Colonialism
A system where nations set up colonies in faraway location
Imperialism
A system where nations take over other countries
Sovereign
The quality of having supreme, independent authority over a geographic area
Egalitarian
The idea that every person should have equal opportunities to succeed
Caudillos
A Castilian word meaning "leader" that is used to describe a military leader at the head of an authoritarian regime
Capitalism: Values and Goals
The "invisible hand of the market"; replacement of Mercantilism
Capitalism: Role of the Government
To prevent monopolies and other abnormal market systems
Capitalism: Major Thinkers
Adam Smith, David Ricardo and Thomas Malthus
Socialism: Values and Goals
Collective Social Wellbeing; Equitable Redistribution of Wealth
Socialism: Role of the Government
To prevent exploitation of the disadvantaged
Socialism: Major Thinkers
Robert Owen and Charles Fourier
Communism: Values and Goals
Class Struggle; Revolution toward a classless society
Communism: Role of the Government
To stand out of the way and allow immiseration to occur
Communism: Major Thinkers
Karl Marx and Friedrich Engels
Ideology
the set of ideas at the basis of an economic or political theory that usually involves a fixed and somewhat inflexible cluster of opinions or beliefs
Definition of Capitalism
Free enterprise system in which the means of production are either largely or entirely owned by private individuals who invest capital to make profits
Definition of Socialism
Economic system in which means of production are owned in common or by the government
Definition of Communism
Ideology in which the means of production are owned by the government and private property does not exist
Theory of Immiseration
theory that workers would become more and more miserable because of capitalist oppression until they finally revolt
Lowell System
highly organized system where workers of the Lowell factories lived in dormitories.
