Features of Capitalism and Communism, Cold War Events

These flashcards cover key concepts and historical events related to capitalism, communism, significant conflicts during the Cold War, and the geopolitical impact of these ideologies.

Capitalism

An economic system characterized by private ownership of businesses, free market competition, and a profit motive.

Communism

A political and economic ideology advocating for government ownership of property and industry, elimination of social classes, and equal sharing of wealth.

Soviet Bloc

A group of communist countries in Eastern Europe under the influence of the Soviet Union, including East Germany, Poland, Hungary, Czechoslovakia, Romania, and Bulgaria.

The Marshall Plan

A US program initiated after World War II to aid in the reconstruction of European nations and prevent the spread of communism.

Mutually Assured Destruction (MAD)

A military doctrine in which both opposing sides possess enough nuclear weaponry to destroy each other, preventing either side from initiating a conflict.

Vietnam War

A Cold War conflict where the US aimed to prevent the spread of communism, ultimately resulting in Vietnam becoming a fully communist country.

Cuban Missile Crisis

A 1962 conflict between the US and the Soviet Union over the presence of Soviet missiles in Cuba, which brought the world close to nuclear war.

Economic failure of the Soviet Union

One of the primary reasons for the collapse of the Soviet Union at the end of the Cold War.

Stalemate

A situation in the Korean War where neither side could secure a decisive victory, leading to the division of Korea into a communist North and a democratic South.

Domino Theory

The belief that the spread of communism in one country would lead to the spread of communism in neighboring countries.