Glossary of Marxism, Socialism, and Capitalism
Marxism
- Alienation
The separation of workers from the products of their labor, leading to a sense of powerlessness and disenchantment.
- Base and Superstructure
The economic base of society (means of production) shapes the superstructure (culture, politics, religion).
- Bourgeoisie
The capitalist class that owns the means of production and exploits the working class.
- Class Consciousness
Awareness among the working class of their exploitation, leading to the potential for revolutionary action against the bourgeoisie.
- Class Struggle
The conflict between different classes, primarily between the bourgeoisie and the proletariat, seen as the driving force of historical change.
- Commodity Fetishism
The attribution of intrinsic value to commodities, obscuring the social relationships involved in their production.
- Dialectical Materialism
A Marxist framework that sees historical progress as driven by material conditions and the conflict between opposing forces.
- False Consciousness
A concept where the proletariat is misled by dominant ideologies, preventing them from recognizing their exploitation.
- Historical Materialism
The theory that material conditions (economy, technology) shape social structures and historical development.
- Ideology
A system of beliefs that justifies the interests of the ruling class, maintaining their dominance in society.
- Labor Theory of Value
The idea that the value of a commodity is determined by the socially necessary labor time required for its production.
- Lumpenproletariat
The “underclass” or marginalized segment of society, often seen as disconnected from class struggle due to their lack of stable work.
- Means of Production
The physical resources (factories, land, machinery) required to produce goods and services.
- Proletariat
The working class, who sell their labor to the bourgeoisie in exchange for wages.
- Revolution
The overthrow of the capitalist system by the proletariat to establish a classless, communist society.
- Socialism (in Marxism)
The transitional stage between capitalism and communism, where the means of production are controlled by the state or the community.
- Surplus Value
The difference between the value produced by labor and the wages paid to workers, which is appropriated by capitalists as profit.
- Utopian Socialism
Early socialist ideas focused on creating ideal societies through moral persuasion rather than revolutionary change.
- Dialectic
A method of argument that involves contradiction and its resolution, used by Marx to analyze social and economic dynamics.
- Materialism
The belief that material conditions (economic factors) determine the nature of social structures and ideas.
Socialism
- Anarchism
A political theory advocating for a stateless society organized through voluntary cooperation and mutual aid.
- Collectivism
The principle of giving priority to the goals of the group over individual interests, often seen in socialist thought.
- Democratic Socialism
A political ideology advocating for socialism through democratic means, aiming to reform capitalism to reduce inequality.
- Dictatorship of the Proletariat
A temporary state in Marxist theory where the working class holds political power to suppress the remnants of the bourgeoisie.
- Guild Socialism
A form of socialism advocating for worker control of industries through guilds or associations.
- Market Socialism
An economic system where the means of production are publicly or cooperatively owned, but market mechanisms are used for distribution.
- Planned Economy
An economy where the government controls production and distribution, aiming to eliminate the inefficiencies of capitalism.
- Public Ownership
Ownership of resources and industries by the state or community for the benefit of all members of society.
- Social Democracy
A system that seeks to combine the benefits of socialism and capitalism, emphasizing social welfare and economic equality.
- Workers’ Self-Management
A system where workers directly manage their workplaces, making decisions about production and organization democratically.
- Mutualism
A form of socialism where workers exchange goods and services through free contracts without state intervention, often associated with Proudhon.
- Communism
The final stage of Marxist theory, where a classless, stateless society is achieved, with common ownership of all means of production.
- Syndicalism
A radical form of socialism that advocates for workers to directly control the economy through industrial unions.
- Fabianism
A socialist movement advocating gradual and reformist rather than revolutionary change to achieve socialism.
- Libertarian Socialism
A form of socialism that emphasizes individual freedom and voluntary association, rejecting centralized state control.
Capitalism
- Capital Accumulation
The process of generating wealth through reinvestment of profits to expand production, leading to economic growth.
- Corporatism
The control of a state or organization by large interest groups, often leading to collusion between business and government.
- Creative Destruction
A concept introduced by economist Joseph Schumpeter, describing the process by which innovation leads to the obsolescence of old industries and the creation of new ones.
- Free Market
An economic system based on supply and demand with minimal government intervention.
- Invisible Hand
Adam Smith’s metaphor for the self-regulating nature of the marketplace, where individual self-interest unintentionally benefits society.
- Laissez-Faire
A policy of minimal governmental interference in economic affairs.
- Monopoly Capitalism
A stage of capitalism where large corporations dominate markets, limiting competition and controlling prices.
- Neoliberalism
A modern political and economic philosophy advocating for deregulation, privatization, and free-market capitalism.
- Privatization
The transfer of ownership of businesses or services from the public sector to private individuals or corporations.
- Trickle-Down Economics
The economic theory that benefits provided to the wealthy, such as tax cuts, will eventually benefit the broader economy by “trickling down” to the lower classes.
- Supply-Side Economics
An economic theory that emphasizes reducing taxes and regulation to encourage production, investment, and economic growth.
- Wage Labor
A system where individuals sell their labor to employers in exchange for wages, central to capitalist economies.
- Consumerism
The focus on increasing the consumption of goods and services as a measure of economic success and social well-being.
- Financialization
The increasing dominance of financial motives, financial institutions, and financial elites in shaping economic policies and practices.
- Shareholder Capitalism
A system where corporations prioritize maximizing shareholder value, often at the expense of other stakeholders like employees and communities.
