Economic Philosophers and Systems

A set of vocabulary flashcards based on lecture notes covering major economic thinkers (Keynes, Smith, Marx) and major economic systems (Communism, Socialism, Capitalism, Fascism).

John Maynard Keynes

Father of Macroeconomics who introduced Fiscal and Monetary Policy during the Great Depression of 1930 and believed government intervention/spending could help the economy.

Adam Smith

Father of Economics/Capitilism and author of 'Wealth of Nations' who developed the concept of the 'Invisible Hand'.

Invisible Hand

A metaphor describing how people pursuing their own self-interest in a free market can unintentionally benefit the entire society.

Lassiez-Faire

Free from government intervention.

Karl Marx

German philosopher and economist, author of 'Das Capital', whose work focuses on class struggle and the concept of 'the haves vs the have nots'.

Bourgeoise and the Prolatariat

The key groups identified in Karl Marx's concept of the 'Haves and the Have Nots' and class struggle.

Communism

A system based on theories of Karl Marx, Friedrich Engels, and Vladamir Lenin characterized by strong central government, government or community ownership of all means of production and wealth, and the abolition of private property and free enterprise.

Socialism

A democratic system based on public ownership that views free enterprise as inefficient, wasteful, and prone to conflicts between workers and capitalists, theoretically replacing self-interest and competition with co-operation and worker solidarity.

Capitilism

An economic system where private ownership of industry operating under free-market conditions is essential, and individuals are motivated to produce for profit.

Fascism

A political and economic system that combines a free-market economy (Right) where citizens are free to own property (ICA).