vocab

vocab

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Term Definition
Capitalism In common usage, the word capitalism means an economic system in which all or most of the means of production are privately owned and operated, and the investment of capital and the production, distribution and prices of commodities (goods and services).
Socialism Most generally, socialism refers to state ownership of common property, or state ownership of the means of production. A purely socialist state would be one in which the state owns and operates the means of production.
Communism Most generally, communism refers to community ownership of property, with the end goal being complete social equality via economic equality. Communism is generally seen by communist countries as an idealized utopian economic and social state.
Fascism The word descends from the Latin ‘fasces’, the bundle of sticks used by the Romans to symbolize their empire. This should clue you in that Fascism attempts to recapture both the glory and social organization of Rome.

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