vocabulary words Flashcards
socialism
a 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.
utopia
an imagined place or state of things in which everything is perfect.
Robert Owen
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.
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.
proletariat
workers or working-class people, regarded collectively (often used with reference to Marxism).
democratic
relating to or supporting democracy or its principles.
socialism
(in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of communism.
communist manifesto
The Communist Manifesto (originally Manifesto of the Communist Party) 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 Malthus
An 18th-century British philosopher and economist famous for his ideas about population growth.
David Ricardo
David Ricardo was a classical economist known for his Iron Law of Wages, labor theory of value, theory of comparative advantage and theory of rents. David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns.
dictatorship
a country governed 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.