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Economic interventionism
From Wikipedia, the free encyclopedia
Economic interventionism is a common term used to describe any activity, beyond the basic regulation of fraud and enforcement of contracts, undertaken by a government in an effort to affect a country's economy. Economic intervention can be aimed at a variety of political objectives, such as increasing economic growth, increasing employment, raising wages, raising or reducing prices, promoting equality, or addressing market failures.
Economic interventionism is generally a feature of governments run by social democratic and progressive parties, which believe that certain market outcomes are undesirable and ought to be mitigated.
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Economic interventions common in modern governments include targeted taxes, targeted tax credits, minimum wage laws, union shop rules, contracting preferences, direct subsidies to certain classes of producers, price supports, price caps, production quotas, import quotas, and tariffs.
Economic intervention can be seen by more economically right-wing entities as provocative and damaging for the economy. However, most economically left-wing entities see Economic Interventionism as a way of ensuring the businesses in the country adhere to the social boundaries of that country.
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