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9 Cards in this Set
- Front
- Back
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Laissez faire
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"Let do" in french. Introduced to encourage governments to not interfere with businesses.
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Adam Smith
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Supporter of the phrase "laissez faire". Was convinced that social harmony will occur without the involvement of the government.
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Capitalism
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A type of economic system. Profit goes to the owners of private facilities, workers obtain less than the owners.
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Utilitarianism
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Judging ideas & actions by how "useful" it is. In short, the government should promote the greatest good for the biggest amount of people.
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Socialism
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The ideal that productions are owned by the public and is meant for everyone.
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Karl Marx
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Wrote a book on Marxism. He split society into two classes; bourgeoisie and proletariat.
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Communism
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A form of complete socialism. The idea is that everything belongs to everyone.
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Union
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A society made by the working class to discuss and make plans for changes within their working environment.
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To strike
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To refuse to work in order to achieve a goal (e.g. fairer wages).
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