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Communism and Karl Marx definitions

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  • Communist Model
    Economic system critiquing free markets, emphasizing worker ownership and labor as the sole source of value.
  • Karl Marx
    Philosopher and economist who developed a theory focusing on labor's role in value creation and worker exploitation.
  • Labor Theory of Value
    Concept asserting that the worth of goods and services stems entirely from the labor invested in their production.
  • Means of Production
    Factories, machines, and resources used to create goods, typically controlled by capitalists in traditional systems.
  • Capitalist
    Individual or group owning production resources, profiting from worker labor without contributing to value creation.
  • Exploitation
    Situation where workers receive wages below the value they generate, resulting in increased profits for owners.
  • Economic Inequality
    Disparity in wealth and income between capitalists and workers, intensified by ownership concentration.
  • Revolution
    Event where the working class seizes control of production resources, aiming to establish a new economic system.
  • Das Kapital
    Seminal book by Karl Marx analyzing capitalist economies and laying the foundation for communist theory.
  • Monopoly
    Market structure where a few firms dominate production, consolidating power and limiting competition.
  • Soviet Union
    State formed after the Bolshevik revolution, attempting to implement communism but resulting in dictatorship and corruption.
  • Bolshevik Party
    Political group responsible for the 1917 Russian revolution, leading to the creation of the Soviet Union.
  • Dictatorship
    Political system characterized by centralized power and lack of democratic governance, often seen in communist attempts.
  • Government Failure
    Inefficiency and corruption arising when state control replaces market mechanisms, hindering economic outcomes.
  • Perfect Competition
    Market structure with many firms, no single entity controls prices or production, contrasting with monopoly and communism.