WEEK 3- CAPITALISM, NEOLIBERALISM AND SOCIALISM

What is capitalism?

An economic system based on private ownership, wage labour, market exchange, and profit-making.

According to Bernstein

what are the three key features of capitalism?,Production for market exchange, class relations between capital and labour, and linked social divisions such as gender and nationality.

What motivates economic activity in capitalism?

The pursuit of profit.

Who is associated with the development of capitalist theory?

Adam Smith.

How did colonialism contribute to capitalism?

It helped spread capitalist economic systems around the world.

What is neoliberalism?

A political and economic ideology that emphasises free markets, private enterprise, and reduced government intervention.

What are the main principles of neoliberalism?

Privatisation, deregulation, tax cuts, reduced public spending, and free markets.

Who were key political leaders associated with neoliberalism?

Margaret Thatcher and Ronald Reagan.

What economic problems helped neoliberalism emerge in the 1970s?

Stagflation, oil crises, and the decline of Keynesian economics.

What are some criticisms of neoliberalism?

Increasing inequality, job insecurity, reduced public services, and concentration of wealth.

What is socialism?

An ideology that seeks greater equality through common ownership of the means of production.

What are the key values of socialism?

Equality, positive freedom, community, and solidarity.

What is meant by common ownership of the means of production?

Factories, tools, and productive resources are owned collectively rather than privately.

Who is the most influential socialist thinker?

Karl Marx.

What is exploitation according to Marx?

Workers create value but receive only wages while capitalists keep the surplus value as profit.

What is surplus value?

The difference between the value workers produce and the wages they receive.

What is historical materialism?

The idea that economic forces drive historical change.

According to Marx

what conflict drives capitalism?,The conflict between the bourgeoisie and the proletariat.

What is revolutionary Marxism?

The belief that socialism should be achieved through revolution.

What is social democracy?

A gradual and democratic approach to achieving social justice through welfare and redistribution.