Socialism Key Terminology Flashcards
Fraternity
Sharing of common interests and beliefs
Capitalism
Economic system based of the market forces of supply and demand, private ownership and minimal state intervention
Common ownership
Ensuring that the needs of the many override those of the few. State can allocate resources more effectively than the private sector
Communism
An ideology stating power to the people and equality for all.
Abolition of capitalism
Evolutionary socialism
Those on the centre-left of the political spectrum that advocate for gradual tactics towards lasting social change
Marxism
A system of economic, social and political philosophy based on ideas that view social change in terms of economic factors
Revisionism
Usually applied to those on the far-left of the political spectrum who seek to modify Marxist theory in some manner without rejecting its core argument
Social justice
Involves policies and measures designed to ensure a more equitable distribution of life chances within society.
Class consciousness
Marxist term used to describe the stage along the course of human development in which the proletariat become fully aware of their exploitation at the hands of the bourgeoisie
Historical materialism
the material conditions of the mode of production determines its organisation and more importantly its development
e.g how goods are made influences society and how society changes over time
Dialectic
a process that drives social change
Keynesian economics
Based on the assumption that the gov should intervene within the economy to mitigate the problems of market failure
