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Property rights are constructs in economics for ... either through prescriptive command and ... For specificity in the case of economic property rights, this is a ...
Economic systems are commonly segmented by their property rights regime for the means of production and by their dominant resource allocation mechanism. Economies that combine private ownership with market allocation are called "market capitalism" and economies that combine private ownership with economic planning are labelled "command ...
Rawls promotes the property-owning democracy above four alternative institutions: laissez-faire capitalism, welfare-state capitalism, state socialism with a command economy and liberal socialism. [3] This ranking is determined in accordance with Rawls' two principles of justice prescribed in A Theory of Justice (1971), which has been widely ...
National economies can be run from the top down, so to speak, in what is sometimes called a command economy or they can be run from the bottom up in what is sometimes called a free market.
Laissez-faire capitalism is a more extensive form of this free-market economy, but one in which the role of the state is limited to protecting property rights. In anarcho-capitalist theory, property rights are protected by private firms and market-generated law. According to anarcho-capitalists, this entails property rights without statutory ...
In other countries, democratic socialism is defined more generally, essentially equating economic rights with human rights. United States Senator Bernie Sanders , a proponent of democratic socialism, has defined the term as universally guaranteeing rights to quality health care, sufficient education, employment at a living wage, affordable ...
In response to the socialist critique, the Austrian School economist Ludwig Von Mises argued that private property rights are a requisite for what he called rational economic calculation and that the prices of goods and services cannot be determined accurately enough to make efficient economic calculation without having clearly defined private ...
According to Yevgeni Preobrazhensky, a Bolshevik economist, control over the commanding heights of the economy would ensure primitive socialist accumulation. [1] The phrase can be traced back to Vladimir Lenin 's defense of the New Economic Policy (NEP), which saw market-oriented reforms while the state retained control of the commanding heights.