Political Ideologies: Socialism, Communism, and Capitalism

Vocabulary flashcards on political ideologies, focusing on socialism, communism, and capitalism.

Socialism

Collective ownership of means of production, central planning, and a broad emphasis on equality.

Proletariat

People who earn a wage for a living, exceptionally people who are dependent on casual labor.

Bourgeoisie

Those who make their living through property or through ownership of the means of production.

Socialism

Operated by itself mostly where the government or the workers themselves own and control industry; believes more in shared ownership.

Nationalization

When the state takes over privately owned businesses so that they can control supply & demand of that product.

Anti-trust laws

Laws used to ensure companies follow rules so that the customers are protected.

Nationalization in the US

Commodity Credit Corporation (CCC), Community Development Financial Institutions Fund, Corporation for National and Community Service (AmeriCorps), Export-Import Bank of the United States, Federal Agricultural Mortgage Corporation

karl marx

A philosopher that believed that the working class would rise against the wealthy when faced with injustices. Believed in socialism

nationalized industries

industries that are run by the government. That just make enough money to keep running. Pays workers more money and make more products for cheaper prices.

The new deal

was to get people hired that really had a benefit. Government hiring people to build roads,hospitals. Creates short time jobs for people.

The gini coefficient

a statistical measurement that shows the degree of inequality of distribution of wealth or income. ranges from 0 to 1, where 0 represents perfect equality and 1 represents maximal inequality.

what positive or negative impacts does communism/socialism have on society

communism/socialism can lead to less freedom like promoting or trying to start your own business. A positive impact could be that everybody would have access to heath or education not just upper class.