Isms

Question 1

Main Idea

Answer 1

IR led to economic, social, and political reform. While factory owners prospered, workers suffered in the short term. suffering led to rise of socialism and eventually communism.

Question 2

Relevance

Answer 2

Many modern social welfare programs developed during this period

Question 3

social welfare program

Answer 3

governmental program designed to protect citizens from economic risks of life

Question 4

Laissez Faire

Answer 4

economic policy of letting owners of industry and business set prices and working conditions wo interference

Question 5

Free market

Answer 5

system in which market forces of supply and demand determine prices and allocate available supplies wo govt interference

Question 6

LF favors what system?

Answer 6

free market

Question 7

Adam Smith

Answer 7

author of Wealth of Nations, defended free market, supported capitalism, invisible hand theory, supply and demand

Question 8

Demand and supply

Answer 8

demand falls, supply rises, price falls. rises, falls, rises.

Question 9

Capitalism

Answer 9

A system of government in which wealth is controlled by private owners for profit rather than the government

Question 10

Dividends

Answer 10

sum of money paid regularly to shareholders of a company out of profits or reserves

Question 11

What effect has the IR had on social classes?

Answer 11

Intensified rich-poor contrast

Question 12

Carnegie believed…

Answer 12

that its better to keep wealth in hands of few

Question 13

Negative effect of IR according to Carnegie

Answer 13

rigid social structure breeding mistrust btwn workers and employers

Question 14

Positive effect of IR according to Carnegie

Answer 14

cause of progress and increased goods to benefit all

Question 15

Possible criticism of Carnegie

Answer 15

Rich can’t be depended on to distribute

Question 16

What does Carnegie believe we should do to administer wealth

Answer 16

provide a good example with charity and living modesty

Question 17

Socialism

Answer 17

shared property distributed equally (collapsed)

Question 18

Socialist goal

Answer 18

society operating for wealth of all people–govt as a representative plan the economy rather than depending on market forces

Question 19

Utopians

Answer 19

Early socialists tried to build communities self sufficient, shared work, shared ownership of property

Question 20

Cores of socialism

Answer 20

society>individual, human welfare societal objective. all humans productive and equal. history is history of progressiveness.

Question 21

Karl Marx quote

Answer 21

“From each according to his ability, to each according to his need”

Question 22

Ability sometimes =

Answer 22

contribution

Question 23

Capitalism thru cows

Answer 23

You have two cows. Sell the milk, buy a third, grow.

Question 24

Socialism thru cows

Answer 24

Govt takes cows, everyone has to care for cows, govt gives you all the milk you need

Question 25

Communism thru cows

Answer 25

communal barn w everyones cows and labor divided and milk is taken by govt

Question 26

Robin Hood is a

Answer 26

socialist

Question 27

Socialism in a nutshell

Answer 27

Bureaucrats give your stuff away and you're arrested for not doing it

Question 28

Communism in a nutshell

Answer 28

socialism on steroids

Question 29

Epoch

Answer 29

pd of time in society

Question 30

gradation

Answer 30

stage or degree

Question 31

What did Karl Marx write?

Answer 31

Communist Manifesto (marxism)1840s

Question 32

Marx's ideas concerning owners-working class relations?

Answer 32

economics driving force in history--class struggle--bourgeoisie v proletariat natural enemies

Question 33

Which idea did Marx dislike? Why?

Answer 33

Utopians-unrealistic

Question 34

bourgeoisie

Answer 34

middle class

Question 35

proletariat

Answer 35

working class

Question 36

Communism

Answer 36

form of socialism with abolished classes/classless society. govt owns all businesses and controls distribution of services and sets prices

Question 37

invisible hand theory

Answer 37

self interest of capitalism ultimately creates jobs, industry, knowledge, beauty

Question 38

Current Capitalist countries

Answer 38

US, Germany, Japan

Question 39

Current Communist countries

Answer 39

Cuba, former Russia, N Korea

Question 40

Parties: US v. USSR

Answer 40

free elections and multiple parties v. one party state

Question 41

Ownership: US v. USSR

Answer 41

Industry and agriculture owned by private v state

Question 42

Profit: US v. USSR

Answer 42

Owners employ and keep v Classless w no individual profit making

Question 43

Govt interference: US v. USSR

Answer 43

Limited v controls most aspects of life

Question 44

Freedom of speech: US v. USSR

Answer 44

that and movement v strong censorship

Question 45

message of animal farm

Answer 45

communism is super bad

Question 46

Study animal farm

Answer 46

ok

Question 47

handouts as well

Answer 47

ok

Question 48

which ism won the cold war

Answer 48

capitalism

Question 49

globalization

Answer 49

spread of capitalism

Question 50

taxes and govt programs today

Answer 50

socialist institutions in a capitalist society

Question 51

private sector

Answer 51

private ownership individuals

Question 52

Marx believed that in the future

Answer 52

proletariat misery would begin revolution

Question 53

communism issue

Answer 53

doesn't take incentive into account

Question 54

Animal farm

Answer 54

study storyline and questions