New Economic Theories – Flashcards

In Dictatorship of the proletaria, who controls the government?

"Let the ruling classes tremble at a Communist revolution. The proletarians [workers] have nothing to lose but thier chains. They have a world to win. Working Men of all Countries, unite!" which best explains what Marx hoped to get across?

As economic theories, socialism and communism sought to

America's abundance was not created by public sacrifices to "the common good," but by the productive genius of free men who pursued their own personal interests and the making of their own private fortunes. What does the author argue is most responsible for America's wealth?

What are the characteristics of capitalism? Select all that apply.

"Let the ruling classes tremble at a Communistic revolution. The proletarians [workers] have nothing to lose but their chains. They have a world to win. Working men of all countries, unite!" What was the authors' most likely purpose in writing this passage?

Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally leads him to prefer that employment which is most advantageous to the society. According to Smith, what is the primary economic motivation for most people?

Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally leads him to prefer that employment which is most advantageous to the society. According to the passage, how do people pursuing their own self-interests benefit society?

Every great city has one or more slums, where the working-class is crowded together. . . . The streets are generally unpaved, rough, dirty, filled with vegetable and animal refuse [trash], without sewers or gutters, but supplied with foul, stagnant pools instead. . . .The modern art of manufacture has reached its perfection [highest level] in Manchester [in England]. . . . The degradation [disrespect] to which the application of steam-power, machinery and the division of labor reduce the working-man, and the attempts of the proletariat to rise above this abasement [low condition], must likewise be carried to the highest point and with the fullest consciousness. What is the main idea of this passage?

Every great city has one or more slums, where the working-class is crowded together. . . . The streets are generally unpaved, rough, dirty, filled with vegetable and animal refuse [trash], without sewers or gutters, but supplied with foul, stagnant pools instead. . . .The modern art of manufacture has reached its perfection [highest level] in Manchester [in England]. . . . The degradation [disrespect] to which the application of steam-power, machinery and the division of labor reduce the working-man, and the attempts of the proletariat to rise above this abasement [low condition], must likewise be carried to the highest point and with the fullest consciousness. Which of these lines from the text provides a clue that Engels is a socialist and therefore opposed to capitalism?

Karl _________ developed the theory of Communism.

Karl Marx developed the economic theory of

What two principles form the basis for capitalism?

In terms of production, what best describes the difference between capitalism and socialism?

In general, which best explains why communist revolutions did not happen?

Workers competed for jobs in the model factory started by Robert Owen because

During industrialization, which led to an exploration of new economic theories?

In a free market, supply and demand determines

"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest." Which statement best explains Smith's point?

Along with Karl Marx, the German philosopher who helped write The Communist Manifesto was