these)?
(1) So that you do not feel dumb, as an MBA, if there is a situation when you need to address them (2) So that you can use the knowledge to create something new - perhaps a new business ideology that can benefit humanity! Or can benefit business and make business more efficient. In one sentence - you need to know so that you can create & innovate! Some of the ideologies have had very distinct features. It is good to know things like these. Here is an example: Raeganomics. It meant something VERY specific, as below.
Reaganomics (A combination word formed by - Reagan + Economics) attributed to Paul Harvey) refers to the economic policies promoted by the U.S. President Ronald Reagan during the 1980s, also known as Supply-side Economics (or pejoratively as voodoo economics) or Trickle-Down Economics. The four pillars of Reagan's economic policy were to:
  • Reduce the growth of government spending
  • Reduce income tax and capital gains tax
  • Reduce government regulation of economy
  • Control money supply to reduce inflation
If you are in the field of Business management, I wish you luck in innovating / building new businesses ideologies that can benefit the fielf of business and humanity. I, for one, shall keep trying to see what was there in the past, what is new out there and what else can we come up with!

Gerry Som.
Blogger @

No comments: