Economic progressivism
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Economic progressivism (not to be confused with the more general Idea of Progress in relation to economic growth) 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-based economic central planning.
Economic progressivism is based on the idea that free markets 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 regulations that they believe will favor upward mobility and diminish income inequality. Specific economic policies that are considered progressive include: progressive taxes and mandatory income redistribution aimed at reducing inequalities of wealth, a comprehensive package of public services, universal health care, public education, social security, minimum wage laws, anti-trust 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 (known in some countries as economic libertarianism), Laissez-faire economics, and the conclusions of the Austrian School of economics. Many organizations that promote economic progressivism can be characterized as anti-capitalist and include principles and policies based on Keynesianism, Marxism, and other left-wing schools of socio-economic thought.