Economic progressivism is based on the idea that capitalist markets left to operate with limited government regulation are inherently unfair, favoring big business, large corporations and the wealthy.
Progressives believe that a fair market should result in a normal distribution of wealth, but in most countries the wealthy earn heavily disproportionate incomes.
Hence, progressives advocate controlling the markets through public protections that they believe will favor upward mobility, diminish income inequality and reverse marginalization.
Specific economic policies that are considered progressive include progressive taxes, income redistribution aimed at reducing inequalities of wealth, a comprehensive package of public services, universal health care, resisting involuntary unemployment, public education, social security, minimum wage laws, antitrust laws, legislation protecting workers' rights and the rights of trade unions and a welfare state.
Many organizations that promote economic progressivism can be characterized from a range of applying criticism of capitalism to being anti-capitalist and include principles and policies based on Keynesianism, Marxism and other left-wing schools of socioeconomic thought.
The Liberal welfare reforms from 1906 to 1914 strengthened labour laws and the position of trade unions, expanded education and introduced a pension system for the elderly, among other things.
Scandinavian nations became exemplary in introducing steep rates of progressive taxation and extensive welfare schemes as part of their Nordic model.
Active Defunct Journals TV channels Websites Other In the United States, the term progressive is often contrasted with neoliberal free-market ideology.
Within this larger political movement tackling corruption and social inequalities was the introduction of economic policies that aimed to neutralise the worst excess of capitalism.
From then until the late 1960s, with Democratic President Lyndon B. Johnson's Great Society program, there was significant government activity in investing in industries, education, healthcare and general social welfare of the population.
Popular dissatisfaction with government policies favouring big business and the bailout of banks led to the emergence of the Occupy Wall Street movement.
Subsequently, Vermont Senator Bernie Sanders and his policies of progressive taxation, universal healthcare for all (Medicare for All) and free higher education, amongst others, also gained prominence across the country.