Capitalism, Socialism, and Democracy | Study Guide

Joseph A. Schumpeter

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Capitalism, Socialism, and Democracy | Key Figures

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Key Figure Description
Karl Marx German philosopher Karl Marx (1818–83) was a political radical who wrote The Communist Manifesto (1848) and a groundbreaking analysis of capitalism, Das Kapital (1867). Read More
Mikhail Bakunin Mikhail Bakunin (1814–76) was a Russian revolutionary and one of the founders of modern anarchism. He was a rival of Marx, and he was expelled from the First International, a labor federation, in 1872.
Enrico Barone Enrico Barone (1859–1924) was an Italian economist and historian. He developed a model of socialist economics that showed a socialist economy could be efficient.
August Bebel August Bebel (1840–1913) was a German socialist who helped found and lead the German Social Democratic Party.
Jeremy Bentham Jeremy Bentham (1748–1832) was an British philosopher and economist who developed modern utilitarian philosophy. This philosophy is based on the idea that actions must be taken that ensure the most benefit to all.
Eduard Bernstein Eduard Bernstein (1850–1932) was a German socialist politician who was a leading member of the Social Democratic Party. He promoted a form of gradual, reformist socialism through democratic means.
Louis Blanc Louis Blanc (1811–82) was a French socialist reformer who promoted the foundation of workers' cooperatives in France.
Napoléon Bonaparte Napoléon Bonaparte (1769–1821) was the emperor of France from 1804 to 1814–15. A reformer, Napoléon made a lasting impact on military strategy, civil-law codes, education, and religious policy.
Friedrich Engels Friedrich Engels (1820–95) was a German businessman, a socialist, and the best friend and patron of Karl Marx. He helped support and popularize Marx's work and contributed his own studies of the conditions of working people in England.
Sigmund Freud Sigmund Freud (1856–1939) was an Austrian doctor who developed the theory and practice of psychoanalysis.
William Ewart Gladstone William Ewart Gladstone (1809–98) was a British politician who was the leader of the Liberal Party and prime minister on four occasions. He championed liberal policies such as free trade and laissez-faire economics.
Herbert Hoover Herbert Hoover (1874–1964) served as the 31st president of the United States. His administration failed to alleviate the suffering of the early years of the Great Depression (1929–39).
Karl Kautsky Karl Kautsky (1854–1938) was a German politician who promoted Marxist thought but disagreed with the leaders of the Bolshevik Revolution in Russia, which toppled the imperial government, after 1917.
John Maynard Keynes John Maynard Keynes (1883–1946) was a British economist who is considered the founder of modern macroeconomics. His work on business cycles and the role of aggregate demand in causing and curing recessions was enormously influential in 20th-century economics.
Ferdinand Lassalle Ferdinand Lasalle (1825–64) was a German socialist activist. He proposed an "iron law of wages" that suggested wages always tend toward the lowest feasible amount to support the life of workers.
Vladimir Lenin Vladimir Ilich Ulyanov (1870–1924), known as Lenin, was a Russian socialist, revolutionary leader, and political theorist. He led the successful Bolshevik Revolution in Russia in 1917, which toppled the imperial government and created the Soviet Union. As prime minister, he instituted Communism as the ruling philosophy of Russia.
Rosa Luxemburg Rosa Luxemburg (1871–1919) was a Polish German Marxist activist and philosopher who helped found the Communist Party of Germany (KPD).
Ramsay MacDonald Ramsay MacDonald (1866–1937) was a British politician and one of the founders of the Labour Party in Great Britain. He was also the first leader of the Labour Party to become prime minister in 1924. He held the position also in 1929–31 and 1935–37.
Alfred Marshall Alfred Marshall (1842–1924) was an British economist who helped formulate the ideas of neoclassical economics. His theories rest on the idea that perfect competition is the ideal state of an economy.
John Stuart Mill John Stuart Mill (1806–73) was a British philosopher and economist. He advocated utilitarianism, the belief that a right action promotes happiness.
Ludwig von Mises Ludwig von Mises (1881–1973) was an Austrian American economist, whose work was chiefly concerned with how choices are made. His work was distinctly opposed to Marxism and socialism and promoted the ideals of classical liberalism.
Sir Thomas More Sir Thomas More (1478–1535) was an English statesman and philosopher. He wrote Utopia in 1516, in which he described an ideal society where all property and goods would be owned and used by the public.
Robert Owen Robert Owen (1771–1858) was a British industrialist and reformer. He was one of the founding figures of the utopian socialist movement and a promoter of cooperatives.
Pierre-Joseph Proudhon Pierre-Joseph Proudhon (1809–65) was a French philosopher and politician and one of the first people to use the term anarchist to describe his philosophy. He advocated peaceful revolution to bring about a society in which all property would be owned by cooperatives.
François Quesnay François Quesnay (1694–1774) was a French economist and one of the first people to attempt an analysis of the economy as a whole.
David Ricardo David Ricardo (1772–1823) was a British economist and politician. His most important contribution to economics is the labor theory of value, which states that the value of goods and services is derived from the labor used to create them.
Franklin Delano Roosevelt Franklin Delano Roosevelt (1882–1945) served as the 32nd president of the United States. The architect of the New Deal, which expanded the role of the federal government in domestic areas of reform, Roosevelt successfully led the country out of the Great Depression (1929–39).
Adam Smith Adam Smith (1723–90) was a Scottish philosopher and economist. His book, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), is considered the foundational text of modern economics. He popularized the idea that wealth was created by people acting in their own rational self-interests.
Joseph Stalin Joseph Stalin (1879–1953) was a Georgian-born Russian revolutionary and leader of the Soviet Union from 1922 to 1953. During his reign he attempted to develop the Soviet Union as a modern, industrial, socialist society. His rule was marked by brutal authoritarianism and a cult of personality.
Leon Trotsky Leon Trotsky (1879–1940) was a Russian revolutionary. He played a major part in the successful Russian Revolution (1917) and the ensuing civil war. However, he was exiled from the Soviet Union in 1929 following arguments with Stalin. His own strain of Marxist thought, which stresses the idea of permanent revolution, is called Trotskyism.
Knut Wicksell Knut Wicksell (1851–1926) was a Swedish economist who worked primarily on interest rates and prices. He helped promote the notion that an economy in perfect competition is the ideal form, most capable of maximizing the satisfaction of wants.
Wilhelm II Wilhelm II (1859–1941) was the German Kaiser, or emperor, from 1888 until 1918. He is remembered for his militaristic policy making.
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