TravelJournal-06.03History.docx - Political and Economic...

Political and Economic Ideologies
6.03:
How did the Enlightenment and the Industrial Revolution impact ideologies of the time?
What are the similarities/differences between capitalism, socialism, and communism? Who are the major figures of capitalism?
3. Adam Smith, Thomas Malthus.
Who are the major figures of socialism?
Who are the major figures of communism? Vocab:
Intellectual History - The history of ideas.
Historiography - The study of different approaches to writing and interpreting history.
Ideology - The set of ideas at the basis of an economic or political theory.
Socio-economic - Income and social position considered as a single faction to measure a family
or an individual's status in a community.

Capitalism -Free enterprise system in which the means of production are either largely or
entirely owned by private individuals who invest capital to make profits.
Capital -Money or property that is used to produce goods and services.
Means of Production - The factories, machines, infrastructure, and natural capital used to
produce wealth.
Mercantilism -An economic doctrine that advocates the government control of imports and
exports.
Laissez-faire -Economic policy that supports nonintervention by governments into free markets.
Socialism -Economic system in which the means of production are owned in common or by the
government.
Utopia -An idealized place, state, or situation of perfection.
Communism -Ideology in which the means of production are owned by the government and
private property does not exist.
Bourgeoisie -The middle class.
Proletariat -The working classes.
Theory of Immiseration -The theory espoused by Marx and Engels that workers would become
more and more miserable because of capitalist oppression until they finally revolt.
People in History:
Adam Smith -
Adam Smith has been called the father of modern economics.