Economic

Definition

Economic refers to the system of production, distribution, and consumption of goods and services within a society. This term is significant when discussing concepts like Darwinism and Social Darwinism, as it relates to how these ideas influenced social structures, wealth distribution, and the perceived hierarchy of societies based on 'survival of the fittest' principles.

5 Must Know Facts For Your Next Test

1. Darwinism, originally focused on biological evolution, was applied to human societies to justify economic inequalities in the context of Social Darwinism.
2. Social Darwinism argued that economic competition led to natural selection among social classes, promoting the idea that wealth equated to superiority.
3. In the late 19th and early 20th centuries, proponents of Social Darwinism often used it to rationalize imperialism and colonial exploitation as a natural outcome of economic evolution.
4. Critics of Social Darwinism highlighted its flaws, arguing that it ignored the role of social support systems and institutional barriers that impact individuals' economic opportunities.
5. The application of economic theories from Darwinism influenced various movements, including eugenics, as they misinterpreted natural selection in human societies.

Review Questions

• How did the ideas of Darwinism influence economic thought during the late 19th century?
  • The ideas of Darwinism influenced economic thought by introducing concepts of competition and survival into social contexts. Thinkers began to apply natural selection to human societies, suggesting that those who were economically successful were naturally more 'fit.' This led to a justification for existing inequalities, as it was believed that wealth accumulation was a sign of superiority and a natural outcome in an increasingly competitive capitalist environment.
• Evaluate the impact of Social Darwinism on social policies during the late 19th and early 20th centuries.
  • Social Darwinism had a significant impact on social policies by promoting laissez-faire economics and justifying minimal government intervention in markets. This ideology encouraged policies that favored the wealthy while neglecting the poor, leading to increased social stratification. The belief in survival of the fittest also fueled discriminatory practices and justified imperialistic expansion, as nations sought to dominate 'weaker' societies under the guise of economic progress.
• Analyze how the application of economic theories rooted in Social Darwinism has shaped contemporary views on inequality and welfare.
  • The application of economic theories rooted in Social Darwinism has shaped contemporary views on inequality by perpetuating a belief that economic success is indicative of personal merit. This has led to resistance against welfare programs, as many argue that assistance undermines individual responsibility. Moreover, these theories have been criticized for oversimplifying complex socio-economic factors that contribute to inequality, resulting in debates about the role of government in addressing poverty and supporting marginalized communities.

Related terms

Capitalism: An economic system where trade and industry are controlled by private owners for profit, rather than by the state.

Social Class: A division of a society based on social and economic status, often influencing one's access to resources and opportunities.

Industrialization: The process by which economies transform from primarily agricultural to manufacturing-based, leading to significant social and economic changes.