An ideology is a series of dogmatic principles that shape a person’s or a group of persons’ understanding of how the world works.
The four ideological models that support capitalism are liberalism, Keynesianism, mixed market ideology, and neo-liberalism. Liberalism first appeared in an attempt to focus on individual freedoms. It was crucial to support a functioning market system with the help of economic growth and relevant resources. Keynesianism became a complete opposition to liberalism because it mostly promoted the creation of economic conditions that would have an influence on social improvements as well. Mixed market ideology was a revision-like response to Keynesians that took the best from the welfare model and assumed that the economic magnitude could be mediated with the help of stricter monetary policies. Neo-liberalism, on the other hand, became an updated rendition of classical liberalism owing to the restructuring of the core dogmas related to privatization and deregulation.
According to McIlroy (2020), the government wanted the changes, with the main arguments being that the number of job offers would increase significantly and more individuals would have a chance for employment. On the other hand, the opposition did not want the changes because it would put a strain on employees and force them to spend more time at their jobs for the same wage rates. The key implication of the government interfering with the business is that the former does not always have a relevant, unbiased outlook on how certain policies would affect the society. As a consumer, I would want the changes to happen but I realize the greater impact on the economy and all SMEs that would have to reallocate their budget to an incredible extent.
Horn, A., & Ford, E. (2020). Abbot Point: Federal Government approves huge coal port expansion near Great Barrier Reef. ABC News. Web.
McIlroy, T. (2020). ‘Masses of evidence’: Prime Minister Malcolm Turnbull says penalty rates cuts will result in more jobs. The Sydney Morning Herald. Web.