Social democracy | Wikipedia audio article
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Date: 24/11/2018

This is an audio version of the Wikipedia Article:
Social democracy

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SUMMARY
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Social democracy is a political, social and economic ideology that supports economic and social interventions to promote social justice within the framework of a liberal democratic polity and capitalist economy. The protocols and norms used to accomplish this involve a commitment to representative and participatory democracy; measures for income redistribution and regulation of the economy in the general interest; and welfare state provisions. Social democracy thus aims to create the conditions for capitalism to lead to greater democratic, egalitarian and solidaristic outcomes. Due to longstanding governance by Social Democratic parties and their influence on socioeconomic policy development in the Nordic countries, in policy circles "social democracy" has become associated with the Nordic model in the latter part of the 20th century.Social democracy originated as a political ideology that advocated an evolutionary and peaceful transition from capitalism to socialism using established political processes in contrast to the revolutionary approach to transition associated with orthodox Marxism. In the early post-war era in Western Europe, social democratic parties rejected the Stalinist political and economic model then current in the Soviet Union, committing themselves either to an alternative path to socialism or to a compromise between capitalism and socialism. In this period, social democrats embraced a mixed economy based on the predominance of private property, with only a minority of essential utilities and public services under public ownership. As a result, social democracy became associated with Keynesian economics, state interventionism and the welfare state, while abandoning the prior goal of replacing the capitalist system (factor markets, private property and wage labor) with a qualitatively different socialist economic system.Modern social democracy is characterized by a commitment to policies aimed at curbing inequality, oppression of underprivileged groups and poverty, including support for universally accessible public services like care for the elderly, child care, education, health care and workers' compensation. The social democratic movement often has strong connections with the labour movement and trade unions which are supportive of collective bargaining rights for workers as well as measures to extend decision-making beyond politics into the economic sphere in the form of co-determination for employees and other economic stakeholders.The Third Way is an ideology developed in the 1990s that aims to fuse liberal economics with social democratic welfare policies. Many social democratic parties have incorporated the ideology, though the term 'Third Way' has generally fallen out of favour.