Friday, September 19, 2008

Definitions

1. Collectivisim: A politcal theory that the people should own all means of production.

2. Individualism: The principle that individuals best serve the pulic interest by pursuing their own self-interest, free of government regulation.

3. Socialism: The government maintains a dominant influence over the economy, and basically controls everything.

4. Capitalism: An economic system based on a free market, open competition, profit motive and private ownership of the means of production which encourages private investment and business, and is controlled by the people rather than the government.

5. Communism: A system of government in which the state is in complete control and a single, often authoritarian party holds power, aiming for a higher social order in which goods are shared equally by the people.