Key terms

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Created on: 04-05-18 11:28

Utopian socialism

An economic system based on the premise that if capital voluntarily surrendered its ownership of the means of production to the state or the workers, unemployment and poverty would be abolished. It was advocated by Johann Fichte and Robert.

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Fraternity and Cooperation

Humans are tied together by a collective bond of common humanity or fraternity. Cooperation-Natural relationship among humans is cooperation. Socialists believe that humans can be motivated by moral incentives and not merely material incentives.

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Class

Factions society advocates upon its citizens due to their wealth and status.

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Social justice

Marxists believe that the distribution of wealth cannot occur under capitalism as it relies on incentives and inequalities Moderate socialists believed it can work with capitalism e.g. minimum wage higher taxation of the rich.

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common ownership

Often traced the origins of competition and inequality to the institution of private property, by which they usually mean productive wealth or ‘capital’.

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Capitalism

Capitalism affords economic freedom, consumer choice, and economic growth.

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Fundamentalist socialism

A form of socialism that seeks to abolish capitalism and replace it with a qualitatively diff. kind of society.

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Class consciousness

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Revisionist socialism

A form of socialism that has revised its critique of capitalism + seeks to reconcile greater social justice with surviving capitalist forms.

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Keynesian economics

Keynesian economics (also called Keynesianism) describes the economics theories of John Maynard Keynes. ... Keynes said capitalism is a good economic system. In a capitalist system, people earn money from their work.

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Card 2

Front

Back

Fraternity and Cooperation

Card 3

Front

Factions society advocates upon its citizens due to their wealth and status.

Back

Card 4

Front

Back

Card 5

Front

Often traced the origins of competition and inequality to the institution of private property, by which they usually mean productive wealth or ‘capital’.

Back

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Key terms