Definition of Social Credit : a doctrine that the capitalist system does not distribute sufficient income to keep itself in operation and that national dividends should be declared for consumers to assure a high level of consumption.
What is Social Credit meme?
Chenchen Zhang, a political scientist at Queen’s University Belfast who has studied China’s social credit system, said the social credit meme, which falsely uses social credit as a shorthand for all sorts of control, shows the difference in the perception of China between people inside and outside of the country is …
Social credit is a distributive philosophy of political economy developed by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them.
How does the credit system work?
Scores are based on information in your credit report; for example, FICO rates your credit based on five factors; payment history (35%); amounts owed (30%); length of credit history (15%); new credit accounts (10%); and mix of credit (10%).
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The social credit system is an extension of the risk assessment credit rating systems that were introduced in China in the 1980s. Proponents argue that it will help eliminate problems such as food safety issues, intellectual property theft, violation of labor law, financial infidelity, and counterfeit goods.
The Social Credit Party of Canada (French: Parti Crédit social du Canada), colloquially known as the Socreds, was a populist political party in Canada that promoted social credit theories of monetary reform. It was the federal wing of the Canadian social credit movement.
After McCarthy’s by-election loss, Social Credit collapsed with dramatic speed. Four of the seven remaining Social Credit MLAs elected in 1991 left the party to join the British Columbia Reform Party, leaving Social Credit without official status in the legislature.