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34 Cards in this Set

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Means of production

Communism and socialism is govt over seen and in capitalism its privately over seen

Marx

"Father" of communism

Glasnot

When the Russian govt had to tell their people they were poor

Cold War

A time of war where there was no fighting between America and the soviet; caused for a capitalistic and communism divide in the soviet country

Reagan

Pushed countries to convert

NEP

New Economic Plan

Mao Tse Tung

Chinese communist leader

Hong Kong

Successful communist market that influenced all of China

Kaizam

Nothing is ever perfect

Capitalism

Production. Is privately owned

Socialism

Govt owns and runs some of the Productive resources

Communism

Political and economic framework where all property is collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to needs

Lenin

Took land from rich and divide evenly; Russia became the Soviet Union

Stalin

Turned Econ from agricultural to industrial

Five year plan

Comprehensive, centralized Econ plan designed to achieve rapid industrialization

Collectivization

Forced common ownership of all agricultural industrial and trading enterprises

Gosplan

Central planning authors that devised the five year plans

State farms

Large farms entirely owned and operate by the state

Collective farms

Small private farms collected Ito large u its for joint operations

Piecework

Workers are paid for each piece of output they produce rather than for the hours they work

Storming

Practice of rushing production at the end of the month to make up for the slower pace at the beginning of the month

Gorbachev

Last Soviet Union leader

Perestroika

Fundamental restructuring of the Econ and govt (it failed)

PrivatiAtion

Conversion of state owned favorites and property to private ownership

Solidarity

Independent and sometimes illegal Union

Black market

Entrepreneurs and merchants sell goods illegally

Great Leap Forward

Basically a second 5 yr plan

Capital intensive

Technique that uses large amounts of capital for everyone person employed

Keiretsu

Tightly knit group of firms governed by an external board of directors from potential competitors

Infrastructure

County works

Collateral

Prop or other security used to guarantee repayment of a loan

Transparency

Need to make business dealings mor eco single to everyone

Asian tiger a

Hong Kong


Singapore


Taiwan


South Lorea

Welfare state

Wages were high, jobs could be found, and unemployment was low