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Topic Review
Left-Wing Market Anarchism
Left-wing market anarchism is a strand of free-market anarchism and an individualist anarchist, left-libertarian and libertarian socialist political philosophy and market socialist economic theory stressing the value of radically free markets, termed freed markets to distinguish them from the common conception which these libertarians believe to be riddled with statist and capitalist privileges. Proponents of this approach distinguish themselves from right-libertarians and strongly affirm the classical liberal ideas of self-ownership and free markets while maintaining that taken to their logical conclusions these ideas support anti-capitalist, anti-corporatist, anti-hierarchical and pro-labor positions in economics; anti-imperialism in foreign policy; and thoroughly radical views regarding socio-cultural issues. Key theorists in this area include contemporary scholars such as Kevin Carson, Gary Chartier, Charles W. Johnson, Roderick T. Long, Chris Matthew Sciabarra, Ryan Neugebauer, Sheldon Richman and Brad Spangler. The genealogy of left-wing market anarchism, sometimes labeled market-oriented or free-market left-libertarianism, overlaps to a significant degree with that of Steiner–Vallentyne left-libertarianism as the roots of that tradition are sketched in the book The Origins of Left-Libertarianism. Carson–Long-style left-libertarianism is rooted in 19th-century mutualism and in the work of figures such as Thomas Hodgskin, French Liberal School thinkers such as Gustave de Molinari and American individualist anarchists such as Benjamin Tucker and Lysander Spooner, among others. Several left-wing market anarchists who come from the left-Rothbardian school or tradition cite Murray Rothbard's homestead principle with approval to support worker cooperatives. While with notable exceptions libertarians in the United States after the heyday of individualist anarchism tended to ally with the political right, relationships between such libertarians and the New Left thrived in the 1960s, laying the groundwork for modern left-wing market anarchism. Left-wing market anarchism identifies with left-libertarianism, a position which names several related yet distinct approaches to politics, society, culture and political and social theory, stressing both individual freedom and social justice. Unlike right-libertarians, left-libertarians believe that neither claiming nor mixing one's labor with natural resources is enough to generate full private property rights and maintain that all natural resources such as land, oil and gold ought to be held in some egalitarian manner, either unowned or owned collectively. Those left-libertarians who support private property do so under different property norms and theories, or under the condition that recompense is offered to the local or global community.
  • 8.1K
  • 30 Nov 2022
Topic Review
Analysis of Business Efficiency
Measuring efficiency and identifying the sources of potential inefficiency in particular are very important steps in improving the competitive position of the enterprises in their continuous development, sustainability, overall behavior in the current corporate environment and security aspects. 
  • 7.6K
  • 28 Jan 2022
Topic Review
Cybersecurity Economics
Cybersecurity economics can be defined as a field of research that utilizes a socio-technical perspective to investigate economic aspects of cybersecurity such as budgeting, information asymmetry, governance, and types of goods and services, to provide sustainable policy recommendations, regulatory options, and practical solutions that can substantially improve the cybersecurity posture of the interacting agents in the open socio-technical systems.   
  • 6.9K
  • 15 Dec 2021
Topic Review
Sweatshop
A sweatshop or sweat factory is a crowded workplace with very poor, socially unacceptable or illegal working conditions. The work may be difficult, dangerous, climatically challenging or underpaid. Workers in sweatshops may work long hours with low pay, regardless of laws mandating overtime pay or a minimum wage; child labor laws may also be violated. The Fair Labor Association's "2006 Annual Public Report" inspected factories for FLA compliance in 18 countries including Bangladesh, El Salvador, Colombia, Guatemala, Malaysia, Thailand, Tunisia, Turkey, China, India, Vietnam, Honduras, Indonesia, Brazil, Mexico, and the US. The U.S. Department of Labor's "2015 Findings on the Worst Forms of Child Labor" found that "18 countries did not meet the International Labour Organization's recommendation for an adequate number of inspectors."
  • 6.7K
  • 31 Oct 2022
Topic Review
Iranian Subsidy Reform Plan
The economy of Iran includes a lot of subsidies. The Iranian targeted subsidy plan (Persian: طرح هدفمندسازی یارانه‌ها‎), also known as the subsidy reform plan, was passed by the Iranian Parliament in 2010. The government described the subsidy plan as the "biggest surgery" to the nation's economy in half a century and "one of the most important undertakings in Iran's recent economic history". The goal of the subsidy reform plan is to replace subsidies on food and energy (80% of total) with targeted social assistance, in accordance with a Five Year Economic Development Plan and a move towards free market prices in a 5-year period. The subsidy reform plan is the most important part of a broader Iranian economic reform plan. According to the government, approximately $100 billion per year is spent on subsidizing energy prices ($45 billion for the prices of fuel alone) and many consumable goods including bread, sugar, rice, cooking oil and medicine. However, some experts believe direct subsidies are about $30 billion, depending on oil prices. The subsidy system has been inherited from the Iran–Iraq War era but was never abolished. Iran is one of the largest gasoline consumers in the world, ranking second behind the United States in consumption per car. The government subsidy reform has been years in the making, for reasons which are unclear. Iran's Supreme Leader has backed the government’s subsidy reform plan.
  • 6.1K
  • 13 Oct 2022
Topic Review
Division of Labour
The division of labour is the separation of tasks in any economic system or organisation so that participants may specialise (specialisation). Individuals, organizations, and nations are endowed with or acquire specialised capabilities and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialised capabilities may include equipment or natural resources as well as skills and training and combinations of such assets acting together are often important. For example, an individual may specialise by acquiring tools and the skills to use them effectively just as an organization may specialize by acquiring specialised equipment and hiring or training skilled operators. The division of labour is the motive for trade and the source of economic interdependence. Historically, an increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of industrialised processes. The concept and implementation of division of labour has been observed in ancient Sumerian (Mesopotamian) culture, where assignment of jobs in some cities coincided with an increase in trade and economic interdependence. Division of labour generally also increases both producer and individual worker productivity. After the Neolithic Revolution, pastoralism and agriculture led to more reliable and abundant food supplies, which increased the population and led to specialisation of labour, including new classes of artisans, warriors, and the development of elites. This specialistion was furthered by the process of industrialisation, and Industrial Revolution-era factories. Accordingly, many classical economists as well as some mechanical engineers such as Charles Babbage were proponents of division of labour. Also, having workers perform single or limited tasks eliminated the long training period required to train craftsmen, who were replaced with lesser paid but more productive unskilled workers.
  • 5.9K
  • 17 Oct 2022
Topic Review Peer Reviewed
Working Capital
The simplest net working capital can be defined as the difference between the value of current assets and short-term liabilities together with other short-term accruals. It is equivalent to the part of the current assets financed with equity, provisions for liabilities, long-term liabilities, and the remaining part of accruals. Therefore, it is the capital that finances only that part of the current assets that are not financed with short-term liabilities. This amount is financed with fixed capital. Summing up, net working capital is the fixed capital that finances the company’s current assets. 
  • 5.4K
  • 13 Apr 2022
Topic Review
Pink Tide
The pink tide (Spanish: marea rosa, Portuguese: onda rosa, French: marée rose), or the turn to the left (Spanish: giro a la izquierda, Portuguese: volta à esquerda, French: tournant à gauche), was a political wave and perception of a turn towards left-wing governments in Latin American democracies moving away from the neoliberal economic model at the start of the 21st century. As a term, both phrases are used in contemporary 21st-century political analysis in the news media and elsewhere to refer to a move toward more economic progressive or social progressive policies in Latin America. Such governments have been referred to as "left-of-centre", "left-leaning", and "radical social-democratic". The Latin American countries viewed as part of this ideological trend have been referred to as pink tide nations, with the term post-neoliberalism or socialism of the 21st century being used to describe the movement as well. Some pink tide governments, such as those of Argentina , Brazil , and Venezuela, have been varyingly characterized as being "anti-American", as well as populist, for their rejection of the Washington Consensus, and as authoritarian, particularly in the case of Nicaragua and Venezuela by the 2010s. The pink tide was followed by the conservative wave, a political phenomenon that emerged in the early 2010s as a direct reaction to the pink tide. Some authors have proposed that there are multiple distinct pink tides rather than a single one, with the first pink tide happening during the late 1990s and early 2000s, and a second pink tide encompassing the elections of the late 2010s to early 2020s. A resurgence of the pink tide was kicked off by Mexico in 2018 and Argentina in 2019, and further established by Bolivia in 2020, along with Peru, Honduras, and Chile in 2021, and Colombia in 2022, with the first left-wing president-elect in Colombia's history, according to analysts.
  • 5.3K
  • 14 Nov 2022
Topic Review
Purple Economy
The purple economy is that part of the economy which contributes to sustainable development by promoting the cultural potential of goods and services. “The purple economy refers to taking account of cultural aspects in economics. It designates an economy that adapts to the human diversity in globalization and that relies on the cultural dimension to give value to goods and services.”
  • 5.3K
  • 18 Oct 2022
Topic Review
Sustainability and Sharing Economy
The sharing economy is usually related to sustainability, and it is framed as: (a) an economic opportunity, (b) a more sustainable form of consumption and (c) a pathway to an equitable and sustainable economy. 
  • 5.1K
  • 30 Oct 2024
Topic Review
South Korea's Green New Deal
Originally proposed as a post-COVID-19 stimulus plan, the Green New Deal is a sustainability-centered strategy for building a low-carbon and climate-neutral economy. The Green New Deal sets out eight targets to be accomplished under three strategic areas: green urban development, low-carbon decentralized energy, and innovative green industry. The Deal also takes measures to protect the people and sectors at a higher risk of being left behind in the process of the economic transition. It is an upgraded version of the “Green Growth” national policy, with more emphasis on sustainability in addition to the growth aspect.
  • 5.0K
  • 17 Dec 2020
Topic Review Peer Reviewed
Behaviorally Stretched Microeconomics
A common misconception is that behavioral economics rejects microeconomics. This entry explains how behavioral economics, despite challenging core assumptions of rationality, remains fundamentally aligned with the structure of microeconomics. Anchored in the insight that rational market outcomes can emerge even when individual behavior is non-rational, it revisits the explanatory role of constraints in economic theory. Rather than displacing microeconomics, behavioral economics extends it by incorporating bounded rationality while preserving key structural principles. Central to this integration is Say’s law, the macro-level notion that production generates income and thus the capacity for demand. This connection makes microeconomic constraints reflect deeper macroeconomic principles. Even when market behavior is distorted by correlated cognitive biases and their associated positive feedback dynamics—such as herding or bubbles—the fundamental identity that supply generates the income necessary for demand remains intact, provided that adjustments occur over the long run. The analysis also considers how behavioral deviations affect aggregate outcomes. Ultimately, this entry shows that behavioral economics is not a departure from microeconomics but its natural extension: by embedding bounded rationality within the framework of economic constraints, it preserves the structural coherence of microeconomics while adding psychological depth.
  • 4.9K
  • 17 Sep 2025
Topic Review
Revitalization of Fishing Village Tourism
Fishing villages and oceans offer various resources and include excellent natural environments and unique cultures that can make such villages attractive spaces to meet the health, culture, and environmental needs of individuals. However, as society has developed and the environment has changed, the catch, which is the major source of income in fishing villages, has declined significantly worldwide, making it difficult to address regional economic issues. Fishing villages that have lost their ability to survive are gradually facing extinction, and there are real problems linked to the survival of fishing communities. Rural areas, in a similar manner to fishing villages, are incorporating tourism in regional development in an attempt to solve the crisis of agriculture, which has itself lost the ability to support entire villages. As a result, tourism has come to be recognized as a representative means of revitalizing rural areas. 
  • 4.8K
  • 21 Jul 2021
Topic Review
Relationships of Environmental Economics and Sustainable Development Goals
Environmental issues have increased, whereas the Earth’s natural resources have deteriorated. These problems have forced people and companies to engage in environmental economics to achieve sustainability. However, several barriers have been identified in the implementation of environmental economics. It is proven that environmental economics has many benefits in preventing environmental problems and achieving sustainability. This economic concept also correlates with the majority of the goals of sustainable development programs, assisting many countries in achieving these objectives. There are four strategies identified that are the most utilized: The inclusion of natural capital in the System of National Accounts (SEEA), green consumerism, fiscal policy, and de-growth economic model. The SEEA is correlated with sustainable development goals (SDGs) 1 (No Poverty), 3 (Good Health and Well-being), 6 (Clean Water and Sanitation), 14 (Life below Water), and 15 (Life on Land). Green consumerism aligns with SDGs 3 (Good Health and Well-being), 12 (Responsible Consumption and Production), and 13 (Climate Action). Fiscal policy is correlated with the SDGs 1 (No Poverty), 3 (Good Health and Well-being), 13 (Climate Change), 12 (Responsible Consumption and Production), 14 (Life below Water), and 15 (Life on Land). Lastly, the de-growth economic model aligns with SDGs 1 (No Poverty), 7 (Affordable and Clean Energy), 9 (Industry, Innovation, and Infrastructure), 11 (Sustainable Cities and Communities), 12 (Responsible Consumption and Production), and 13 (Climate Action).
  • 4.8K
  • 04 Jul 2022
Topic Review
South Korean Transitional Periods from Imitation to Innovation
The technology transfer and development model of South Korea is unique. After other countries refused to license and transfer modern technologies to this country, Korea resorted to its national research system to add innovative content to its imitative products. 
  • 4.7K
  • 23 Mar 2022
Topic Review
Economic Disparity in South Korea
Economic disparity in South Korea is the extent by which income, most commonly measured by household or individual, is distributed in an uneven manner in South Korea . According to data during the 2010s, low-income earners[lower-alpha 1] make up to 40% of South Korea's entire labour force. Conversely, the highest income earners[lower-alpha 2] make up only 1–1.3% of the labour force. In general, 98.7% of South Koreans make less than annually. According to 2015 data, more than 63% of workers make less than Template:KRWConvert annually. Many South Koreans especially those of the younger generation feel that they are not benefiting during periods of economic growth, and have criticized the increasingly difficult socioeconomic situation and class stratification in the country, dubbing it as "Hell Joseon" (Korean: 헬조선). They have also described themselves as being a part of the Sampo generation, whereby they have given up on courtship, marriage, and having kids due to the high costs of living and unemployment, and consequently the N-po generation. Moreover, much of the country's income inequality can be attributed to the dominance of chaebols (Korean: 재벌; lit. "rich family"), which has also been seen by many South Koreans as highly corrupt and influential in the political system. Its dominance is also likely to last and engenders the risk of slowing down the transformation of the South Korean economy for the benefit of future generations. The country also has the highest levels of poverty among the elderly in the developed world. In 2018, about half of the country's elderly lived in poverty, three times the OECD average, with many of them homeless. As a result, South Korea regularly claims the highest suicide rate in the OECD and the wider developed world.
  • 4.7K
  • 04 Nov 2022
Topic Review
Economic Complexity
Economic complexity, which links the productive structure of a country with its knowledge, labour, and sophistication, seems to raise new challenges for the environment’s preservation and quality. The relationship between economic complexity and the environment is multi-faced and creates unimagined challenges for humanity in its path toward social and economic progress. 
  • 4.7K
  • 22 Jan 2022
Topic Review
Renewable Energy Status in Azerbaijan
Azerbaijan has a well-developed hydrocarbon industry backed with abundant domestic resources. Oil and gas have played a crucial role in the economic revival of the country since independence was regained back in 1991. The legal foundation of the transition to carbon-zero energy generation was laid in the 1990s with a number of acts mentioning the importance of the shift. The government has an ambitious plan to improve the situation, though an action plan with targeted renewables share in production and consumption is still to be prepared.
  • 4.4K
  • 24 Jan 2022
Topic Review
Theoretical Foundations of Smart Village
The smart village is defined as a village in which the efforts of inhabitants and institutions are supported and integrated with information technology systems and innovation to benefit local communities. The idea of the smart village is most often associated with objectives such as improvements in welfare, energy savings, a low-emission economy, a reduction in inequalities between urban and rural areas, and an improvement in economic conditions.
  • 4.4K
  • 25 Jul 2022
Topic Review
Classical Liberalism
Classical liberalism is a political ideology and a branch of liberalism which advocates civil liberties under the rule of law with an emphasis on economic freedom. Closely related to economic liberalism, it developed in the early 19th century, building on ideas from the previous century as a response to urbanization and to the Industrial Revolution in Europe and the United States . Notable individuals whose ideas contributed to classical liberalism include John Locke, Jean-Baptiste Say, Thomas Robert Malthus, and David Ricardo. It drew on the classical economic ideas espoused by Adam Smith in Book One of The Wealth of Nations and on a belief in natural law, utilitarianism, and progress. The term "classical liberalism" was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism.
  • 4.3K
  • 22 Nov 2022
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