mkt 310 ch2

______ refers to a philosophy that promotes the free exercise of one's goals and desires in economic and political pursuits.

Individualism

In the late 1970s, the communist version of socialism was at its highest point. This has declined dramatically today with old-style communism found most notably in only _____.

North Korea

Which of these statements would Aristotle agree with based on his arguments for individualism?

Private property receives greater care compared to communal property.

In the early 20th century, communists differed from social democrats in that communists believed in

a strategy of revolutionary action.

Social democrats advocate for

achieving socialism through non-violent means.

Karl Marx would agree that

capitalists take the value created by workers for their own use.

______ refers to a political system that values the needs of society over that of an individual.

collectivism

Political systems that emphasize individualism tend to promote _____.

democracy

True or False: According to Karl Marx, the pay of workers in a capitalist society reflects the full value of their labor.

false

The Declaration of Independence is an ideal example of the tenets of _____ which emphasize the importance of individual freedoms.

individualism

The political economy of a country refers to the interaction of the political, economic, and _____ systems of a country.

legal

Plato would have agreed that society should be stratified into classes and ______ were best suited to rule society.

philosophers and soldiers

Which Greek philosopher is credited with advocating the origins of collectivism?

plato

The system of government in a nation is called the ______ system.

political

The term ______ refers to the interconnection of the political, economic, and legal systems of a country.

political economy

In the last half of the twentieth century, Britain's Conservative Party sold state-owned enterprises to individual investors in order to create a free market economy. What process was Britain using to create this economy?

privatization

Collectivism refers to a political system that

restricts an individual's right to do something on the grounds that it runs counter to the "good of society".

By the end of the 1970s in Great Britain, state-owned companies monopolized the telecommunications, gas, railway, electric, and shipbuilding industries. This was a reflection of which political system in place at the time?

social democracy

A nation that fosters individualism would

stress that the interests of the people are more important than the interests of the state.