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Comparative Assignment 1

The document discusses the challenges in identifying the influence of ideology on economic systems, highlighting issues such as the complexities of capitalism and its effects on income inequality. It also addresses the need to move beyond traditional left and right ideologies, advocating for a more integrated approach that combines market principles with social responsibility. Ultimately, it calls for an open-minded perspective that considers diverse economic models beyond pure market capitalism.

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5 views1 page

Comparative Assignment 1

The document discusses the challenges in identifying the influence of ideology on economic systems, highlighting issues such as the complexities of capitalism and its effects on income inequality. It also addresses the need to move beyond traditional left and right ideologies, advocating for a more integrated approach that combines market principles with social responsibility. Ultimately, it calls for an open-minded perspective that considers diverse economic models beyond pure market capitalism.

Uploaded by

doreenkimemia07
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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JOMO KENYATTA UNIVERSITY OF AGRICULTURE AND TECHNOLOGY

HDB222-0457/2019

KIMEMIA DOREEN NJERI

COMPARATIVE ECONOMICS

ASSIGNMENT 1

Discuss the challenges encountered in identifying the influence of ideology on the economic system.

Ideology is a system of ideas especially one which forms the basis of economic or political theory or
policy.

The challenges encountered in identifying the influence of ideology include; reclaimed capitalism: over
the part centuries economic growth has transformed the lives of hundreds of millions of people. And the
engine for this success has largely been the capitalist system. Even so, faith in capitalism has warned and
despite capitalism’s recorded success,there are mounting concerns that in its purer forms it’s foster
corruption and it contributes to widening income inequality.

Moving beyond left and right: “right-leaning” this could require embedding the principles of market
capitalism,such as reward systems and personal accountability into social programs.

“Left-leaning” increasingly blur the lines between public and private roles and responsibilities. The
proposal broadens the preview of government so that the states takes a greater role of allocating capital
and labor rather than leaving the responsibility solely to the private sector who meanwhile take bigger
responsibility on social causes.

Abandoning dogged ideology should mean that we go beyond understanding economics and public
policy only within the confines of the market capitalist system. In the quest for economic growth, being
more open-minded and less ideological, means considering some aspects of a long term initiatives that
are blataritly democratic and state capitalist.

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