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Other Populist-endorsed measures included bimetallism, a graduated income tax, direct election of Senators, a shorter workweek, and the establishment of a postal savings system. These measures were collectively designed to curb the influence of corporate and financial interests and empower small farmers and laborers.
Joseph Stalin was a brutal and sometime merciless leader who had powerful, unmoving visions for the USSR. Men were in high demand for industrial jobs during this time.
The person who has been known up until today as the "father of modern economics" is Adam Smith. A thinker and philosopher from Scotland, born in 1723 and died in 1790, Adam Smith was given this important title because of his ideas and theories on laissez-fair and the tendency of free markets to regulate themselves by way of competition, supply, demand and self-interest. He wrote several books where he proposed his economic ideas, among which we have: The Theory of Moral Sentiments, where he expresses this ideal of a hidden hand, which means the capacity of markets to autoregulate and An Inquiry into the Nature and Causes of the Wealth of Nations. He was also the proponent of the theory of compensating wage differentials, which states that jobs that are riskier pay much better wages to workers because of the risk they represent, versus jobs that offer little to no risk. He is also known as the father of Capitalism.
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The Democratic Party's philosophy of modern liberalism blends notions of civil liberty and social equality with support for a mixed economy.[20] In Congress, the party has influential centrist, progressive, and conservative wings. Corporate governance reform, environmental protection, support for organized labor, maintenance and expansion of social programs, affordable college tuition, universal health care, equal opportunity, and consumer protection form the core of the party's economic agenda.[] On social issues, it advocates campaign finance reform,[] LGBT rights,] criminal justice and immigration reform,[ stricter gun laws,[] abortion right] and the legalization of marijuana.[]
The 21st-century Republican Party ideology is American conservatism, which incorporates both economic policies and social values. The GOP supports lower taxes, free market capitalism, restrictions on immigration, increased military spending, gun rights, restrictions on abortion, deregulation and restrictions on labor unions.[] After the Supreme Court's 1973 decision in Roe v. Wade, the Republican Party opposed abortion in its party platform and grew its support among evangelicals.[] The GOP was strongly committed to protectionism and tariffs at its founding but grew more supportive of free trade in the 20th century.
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