Socialism Flashcards
Fraternity
literally a ‘brotherhood’ –
humans bound together
by comradeship and a
common outlook because
they share the same basic
nature and interests, while
differences due to class,
religion, nationality and
ethnic background are far
less significant.
Marxism
an ideological system,
within socialism, that drew
on the writings of Marx and
Engels and has at its core a
philosophy of history that
explains why it is inevitable
that capitalism will be
replaced by communism.
Communism
an economic and political
system advocated by Karl
Marx in which private
ownership of the means
of production is abolished
in favour of common
ownership. A classless
society is established,
production is based on
human need, and the state
withers away. Marxists
argue that it is only under
such a system that humans
can realise their full
potential.
Capitalism
wealth is privately owned
and goods and services
are produced for profit,
as determined by market
forces. The capitalist system
has developed over the last
five centuries to become
the economic driving force
of the modern global
economy
Co-operation
working collectively to
achieve mutual benefits.
Common ownership
the means of production
is owned by the workers
so that all are able to
participate in its running
and to benefit from the
wealth of society
Social justice
a commitment to greater
equality and a just
distribution of wealth in
order to achieve a more
equitable distribution of
life chances within society.
Revisionism
a revised political
theory that modifies the
established or traditional
view. Here, revisionism
refers to the critical
reinterpretation of Marxism.
Evolutionary socialism
a form of socialism
advocating a parliamentary
route to deliver a long-term,
radical transformation in
a gradual, piecemeal way
through legal and peaceful
means.
Keynesian economics
the economic theory
developed by British
economist John Maynard
Keynes, which argued that
governments should:
* spend or invest money to
stimulate the economy
and boost demand in
times of recession
* use taxation and interest
rates to manage demand
within the economy,
sustaining growth and
deterring recession.
Historic materialism
Marxist theory that the
economic base (the
economic system) forms
the superstructure (culture,
politics, law, ideology,
religion, art and social
consciousness).
Dialectic
a process of development
that occurs through
the conflict between
two opposing forces.
In Marxism, class
conflict creates internal
contradictions within
society, which drives
historical change.
Class consciousness
the self-understanding
of social class that is a
historical phenomenon,
created out of collective
struggle.
