Socialism, Communism, and Capitalism Flashcards
Socialism
political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Ulopia
an imagined place or state of things in which everything is perfect. The word was first used in the book Utopia (1516) by Sir Thomas More.
Robert Owens
was a Welsh social reformer and one of the founders of utopian socialism and the cooperative movement. He worked in the cotton industry in Manchester before setting up a large mill at New Lanark in Scotland.
Karl Marx
Karl Marx was a philosopher and economist famous for his ideas about capitalism and communism. Marx, in conjunction with Friedrich Engels, published “The Communist Manifesto” in 1848; later in his life, he wrote “Das Kapital,” which discussed the labor theory of value.
Communism
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Prolelanat
workers or working-class people, regarded collectively (often used with reference to Marxism).
Democrative
relating to or supporting democracy or its principles.
Socialism
transitional social state between the overthrow of capitalism and the realization of communism.
Communist Manifesto
The Communist Manifesto is an 1848 political pamphlet by German philosophers Karl Marx and Friedrich Engels.
Capitalism
an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
Thomas Mafthus
The Reverend Thomas Robert Malthus FRS was an English cleric and scholar, influential in the fields of political economy and demography. Malthus himself used only his middle name, Robert.
David Ricardo
David Ricardo was a British political economist. He was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and James Mill.
Dictatorship
government by a dictator.
Laissez-faire
a policy or attitude of letting things take their own course, without interfering.
Adam Smith
Adam Smith is one of the world’s most famous economists. Modern capitalism owes its roots to Adam Smith and his Wealth of Nations, which many consider the single most important economic work in history.