Final answer:
Democratic socialism or democratic liberalism is a political philosophy that combines democratic principles with socialist economic policies, advocating for government control over key sectors of the economy and a robust social safety net.
Step-by-step explanation:
The political philosophy in question here is often referred to as democratic socialism or democratic liberalism, which combines democratic governance with socialist economic principles. Politicians like Vermont Senator Bernie Sanders and New York Representative Alexandra Ocasio-Cortez have publicly identified with this ideology.
They argue for increased government involvement in critical sectors of the economy and advocate for policies aimed at reducing economic inequality, such as student loan forgiveness, free public college, universal healthcare, and the elimination of for-profit prisons. Additionally, they support the concept that the state should intervene directly in specific industries, such as energy, to address overarching societal issues like climate change.
Democratic socialists also challenge the notion that markets alone should address needs like healthcare, instead suggesting that the government should take a more active role, going as far as to administer healthcare services or, in some cases, take over private companies in sectors deemed essential to societal welfare.
Nonetheless, it is important to note that while advocating for state intervention and a social safety net, democratic socialists remain within the framework of a capitalist economic system, albeit with substantial regulatory oversight and redistributive policies aimed at achieving greater economic equality.