An economic system in which wealth is owned by private individuals or businesses and goods are produced for exchange, according to the dictates of the market
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Utopianism
A belief in the unlimited possibilities of human development, typically embodied in the vision of a perfect or ideal society, a utopia
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Communism
The principle of common ownership of wealth, or a system of comprehensive collectivization.
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Social Democracy
A moderate or reformist brand of socialism that favours a balance between the market and the state, rather than the abolition of capitalism
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Fraternity
Literally, brotherhood; bonds of sympathy and comradeship between and amongst human beings.
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Collectivism
The belief that collective endeavour is of greater practical and moral value than individual self-striving
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Cooperation
Working together; collective effort intended to achieve mutual benefit
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Egalitarianism
A theory or practice based on the desire to promote equality.
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Collectivization
The abolition of private property and the establishment of a comprehensive system of common or public ownership, usually through the mechanisms of the state
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Social Class
A social division based on economic or social factors; a social class is a group of people who share a similar socio-economic position.
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Bourgeoisie
Ruling class of a capitalist society, the owners of productive wealth.
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Proletariat
A class that subsists through the sale of its labour power.
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Nationalization
The extension of state or public ownership over private assets or industries, either individual enterprises or the entire economy
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State socialism
A form of socialism in which the state controls and directs economic life, acting, in theory, in the interests of the people.
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Fundamentalist socialism
A form of socialism that seeks to abolish capitalism and replace it with a qualitatively different kind of society
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Revisionist socialism
A form of socialism that has revised its critique of capitalism and seeks to reconcile greater social justice with surviving capitalist forms
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Gradualism
Progress brought about by gradual, piecemeal improvements, rather than dramatic upheaval; change through legal and peaceful reform
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Class consciousness
A marxist term denoting an accurate awareness of class interests and a willingness to pursue them
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Dialectical materialism
The crude and deterministic form of Marxism that dominated intellectual life in orthodox communist states
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Alienation
To be separated from one's genuine or essential nature.
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Surplus Value
A marxist term denoting the value that is extracted from the labour of the proletariat by the mechanism of capitalist exploitation
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Social revolution
A qualitative change in the structure of society; for Marxists a social revolution involves a change in the mode of production and the system of ownership
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Dictatorship of the proletariat
A marxist term denoting the transitionary phase between the collapse of capitalism and the establishment of full communism
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Neo-Marxism
An updated and revised form of Marxism that rejects determinism, the primacy of economics and the privileged status of the proletariat.
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Humanism
A philosophy that gives moral priority to the satisfaction of human needs and aspirations
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Social Justice
A morally justifiable distribution of wealth, usually implying a commitment to greater equality.
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Third Way
The notion of an alternative form of economics to both state socialism and free-market capitalism, sought at different times by conservatives and socialists.
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Determinism
A belief that human actions and choices are entirely conditioned by external factors; determinism implied that free will is a myth.
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Other cards in this set
Card 2
Front
A belief in the unlimited possibilities of human development, typically embodied in the vision of a perfect or ideal society, a utopia
Back
Utopianism
Card 3
Front
The principle of common ownership of wealth, or a system of comprehensive collectivization.
Back
Card 4
Front
A moderate or reformist brand of socialism that favours a balance between the market and the state, rather than the abolition of capitalism
Back
Card 5
Front
Literally, brotherhood; bonds of sympathy and comradeship between and amongst human beings.
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