Theoretical Models Analysis

Theoretical Models Analysis
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Theoretical Models Analysis
The Three Theoretical Models
From the social policy context, capitalism is one of the economic theoretical models. Specifically, it is a system encompassing private control of the approaches of production and a market-powered economy. The economic model specifies practices and principles or values that govern an economic system’s effective organization. Businesses and individuals participate in competition, expecting profits and economic development. The market influences the distribution of resources and determines prices (Delanty, 2019). Capitalism emphasizes innovation, entrepreneurship, and the responsibility of free markets in ensuring economic growth. The theoretical concept impacts social policies by streamlining how authorities handle social issues in market-driven economies. Social policies always reflect a balance between handling social inequalities and promoting economic development in a capitalist system where there is private ownership of production means.
Secondly, liberal democracy is a political theoretical model. The model encourages safeguarding people's freedoms via checks