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Mod. 15.4 Key Terms
| term | Definition |
|---|---|
| Adam Smith | Scottish economist. Advocate of laissez faire economics and is considered to be the "father of modern economics." Wrote The Wealth of Nations |
| capitalism | an economic system based on private ownership and on the investment of money in business ventures in order to make a profit |
| utilitarianism | the theory, made by Jeremy Bentham, that government actions are useful only in they promote the greatest good for the greatest number of people |
| socialism | an economic system which the factors of production are owned by the public and operate for the welfare of all |
| Karl Marx | German social philosopher and chief theorist of modern socialism and communism. Declared that with capitalism more workers would become impoverished and miserable. Wanted workers to govern themselves. Wrote The Communist Manifesto |
| communism | an economic system in which all means of production - land, mines, factories, railroads, and business - are owned by the people, private property does not exist and all goods and services are shared equally |
| anarchism | a political philosophy that argues that government works against people's interests and should be done away with entirely |
| union | an association of workers, formed to bargain for better working conditions and higher wages |
| strike | to refuse to work in order to force an employer to meet certain demands |
| laissez faire | the idea that government should not interfere with or regulate industries and businesses |
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