Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. The defining characteristics of capitalism include private property, capital accumulation, competitive markets, price systems, recognition of property rights, self-interest, economic freedom, work ethic, consumer sovereignty, decentralized decision-making, profit motive, a financial infrastructure of money and investment that makes possible credit and debt, entrepreneurship, commodification, voluntary exchange, wage labor, production of commodities and services, and a strong emphasis on innovation and economic growth. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is considered as the standard left-wing ideology in most countries. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.
Anti-capitalism is a political ideology and movement encompassing a variety of attitudes and ideas that oppose capitalism. In this sense, anti-capitalists are those who wish to replace capitalism with another type of economic system, such as socialism or communism.
Creative destruction is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations.
The End of History and the Last Man is a 1992 book of political philosophy by American political scientist Francis Fukuyama which argues that with the ascendancy of Western liberal democracy—which occurred after the Cold War (1945–1991) and the dissolution of the Soviet Union (1991)—humanity has reached "not just ... the passing of a particular period of post-war history, but the end of history as such: That is, the end-point of mankind's ideological evolution and the universalization of Western liberal democracy as the final form of human government."
Political sociology is an interdisciplinary field of study concerned with exploring how governance and society interact and influence one another at the micro to macro levels of analysis. Interested in the social causes and consequences of how power is distributed and changes throughout and amongst societies, political sociology's focus ranges across individual families to the state as sites of social and political conflict and power contestation.
Henry Armand Giroux is an American-Canadian scholar and cultural critic. One of the founding theorists of critical pedagogy in the United States, he is best known for his pioneering work in public pedagogy, cultural studies, youth studies, higher education, media studies, and critical theory. In 2002, Keith Morrison wrote about Giroux as among the top fifty influential figures in 20th-century educational discourse.
Nicos Poulantzas was a Greek-French Marxist political sociologist and philosopher. In the 1970s, Poulantzas was known, along with Louis Althusser, as a leading structural Marxist; while at first a Leninist, he eventually became a proponent of the "democratic road to socialism." He is best known for his theoretical work on the state, but he also offered Marxist contributions to the analysis of fascism, social class in the contemporary world, and the collapse of dictatorships in Southern Europe in the 1970s, such as Francisco Franco's rule in Spain, António de Oliveira Salazar's in Portugal, and Georgios Papadopoulos' in Greece.
Marxism is a political philosophy and method of socioeconomic analysis. It uses a dialectical and materialist interpretation of historical development, better known as historical materialism, to analyse class relations, social conflict, and social transformation. Marxism originates with the works of 19th-century German philosophers Karl Marx and Friedrich Engels. Marxism has developed over time into various branches and schools of thought, and as a result, there is no single, definitive "Marxist theory". Marxism has had a profound effect in shaping the modern world, with various left-wing and far-left political movements taking inspiration from it in varying local contexts.
Social fascism was a theory developed by the Communist International (Comintern) in the early 1930s which saw social democracy as a moderate variant of fascism.
Criticism of capitalism typically ranges from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety. Criticism comes from various political and philosophical approaches, including anarchist, socialist, Marxist, religious, and nationalist viewpoints. Some believe that capitalism can only be overcome through revolution while others believe that structural change can come slowly through political reforms. Some critics believe there are merits in capitalism and wish to balance it with some form of social control, typically through government regulation.
Giovanni Arrighi was an Italian economist, sociologist and world-systems analyst, from 1998 a Professor of Sociology at Johns Hopkins University. His work has been translated into over fifteen languages.
Richard David Wolff is an American Marxian economist known for his work on economic methodology and class analysis. He is a professor emeritus of economics at the University of Massachusetts Amherst and a visiting professor in the graduate program in international affairs of the New School. Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City.
Communism is a sociopolitical, philosophical, and economic ideology within the socialist movement, whose goal is the creation of a communist society, a socioeconomic order centered around common ownership of the means of production, distribution, and exchange that allocates products to everyone in society based on need. A communist society would entail the absence of private property and social classes, and ultimately money and the state.
Douglas Kellner is an American academic who works at the intersection of "third-generation" critical theory in the tradition of the Frankfurt Institute for Social Research, or Frankfurt School, and in cultural studies in the tradition of the Birmingham Centre for Contemporary Cultural Studies, or the "Birmingham School". He has argued that these two conflicting philosophies are in fact compatible. He is currently the George Kneller Chair in the Philosophy of Education in the Graduate School of Education and Information Studies at the University of California, Los Angeles.
Social democracy is a social, economic, and political philosophy within socialism that supports political and economic democracy and a gradualist, reformist and democratic approach toward achieving limited socialism. In modern practice, social democracy has taken the form of predominantly capitalist economies, with the state regulating the economy in the form of welfare capitalism, economic interventionism, partial public ownership, a robust welfare state, policies promoting social equality, and a more equitable distribution of income.
Eco-socialism is an ideology merging aspects of socialism with that of green politics, ecology and alter-globalization or anti-globalization. Eco-socialists generally believe that the expansion of the capitalist system is the cause of social exclusion, poverty, war and environmental degradation through globalization and imperialism, under the supervision of repressive states and transnational structures.
Marxist literary criticism is a theory of literary criticism based on the historical materialism developed by philosopher and economist Karl Marx. Marxist critics argue that even art and literature themselves form social institutions and have specific ideological functions, based on the background and ideology of their authors. The English literary critic and cultural theorist Terry Eagleton defines Marxist criticism this way: "Marxist criticism is not merely a 'sociology of literature', concerned with how novels get published and whether they mention the working class. Its aims to explain the literary work more fully; and this means a sensitive attention to its forms, styles and, meanings. But it also means grasping those forms styles and meanings as the product of a particular history." In Marxist criticism, class struggle and relations of production are the central instruments in analysis.
Social ownership is a type of property where an asset is recognized to be in the possession of society as a whole rather than individual members or groups within it. Social ownership of the means of production is the defining characteristic of a socialist economy, and can take the form of community ownership, state ownership, common ownership, employee ownership, cooperative ownership, and citizen ownership of equity. Within the context of socialist economics it refers particularly to the appropriation of the surplus product produced by the means of production to society at large or the workers themselves. Traditionally, social ownership implied that capital and factor markets would cease to exist under the assumption that market exchanges within the production process would be made redundant if capital goods were owned and integrated by a single entity or network of entities representing society. However, the articulation of models of market socialism where factor markets are utilized for allocating capital goods between socially owned enterprises broadened the definition to include autonomous entities within a market economy.
