Explain the essential insight offered by the conservative, liberal, and radical-left approaches to this country's political economy. How might our country learn from each model to advance the cause of democracy?
What is an Ideal response?
• Radical-Left View: Efforts to reform the capitalist political economy will have little effect. What is needed is fundamental change in the economic and political systems so that they reflect the interests and meet the needs of the majority.
• Liberal View: Government social welfare programs should transfer wealth from rich to poor to lessen inequality. Political reforms are needed to reduce the role of corporate and individual wealth in the political process.
• Conservative View: Market economics should be maintained because this provides the greatest good for the greatest number of people. The United States stands out among nations as a model of extensive rights and freedoms.
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