Economics Without Numbers Lecture Notes

These flashcards highlight key concepts from the lecture on economics, ideology, and historical perspectives.

The Cold War

A state of continuous and unacknowledged aggression between superpowers and their allies, as opposed to explicit, declared conflicts.

Ideological Competition

The rivalry between the capitalist West and the communist East, characterized by differing economic philosophies and societal structures.

Fukuyama's Thesis

The idea proposed by Francis Fukuyama that the fall of state socialism represented the end of history as the final progression of ideological evolution.

Capitalism vs. Socialism

Capitalism emphasizes individual prosperity and private property, while socialism advocates for collective interest and public property.

Materialism

A desire for material possessions which contrasts with spiritual wealth and has evolved as a chief element of capitalism.

Ernest Gellner

A polymath and author who critically examined the triumph of the West, attributing it to consumerism rather than purely democracy or capitalism.

End of History

A concept suggesting that the universalization of Western liberal democracy marks the conclusion of mankind's ideological evolution.

Revolution or Counter-revolution?

Refers to significant uprisings, such as those in Hungary in 1956 and Czechoslovakia in 1968, which were met with military intervention.

Income Gap

The disparity between what individuals perceive the income inequality is, what they think it should be, and the actual statistics.

Laissez-faire

An economic philosophy of free-market capitalism that opposes government intervention in economic affairs.