Prepare for the knowledge based rising –sharpen your vocabulary

1 Jan 2010

Capitalism
Capitalism is an economic and social system in which capital, the non-labor factors of production (also known as the means of production), is privately controlled; labor, goods and capital are traded in markets; and profits distributed to owners or invested in technologies and industries. Capitalist societies encourage competition and personal profit.

Most socialists share the view that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital and derives its wealth through exploitation, creates an unequal society, does not provide equal opportunities for everyone to maximise their potentialities and does not utilise technology and resources to their maximum potential nor in the interests of the public.

Socialism
In general, Socialist systems want to establish a more equal sharing of wealth. Many ideas for doing this have been thought up. Under this system, money and goods are shared more equally among the people, with the government in control.

One feature of Socialism involves industries being controlled by the state, or "Nationalised". This is intended to allow all citizens to own the "means of production." Another common feature of Socialism involves higher taxes. This is meant to give the government more funds, so that they can provide higher quality welfare.

Communism

In modern usage, communism is often used to refer to Bolshevism or Marxism-Leninism and the policies of the various communist states which had government ownership of all the means of production and centrally planned economies. Communist regimes have historically been authoritarian, repressive, and coercive governments.

Nationalization
The transfer of industry or private property to the control of the government. Under select nationalization, the government takes control of only some industries. Complete nationalization transfers total control to the government, as in the case of the former Soviet Union, following the Bolshevik Revolution.

Market Socialism (Mixed economy)
An economy that utilizes some capitalist and some socialist principles. The government usually controls some aspects, but private individuals and corporations control others. A mixed economy relies on the law of supply and demand to determine production and prices.

Fascism

Fascism is a kind of right-wing government. A country under this kind of government is always run by a person called a dictator, who has the right of total control over the government and people.

Fascists advocate the creation of a single-party state, with the belief that the majority is unsuited to govern itself through democracy and by reaffirming the benefits of inequality. Fascism fashioned itself as the "complete opposite of Marxian socialism by rejecting the economic and material conception of history, the fundamental belief of fascism being that human beings are motivated by glory and heroism rather than economic motives, in contrast to the worldview of capitalism and socialism.

Imperialism
System of beliefs advocating the development of empires, usually to exert political, military or economic domination over other countries or colonies.

Neo-colonialism
Neocolonialism is a term used by post-colonial critics of developed countries' involvement in the developing world. Existing or past international economic arrangements created by former colonial powers were or are used to maintain control of their former colonies and dependencies after the colonial independence movements of the post World War II period.

Comprador
During the heyday of European imperialism, a class of natives rendered the invaders yeoman service. They were the facilitators of colonial penetration and eventual domination of a vast swathe of the planet, from South America to Africa to Asia. They were well rewarded for their loyalty and services.

Utopia
Utopia describes a perfect place or society, where everyone is equal socially and economically. The political and economic theory of socialism was created with the vision of a utopian society in mind. Communal societies are built on the utopian ideal that members work together as equals to achieve harmony.

Dystopia
The opposite of utopia, dystopia is a fictional place with terrible quality of life, due to oppression, misery and terror.

Comparisons

• In a capitalist economic system, the owner of production is the individual, and the benefactors of production are first the individual and second the society.

• In a socialist or communist economic system, the owner of production is the state or the society, and the benefactor is the society.

• In a fascist economic system, the owner of production is the state, and the benefactors of production are first the state and second the society.

A popular criticism:

Related Articles:
- Neocolonialism (Origin of Compradors) – Part 1