Socialism Flashcards
(12 cards)
Surplus value
Workers create more value through their labour than they receive in their wages
Clause IV
Written in the Labour party’s constitution in 1918 and called for common ownership of the British economy
Keynesian economics
Based on the idea the government should intervene in the economy
‘Dictatorship of the proletariat’
Transitional phase from a capitalist to communist economy where the post-revolutionary state led by the working-class seize the means of production
Historical materialism
How societies develop and change over time based on their economic systems
Dialectic materialism
The idea that history progresses through contradictions and conflicts which eventually lead to the transformation of society
Bourgeoisie
The ruling class
Proletariat
Working-class
What did Marx deem revolution?
‘historically inevitable’
What did Webb deem revolution?
‘Chaotic and ineffective’
‘Inevitability of gradualism’
Political change will come incrementally over time
