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Conservative vs. Liberal Economics - Coggle Diagram
Conservative vs. Liberal Economics
How do their ideals/policies differ?
Conservative
Private enterprise
Little/No government regulation
competitive Capitalism
Free Market
Supply-side economics
Liberal
Government is motivated by public interest
Full government regulation allows everything to be totally equal
Government regulated system
Businesses are greedy
Keynesian Economics
How are their ideals/policies similar?
Both care about the people in one way or another
What impacts do each of them have in contrast to one another?
Conservative
Less taxes
Less public services
Less unemployment benefits
Liberal
More taxes
More public services
More unemployment benefits
Is there a compromise, or better way than both of them?
Finding a decent balance between the government regulating monopolistic organizations and letting them do what they want. Of course, the government would keep a close eye on what they do and would be allowed to immediately overturn any decision made. Finding a good mixture between freedom and regulation that will keep everyone supported is the only way to truly refine the economy.