International Review of Business, Trade, and Economics
New Economic Thought: Towards a Fair and Sustainable Economic System
Abstract
Diaaeldin Mahmoud Abdel Moaty Abdel Raheem
This article addresses the challenges faced by the working class under current economic systems, whether capitalist or socialist, and highlights the significant gap between capitalist profits and low wages for workers. The article proposes a new vision for an economic system that addresses these challenges by balancing the interests of workers and capital owners, while ensuring sustainable economic growth and equitable wealth distribution. The proposed solutions include improving workers’ wages, enhancing the independence of labor unions, and reducing the dominance of capital over the economy. This paper employs a theoretical analysis of existing economic systems and proposes practical solutions based on historical and contemporary economic theories. The findings suggest that a hybrid economic model, combining the strengths of capitalism and socialism, could lead to a more just and sustainable economic future.
