Over the centuries certain economic ideas have been formulated into well-known economic theories established over time. These ideas are now defined as philosophies, or “a way of thinking.” Some of these “formalized ideas” have produced “schools of thought,” which have become foundations of our economics theoretical and ideological premises for the creation of economic systems of governing communities, societies, cities, nations, and the world. On the negative side, some of these ideologies have been the source of injustice, destruction, oppression, mass poverty, depression, and social terror.
Ideas such as Communism, Socialism and Capitalism have dominated world economies for centuries. We have seen the battle of ideas between major Economist, Politicians, Business people and Leaders of nations, major wars have emerged as a result of these ideologies, many illegitimate systems such as colonization, imperialism and apartheid started as a results of these ideologies.- The New Economy