Economics Chapter 12: Promise and Performance in the Command Economy
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Terms to Know:
Section 1: Goals of the Command Economy
- Nationalism is the promotion of one's own nation and government regardless of moral considerations.
- Communism is an economic system based upon public ownership and government control of the production and distribution of nearly all national resources.
- Bourgeois are property owners.
- The proletariat is the common working class.
Section 2: The Infiltration of Socialism
- Socialism is an economic system based upon collective ownership and control of many or most national resources.
- Socialism is also known as welfare capitalism, managed capitalism, democratic socialism, and market socialism.
- We've been creeping closer to socialism, a system that someone said works only in heaven, where it isn't needed and in hell, where they've already got it.