Capitalism, Socialism, and Democracy | Study Guide

Joseph A. Schumpeter

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Course Hero. "Capitalism, Socialism, and Democracy Study Guide." Course Hero. 26 Apr. 2019. Web. 6 Aug. 2020. <https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/>.

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Course Hero. (2019, April 26). Capitalism, Socialism, and Democracy Study Guide. In Course Hero. Retrieved August 6, 2020, from https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/

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Course Hero. "Capitalism, Socialism, and Democracy Study Guide." April 26, 2019. Accessed August 6, 2020. https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/.

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Course Hero, "Capitalism, Socialism, and Democracy Study Guide," April 26, 2019, accessed August 6, 2020, https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/.

Capitalism, Socialism, and Democracy | Glossary

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accumulation: the acquiring of things, goods, services, money

anarchism: political philosophy based on the rejection of hierarchy in favor of self-organization

bourgeoisie: the middle class; in Marxist analysis, the capitalist class that owns capital and the means of production

bureaucracy: system or part of government conducted by unelected public officials as a profession

business cycle: the cycle of expansion and contraction in business; boom and bust

capitalism: economic system in which economic decisions are made by private entities in competition with one another

communism: radical economic and social system based on equality of citizens and management of economic matters by public bodies

creative destruction: theory that business failures and recessions form a necessary role in capitalism by clearing away failed or uncompetitive business and creating new opportunity

democracy: political system based on people choosing for themselves how they will be governed

entrepreneur: an economic actor who takes on risks to create new businesses or introduce new products and methods

equilibrium: state of balance between two or more forces

inflation: trend of increasing prices or decreasing value of money

Keynesianism: economic theories proposed by John Maynard Keynes (1883–1946) centered around the role of aggregate demand in producing and solving recessions

marginal utility: theory of the price of goods based on the extra satisfaction different goods bring to the consumer

monopoly: one entity's sole control of the market in a given good or service

New Deal: economic and social programs enacted by the United States during the Great Depression including greater state involvement in the economy and society

perfect competition: theoretical economic state in which numerous buyers and sellers compete without monopoly

socialism: economic system based on public management of economic matters

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