15.4 Flashcards
laissez faire
economic theory that argues that governments should not interfere with business affairs.
Adam Smith
philosopher who defended Laissez-faire economics
capitalism
economic system in which people invest money to make a profit.
ultititarianism
belief that an idea is only as good as it is useful.
socialism
belief that buisnesses should be owned by society as a whole
karl Marx
economic thinker who wroteabout a radical form of socialism
communism
form of socialism in which all production is owned by the people
anarchism
belief that people should be able to develop freely without gov interference
union
organized groups of workers that bargain with business owners to get better pay and working conditions
strike
organized refusal to work
supporters say that a good gov creates policies that benefit the greatest number of people
utilitarianism
states that society has no social distinctions
communism
states that laws should be ignored and that governments should be eliminated
anarchism
states that laws should protect the rights of workers
socialism
states that the government should own the means of production
socialism
states that wealth should not be regulated by the gov
capitalism
states that wealth should be distributed equally among all citizens
communism
states that businesses are privately owned by individuals
capitalism
states that competition determines the price of a product
capitalism
an economic thinker that wrote about a radical form of socialism
Karl Max
promoted the theory of capitalism
Adam Smith
promoted the theory of utopianism
Robert Owen
Promoted the theory of utilitarianism
Bentham
promoted the theory of socialism
Saint-Simon
