European People's Party
The European People's Party is a conservative and Christian democratic European political party. A transnational organisation, it is composed of other political parties, not individuals. Founded by Christian democratic parties in 1976, it has since broadened its membership to include liberal-conservative parties and parties with other centre-right political perspectives; the EPP has been the largest party in the European Parliament since 1999 and in the European Council since 2002. It is by far the largest party in the current European Commission; the President of the European Council, President of the European Commission and the President of the European Parliament are all from the EPP. Many of the Founding fathers of the European Union were from parties that formed the EPP. Outside the EU the party controls a majority in the Parliamentary Assembly of the Council of Europe; the EPP has alternated with its centre-left rival the Party of European Socialists as the largest European political party and parliamentary group.
The EPP includes major centre-right parties such as the Union of Germany, The Republicans of France, CD&V of Belgium, KDU-ČSL of the Czech Republic, Fine Gael of Ireland, New Democracy of Greece, Forza Italia of Italy, the People's Party of Spain, the Social Democratic Party of Portugal, the Civic Platform of Poland but Fidesz of Hungary. According to its website, the EPP is "the family of the political centre-right, whose roots run deep in the history and civilisation of the European continent, has pioneered the European project from its inception"; the EPP was founded in Luxembourg on 8 July 1976 on the initiative of Jean Seitlinger. It had been preceded by the Secretariat International des partis démocratiques d'inspiration chrétienne, founded in 1925, the Nouvelles Equipes Internationales, founded in 1946, the European Union of Christian Democrats, founded in 1965. In the late 1990s the Finnish politician Sauli Niinistö negotiated the merger of the European Democrat Union, of which he was President, into the EPP.
In October 2002 the EDU ceased its activities after being formally absorbed by the EPP at a special event in Estoril, Portugal. In recognition of his efforts Niinistö was elected Honorary President of the EPP the same year; the EPP has had five Presidents: During its Congress in Bucharest in 2012 the EPP updated its political platform after 20 years and approved a political manifesto in which it summarised its main values and policies. The manifesto highlights: Freedom as a central human right, coupled with responsibility Respect for traditions and associations Solidarity to help those in need, who in turn should make an effort to improve their situation Ensuring solid public finances Preserving a healthy environment Subsidiarity Pluralist democracy and a Social Market EconomyThe manifesto describes the EPP's priorities for the EU, including: European Political Union Direct election of the President of the European Commission Completion of the European Single Market Promotion of the family, improvements in education and health Strengthening of the common immigration and asylum policy, integrating immigrants Continuation of enlargement of the EU, enhancement of the European Neighbourhood Policy and special relationship frameworks for countries that cannot, or do not want to, join the EU Defining a true common EU energy policy Strengthening European political parties As a central part of its campaign for the European elections in 2009 the EPP approved its election manifesto at its Congress in Warsaw in April that year.
The manifesto called for: Creation of new jobs, continuing reforms and investment in education, lifelong learning, employment in order to create opportunities for everyone. Avoidance of protectionism, coordination of fiscal and monetary policies. Increased transparency and surveillance in financial markets. Making Europe the market leader in green technology. Increasing the share of renewable energy to at least 20 per cent of the energy mix by 2020.. Family-friendly flexibility for working parents, better child care and housing, family-friendly fiscal policies, encouragement of parental leave. A new strategy to attract skilled workers from the rest of the world to make Europe’s economy more competitive, more dynamic and more knowledge-driven; the dispute about the right-wing politics of the Hungarian Fidesz-leader Viktor Orbán has produced a split in the EPP in the run-up of the 2019 European Parliament election. On the one hand the EPP over years was reluctant to address the stance against the rule of law of Fidesz, expressed by the Article 7 proceedings of the European Parliament, on the other hand European Commission President Jean-Claude Juncker, a prominent EPP-member, stated “I believe his place is not in the European People’s Party”.
Orbán’s campaigns targeting billionaire George Soros and Jean-Claude Juncker carried wide reverberations for Europe questioning the EPP’s effort to install its lead candidate Manfred Weber as the next Commission president. After years of deferring a decision about the Fidesz issue, the EPP felt compelled to address the problem two months before the 2019 European elections, as 13 outraged member parties requested its exclusion from the EPP due to its billboard campaign featuring Jean-Claude Juncker. 190 of the 193 EPP-delegates decided on 20 March 2019 to suspend Fidesz membership. According to this, Fidesz is "until further notice" excluded from EPP meetings and inte
Green is the color between blue and yellow on the visible spectrum. It is evoked by light which has a dominant wavelength of 495–570 nm. In subtractive color systems, used in painting and color printing, it is created by a combination of yellow and blue, or yellow and cyan. By far the largest contributor to green in nature is chlorophyll, the chemical by which plants photosynthesize and convert sunlight into chemical energy. Many creatures have adapted to their green environments by taking on a green hue themselves as camouflage. Several minerals have a green color, including the emerald, colored green by its chromium content. During post-classical and early modern Europe, green was the color associated with wealth, merchants and the gentry, while red was reserved for the nobility. For this reason, the costume of the Mona Lisa by Leonardo da Vinci and the benches in the British House of Commons are green while those in the House of Lords are red, it has a long historical tradition as the color of Ireland and of Gaelic culture.
It is the historic color of Islam, representing the lush vegetation of Paradise. It was the color of the banner of Muhammad, is found in the flags of nearly all Islamic countries. In surveys made in American and Islamic countries, green is the color most associated with nature, health, spring and envy. In the European Union and the United States, green is sometimes associated with toxicity and poor health, but in China and most of Asia, its associations are positive, as the symbol of fertility and happiness; because of its association with nature, it is the color of the environmental movement. Political groups advocating environmental protection and social justice describe themselves as part of the Green movement, some naming themselves Green parties; this has led to similar campaigns in advertising, as companies have sold green, or environmentally friendly, products. Green is the traditional color of safety and permission; the word green comes from the Middle English and Old English word grene, like the German word grün, has the same root as the words grass and grow.
It is from a Common Germanic *gronja-, reflected in Old Norse grænn, Old High German gruoni from a PIE root *ghre- "to grow", root-cognate with grass and to grow. The first recorded use of the word as a color term in Old English dates to ca. AD 700. Latin with viridis has a genuine and used term for "green". Related to virere "to grow" and ver "spring", it gave rise to words in several Romance languages, French vert, Italian verde; the Slavic languages with zelenъ. Ancient Greek had a term for yellowish, pale green – χλωρός, cognate with χλοερός "verdant" and χλόη "chloe, the green of new growth". Thus, the languages mentioned above have old terms for "green" which are derived from words for fresh, sprouting vegetation. However, comparative linguistics makes clear that these terms were coined independently, over the past few millennia, there is no identifiable single Proto-Indo-European or word for "green". For example, the Slavic zelenъ is cognate with Sanskrit hari "yellow, golden"; the Turkic languages have jašɨl "green" or "yellowish green", compared to a Mongolian word for "meadow".
In some languages, including old Chinese, old Japanese, Vietnamese, the same word can mean either blue or green. The Chinese character 青 has a meaning that covers both green. In more contemporary terms, they are 綠 respectively. Japanese has two terms that refer to the color green, 緑 and グリーン. However, in Japan, although the traffic lights have the same colors as other countries have, the green light is described using the same word as for blue, because green is considered a shade of aoi. Vietnamese uses a single word for both blue and green, with variants such as xanh da trời, lục. "Green" in modern European languages corresponds to about 520–570 nm, but many historical and non-European languages make other choices, e.g. using a term for the range of ca. 450–530 nm and another for ca. 530–590 nm. In the comparative study of color terms in the world's languages, green is only found as a separate category in languages with the developed range of six colors, or more in systems with five colors; these languages have introduced supplementary vocabulary to denote "green", but these terms are recognizable as recent adoptions that are not in origin color terms.
Thus, the Thai word เขียว kheīyw, besides mean
Grey or gray is an intermediate color between black and white. It is a neutral color or achromatic color, meaning that it is a color "without color," because it can be composed of black and white, it is the color of ash and of lead. The first recorded use of grey as a color name in the English language was in AD 700. Grey is the dominant spelling in European and Commonwealth English, although gray remained in common usage in the UK until the second half of the 20th century. Gray has been the preferred American spelling since 1825, although grey is an accepted variant. In Europe and North America, surveys show that grey is the color most associated with neutrality, boredom, old age and modesty. Only one percent of respondents chose it as their favorite color preferences. Grey comes from the Middle English grai or grei, from the Anglo-Saxon graeg, is related to the Dutch grauw and grijs and German grau; the first recorded use of grey as a color name in the English language was in AD 700. In antiquity and the Middle Ages, grey was the color of undyed wool, thus was the color most worn by peasants and the poor.
It was the color worn by Cistercian monks and friars of the Franciscan and Capuchin orders as a symbol of their vows of humility and poverty. Franciscan friars in England and Scotland were known as the grey friars, that name is now attached to many places in Great Britain. During the Renaissance and the Baroque, grey began to play an important role in art. Black became the most popular color of the nobility in Italy and Spain, grey and white were harmonious with it. Grey was frequently used for the drawing of oil paintings, a technique called grisaille; the painting would first be composed in grey and white, the colors, made with thin transparent glazes, would be added on top. The grisaille beneath would provide the shading, visible through the layers of color. Sometimes the grisaille was left uncovered, giving the appearance of carved stone. Grey was a good background color for gold and for skin tones, it became the most common background for the portraits of Rembrandt Van Rijn and for many of the paintings of El Greco, who used it to highlight the faces and costumes of the central figures.
The palette of Rembrandt was composed entirely of somber colors. He composed his warm greys out of black pigments made from charcoal or burnt animal bones, mixed with lead white or a white made of lime, which he warmed with a little red lake color from cochineal or madder. In one painting, the portrait of Margaretha de Geer, one part of a grey wall in the background is painted with a layer of dark brown over a layer of orange and yellow earths, mixed with ivory black and some lead white. Over this he put an additional layer of glaze made of mixture of blue smalt, red ochre, yellow lake. Using these ingredients and many others, he made greys which had, according to art historian Philip Ball, "an incredible subtlety of pigmentation." The warm and rich greys and browns served to emphasize the golden light on the faces in the paintings. Grey became a fashionable color in the 18th century, both for women's dresses and for men's waistcoats and coats, it looked luminous coloring the silk and satin fabrics worn by the nobility and wealthy.
Women's fashion in the 19th century was dominated by Paris. The grey business suit appeared in the mid-19th century in London; the clothing of women working in the factories and workshops of Paris in the 19th century was grey. This gave them the name of grisettes. "Gris" or grey meant drunk, the name "grisette" was given to the lower class of Parisian prostitutes. Grey became a common color for military uniforms. Grey was the color of the uniforms of the Confederate Army during the American Civil War, of the Prussian Army for active service wear from 1910 onwards. Several artists of the mid-19th century used different tones of grey to create memorable paintings. Whistler's arrangement of different tones of grey had an effect on the world of music, on the French composer Claude Debussy. In 1894, Debussy wrote to violinist Eugène Ysaÿe describing his Nocturnes as "an experiment in the different combinations that can be obtained from one color – what a study in grey would be in painting." In the late 1930s, grey became a symbol of war.
It was the dominant color of Pablo Picasso's celebrated painting about the horrors of the Spanish Civil War, Guernica. After the war, the grey business suit became a metaphor for uniformity of thought, popularized in such books as The Man in the Gray Flannel Suit, which became a successful film in 1956; the whiteness or darkness of clouds is a function of their depth. Small, fluffy white clouds in summer look white because the sunlight is being scattered by the tiny water droplets they contain, that white light comes to the viewer's eye. However, as clouds become larger and thicker, the white light cannot penetrate through the cloud, is reflected off the top. Clouds look darkest grey during thunderstorms, when they can be as much as 20,000 to 30,000 feet high. Stratif
Politics of Romania
Romania's political framework is a semi-presidential representative democratic republic where the Prime Minister is the head of government and the President is the head of state. Executive power is exercised by the President of the government. Romania has a multi-party system, with legislative power vested in the government and the two chambers of Parliament: the Chamber of Deputies and the Senate; the judiciary is independent of the legislature. Until 1989, the communist rule political structure took place in the framework of a one-party socialist republic governed by the Romanian Communist Party as its only legal party. Romania's 1991 constitution proclaims it a democratic and social republic, deriving its sovereignty from the people. According to the constitution, "Human dignity, civic rights and freedoms, the unhindered development of human personality and political pluralism are supreme and guaranteed values." The constitution provides for a President, a Parliament, a Constitutional Court and a separate court system which includes the High Court of Cassation and Justice.
The right to vote is granted to all citizens over 18 years of age. The Economist Intelligence Unit rated Romania as a "flawed democracy" in 2016; the president is elected by popular vote for a maximum of two five-year terms. S/he is head of state, supreme commander of the armed forces and chairperson of the Supreme Council of National Defense. According to the constitution, s/he acts as a mediator among the state's power centers and between the state and society; the president nominates the prime minister after consultation with the party holding an absolute majority in Parliament or, if there is no such majority, with all the parties in Parliament. Ambiguity in the Constitution of Romania may lead to situations where a coalition of parties obtaining an absolute majority in Parliament, or a party holding a relative majority in Parliament, would be unable to nominate a prime minister because the president would refuse the nomination. According to Article 103, "unless no such majority exists", interpreted by the president as "unless no such party exists".
In the 2008 parliamentary elections, the Alliance PSD+PC won 33.09 percent of the seats in the Chamber of Deputies and 34.16 percent of the seats in the Senate. The PNL won 18.57 percent of the seats in the Chamber of Deputies and 18.74 percent of the seats in the Senate, giving both parties a majority in the Chamber of Deputies and the Senate. However, the president nominated a member of the PDL (which won less than 32.36 percent of the seats in the Chamber of Deputies and 33.54 percent of the seats in the Senate. The nominated prime minister chooses the other members of the government, the government and its program must be confirmed by a vote of confidence from Parliament; the national legislature is a bicameral parliament, consisting of the Chamber of Deputies and the Senate. Members are elected to four-year terms by universal suffrage in a party-list proportional representation electoral system. Beginning in 2008, members are elected by mixed member proportional representation; the number of senators and deputies has varied in each legislature, reflecting changes in population.
In 2008, there were 334 seats in the Chamber of Deputies. Romania has a multiparty system, which makes a majority government impossible. There are six main parliamentary parties: The main non-parliamentary parties with local representatives are: Unlike other former Soviet-bloc countries, no party claiming to be the successor of the Communist Party of Romania is a significant player on the political scene; the last presidential election was held on 2 and 16 November 2014. The last European Parliamentary election was held on 25 May 2014. Notes The latest legislative election was held on 11 December 2016. In the two tables below are represented the results for both the Senate and the Chamber of Deputies: The latest general local election was held on 5 June 2016; the Romanian legal system, based on the Napoleonic Code, is inquisitorial. The judiciary is independent, judges appointed by the president are not removable; the president and other judges of the Supreme Court are appointed for six-year terms, may serve consecutive terms.
Proceedings are public, except in special circumstances provided for by law. Judicial power is vested in a hierarchical system of courts, culminating with the supreme court: Înalta Curte de Justiție și Casație, whose judges are appointed by the president on the recommendation of the Superior Council of Magistrates; the Ministry of Justice represents the general interests of society and defends the rule of law and citizens' rights and freedoms. The ministry exercises its power through impartial public prosecutors; the Curtea Constituțională judges issues of constitutionality invoked in any court and judges the compliance of laws with the Romanian Constitution. The court, outside the judicial branch, follows the tradition
Liberal democracy is a liberal political ideology and a form of government in which representative democracy operates under the principles of classical liberalism. Called Western democracy, it is characterised by elections between multiple distinct political parties, a separation of powers into different branches of government, the rule of law in everyday life as part of an open society, a market economy with private property and the equal protection of human rights, civil rights, civil liberties and political freedoms for all people. To define the system in practice, liberal democracies draw upon a constitution, either formally written or uncodified, to delineate the powers of government and enshrine the social contract. After a period of sustained expansion throughout the 20th century, liberal democracy became the predominant political system in the world. A liberal democracy may take various constitutional forms as it may be a constitutional monarchy or a republic, it may have a presidential system or a semi-presidential system.
Liberal democracies have universal suffrage, granting all adult citizens the right to vote regardless of ethnicity, sex, or property ownership. However some countries regarded as liberal democracies have had a more limited franchise and some do not have secret ballots. There may be qualifications such as voters being required to register before being allowed to vote; the decisions made through elections are made not by all of the citizens but rather by those who are eligible and who choose to participate by voting. The liberal democratic constitution defines the democratic character of the state; the purpose of a constitution is seen as a limit on the authority of the government. Liberal democracy emphasises the separation of powers, an independent judiciary and a system of checks and balances between branches of government. Liberal democracies are to emphasise the importance of the state being a Rechtsstaat, i.e. a state that follows the principle of rule of law. Governmental authority is legitimately exercised only in accordance with written, publicly disclosed laws adopted and enforced in accordance with established procedure.
Many democracies use federalism—also known as vertical separation of powers—in order to prevent abuse and increase public input by dividing governing powers between municipal and national governments. Liberal democracy traces its origins—and its name—to the European 18th-century known as the Age of Enlightenment. At the time, the vast majority of European states were monarchies, with political power held either by the monarch or the aristocracy; the possibility of democracy had not been a considered political theory since classical antiquity and the held belief was that democracies would be inherently unstable and chaotic in their policies due to the changing whims of the people. It was further believed that democracy was contrary to human nature, as human beings were seen to be inherently evil, violent and in need of a strong leader to restrain their destructive impulses. Many European monarchs held that their power had been ordained by God and that questioning their right to rule was tantamount to blasphemy.
These conventional views were challenged at first by a small group of Enlightenment intellectuals, who believed that human affairs should be guided by reason and principles of liberty and equality. They argued that all people are created equal and therefore political authority cannot be justified on the basis of "noble blood", a supposed privileged connection to God or any other characteristic, alleged to make one person superior to others, they further argued that governments exist to serve the people—not vice versa—and that laws should apply to those who govern as well as to the governed. Some of these ideas began to be expressed in England in the 17th century. There was renewed interest in Magna Carta, passage of the Petition of Right in 1628 and Habeas Corpus Act in 1679 established certain liberties for subjects; the idea of a political party took form with groups debating rights to political representation during the Putney Debates of 1647. After the English Civil Wars and the Glorious Revolution of 1688, the Bill of Rights was enacted in 1689, which codified certain rights and liberties.
The Bill set out the requirement for regular elections, rules for freedom of speech in Parliament and limited the power of the monarch, ensuring that, unlike much of Europe at the time, royal absolutism would not prevail. This led to significant social change in Britain in terms of the position of individuals in society and the growing power of Parliament in relation to the monarch. By the late 18th century, leading philosophers of the day had published works that spread around the European continent and beyond; these ideas and beliefs inspired the American Revolution and the French Revolution, which gave birth to the ideology of liberalism and instituted forms of government that attempted to apply the principles of the Enlightenment philosophers into practice. Neither of these forms of government was what we would call a liberal democracy we know today (the most significant differences being that voting rights were still restricted to a minority of the population and slavery remained a legal instituti
The European Union is a political and economic union of 28 member states that are located in Europe. It has an area of an estimated population of about 513 million; the EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency; the EU and European citizenship were established when the Maastricht Treaty came into force in 1993. The EU traces its origins to the European Coal and Steel Community and the European Economic Community, established by the 1951 Treaty of Paris and 1957 Treaty of Rome.
The original members of what came to be known as the European Communities were the Inner Six: Belgium, Italy, the Netherlands, West Germany. The Communities and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit; the latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United Kingdom signified the intention to leave after a membership referendum in June 2016 and is negotiating its withdrawal. Covering 7.3% of the world population, the EU in 2017 generated a nominal gross domestic product of 19.670 trillion US dollars, constituting 24.6% of global nominal GDP. Additionally, all 28 EU countries have a high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence.
The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Because of its global influence, the European Union has been described as an emerging superpower. During the centuries following the fall of Rome in 476, several European States viewed themselves as translatio imperii of the defunct Roman Empire: the Frankish Empire and the Holy Roman Empire were thereby attempts to resurrect Rome in the West; this political philosophy of a supra-national rule over the continent, similar to the example of the ancient Roman Empire, resulted in the early Middle Ages in the concept of a renovatio imperii, either in the forms of the Reichsidee or the religiously inspired Imperium Christianum. Medieval Christendom and the political power of the Papacy are cited as conducive to European integration and unity. In the oriental parts of the continent, the Russian Tsardom, the Empire, declared Moscow to be Third Rome and inheritor of the Eastern tradition after the fall of Constantinople in 1453.
The gap between Greek East and Latin West had been widened by the political scission of the Roman Empire in the 4th century and the Great Schism of 1054. Pan-European political thought emerged during the 19th century, inspired by the liberal ideas of the French and American Revolutions after the demise of Napoléon's Empire. In the decades following the outcomes of the Congress of Vienna, ideals of European unity flourished across the continent in the writings of Wojciech Jastrzębowski, Giuseppe Mazzini or Theodore de Korwin Szymanowski; the term United States of Europe was used at that time by Victor Hugo during a speech at the International Peace Congress held in Paris in 1849: A day will come when all nations on our continent will form a European brotherhood... A day will come when we shall see... the United States of America and the United States of Europe face to face, reaching out for each other across the seas. During the interwar period, the consciousness that national markets in Europe were interdependent though confrontational, along with the observation of a larger and growing US market on the other side of the ocean, nourished the urge for the economic integration of the continent.
In 1920, advocating the creation of a European economic union, British economist John Maynard Keynes wrote that "a Free Trade Union should be established... to impose no protectionist tariffs whatever against the produce of other members of the Union." During the same decade, Richard von Coudenhove-Kalergi, one of the first to imagine of a modern political union of Europe, founded the Pan-Europa Movement. His ideas influenced his contemporaries, among which Prime Minister of France Aristide Briand. In 1929, the latter gave a speech in favour of a European Union before the assembly of the League of Nations, precursor of the United Nations. In a radio address in March 1943, with war still raging, Britain's leader Sir Winston Churchill spoke warmly of "restoring the true greatness of Europe" once victory had been achieved, mused on the post-war creation of a "Council of Europe" which would bring the European nations together to build peace. After World War II, European integration was seen as an antidote to the extreme nationalism which had devastated the continent.
In a speech delivered on 19
In economics, a free market is a system in which the prices for goods and services are determined by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority, from all forms of economic privilege and artificial scarcities.. Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods, such as tariffs, used to restrict trade and to protect the local economy. In an idealized free-market economy, prices for goods and services are set by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those forces to operate to control productive output and distribution.
Although free markets are associated with capitalism within a market economy in contemporary usage and popular culture, free markets have been advocated by anarchists and some proponents of cooperatives and advocates of profit sharing. Criticism of the theoretical concept may regard systems with significant market power, inequality of bargaining power, or information asymmetry as less than free, with regulation being necessary to control those imbalances in order to allow markets to function more efficiently as well as produce more desirable social outcomes; the laissez-faire principle expresses a preference for an absence of non-market pressures on prices and wages, such as those from discriminatory government taxes, tariffs, regulations of purely private behavior, or government-granted or coercive monopolies. In The Pure Theory of Capital, Friedrich Hayek argued that the goal is the preservation of the unique information contained in the price itself; the definition of free market has been disputed and made complex by collectivist political philosophers and socialist economic ideas.
This contention arose from the divergence from classical economists such as Richard Cantillon, Adam Smith, David Ricardo and Thomas Robert Malthus and from the continental economic science developed by the Spanish scholastic and French classical economists, including Anne-Robert-Jacques Turgot, Baron de Laune, Jean-Baptiste Say and Frédéric Bastiat. During the marginal revolution, subjective value theory was rediscovered. Although laissez-faire has been associated with capitalism, there is a similair left-wing laissez-faire system called free-market anarchism known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism. Thus, critics of laissez-faire as understood argues that a laissez-faire system would be anti-capitalist and socialist. Various forms of socialism based on free markets have existed since the 19th century. Early notable socialist proponents of free markets include Pierre-Joseph Proudhon, Benjamin Tucker and the Ricardian socialists.
These economists believed that genuinely free markets and voluntary exchange could not exist within the exploitative conditions of capitalism. These proposals ranged from various forms of worker cooperatives operating in a free market economy, such as the mutualist system proposed by Proudhon, to state-owned enterprises operating in unregulated and open markets; these models of socialism are not to be confused with other forms of market socialism where publicly owned enterprises are coordinated by various degrees of economic planning, or where capital good prices are determined through marginal cost pricing. Advocates of free-market socialism such as Jaroslav Vanek argue that genuinely free markets are not possible under conditions of private ownership of productive property. Instead, he contends that the class differences and inequalities in income and power that result from private ownership enable the interests of the dominant class to skew the market to their favor, either in the form of monopoly and market power, or by utilizing their wealth and resources to legislate government policies that benefit their specific business interests.
Additionally, Vanek states that workers in a socialist economy based on cooperative and self-managed enterprises have stronger incentives to maximize productivity because they would receive a share of the profits in addition to receiving their fixed wage or salary. Socialists assert that free-market capitalism leads to an excessively skewed distribution of income which in turn leads to social instability; as a result, corrective measures in the form of social welfare, re-distributive taxation and administrative costs are required, but they end up being paid into workers hands who spend and help the economy to run. They claim. Thus, free-market socialism desires government regulation of markets to prevent social instability, although at the cost of taxpayer dollars; as explained above, for classical economists such as Adam Smith the term free market does not refer to a market free from government interference, but rather free from all forms of economic privilege and artificial scarcities. This implies that economic rents, i.e. profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition.
Economic theory suggests the returns to l