Economics Chapter 12

Nationalism

promoting and supporting a nation regardless of moral or ethical code

Communism

an economic system based on the government control of production, distribution, and consumption of goods

Karl Marx

Founder of Communism

Bourgeois

middle class capitalists

Proletariat

the poor working class

Class struggle

History is a _______ between the middle class and the poor working class

Utopia

a world in which all goods, money, and labor will be shared equally among the people; a perfect society

Bolshevik Revolution

first communist revolution in history (1917); led by Vladimir Lenin

Alexander Solzhenitsyn

famous writer who was ap prisoner of communist Russia

Inefficiency

goods, jobs, and general economic functions do not work properly resulting in shortages

No Market Signals

scarcity and waste results when the government ignores people’s needs/wants

Bad Management

government and business officials are under qualified or not motivated to succeed

Ineffective Reforms

attempted changes to a weak economy, usually creating more problems (Ex. Five-Year Plan of the Soviet Union)

Socialism

an economic system based on government ownership and control of resources

Universal Healthcare

Results in no incentive for doctors, understaffed, underfunded, power quality care

The Communist Manifesto

What book did Karl Marx write

Condition

What did Marx advocate for equality of

Vladimir Lenin

Who led the Bolshevik Revolution

Communist East Germany and Free West Germany

What 2 countries was Germany divided into

Berlin

What is Germany’s capital

Communist East Berlin and Free West Berlin

What was Berlin divided into

Sweden

What country gives more government aid, more government regulation