HW #20

1. TERMS AND NAMES

Laissez Faire- A policy allowing people to start businesses and control the environment.

Adam Smith- Defended Economic freedom, and wrote book called Wealth of Nations, in which he claimed that economic liberty guaranteed economic progress.

Capitalism- An economic system where money can be invested in order to make profit.

Utilitarianism- The Philosophy where people were able to judge ideas based on the usefulness of the idea.

Socialism- Factors of production are owned by the public, and are used for the welfare of everyone.

Karl Marx- Philosopher who thought of the idea of a radical form of socialism called Marxism, which later gave ideas for the Russian revolution.

Communism- A form of complete socialism where all the factors of production will be owned and shared upon the people.

Unions- Voluntary associations where workers joined to express their thoughts together.

Collective bargaining- Negotiations between workers and employers, about raising pays, better working conditions, etc.

Strike- When negotiations failed, workers will refuse to work, also known as strike.


2 TAKING NOTES

Capitalism:
Due to supply, competition, and demand policies, poeple could access cheaper, better, and more efficient goods. This led to economic progress because both the consumer and producer were happy.

Marxism:
People had to help the public. People owned the factors of production for the welfare of the siciety. They wanted an equal class because they believed that a society running by a government would be better off being equal for greater economic progress.


3. Unions had trouble with providing workers good working conditions and wages to a decent amount. They talked it through with employers, but strikes often occured becuase employees disagreed. Skilled workers were more lucky here, since there were less of them, and a greater demand for them. Therefore, employers would pay more if necessary. Poor workers were mostly unskilled, so they didn't have much of a chance, and would often strike more.

4. ANALYZING THEMES

I wouldn't say economic factors would be the only factor that dominates society. It is surely one huge piece, since money controls many things, but there is also class structure, desire for democracy, and in general how people think. Revolutions and many other historical events were made possible because of these forces. An example would be the Soviet Union collapse. It happened because people wanted freedom, not because it changed from communism to capitalism. People desired democracy in the French Revolution to gain more rights.