GLOSSARY

Capitalism - is a social system based on the

Economic liberalism - is the ideological

principle of individual rights. Politically, it is

belief in organizing the economy on

the system of laissez-faire (freedom).

individualist and voluntarist lines, meaning

Legally it is a system of objective laws (rule

that the greatest possible number of

of law as opposed to rule of man).

economic decisions are made by individuals

Economically, when such freedom is applied

and not by collective institutions or

to the sphere of production its result is the

organizations.

free-market.

European Economic Community (EEC) -

Classical Marxism - is a variety of

was a regional organization which aimed to

Socialism and provides the intellectual base

bring about economic integration between

for various forms of Communism. It was

its member states. It was created by the

conceived (as to some extent was

Treaty of Rome of 1957.

Anarchism) as a reaction against the

rampant Capitalism and Liberalism of 19th
Century Europe.

Exploitation Theory - is the cornerstone of

the attack on capitalism. This fact was
acknowledged by the Austrian Economist

Comecon - was the Eastern Bloc's reply to

Eugen von Bohm-Bawerk who devoted a

the formation of the Organization for

major chapter of his opus CAPITAL AND

European Economic Co-Operation in

INTEREST to a critique of the theory as

Western Europe. The descriptive term was

developed by Rodbertus and Marx.

often applied to all multilateral activities

involving members of the organization,
rather than being restricted to the direct
functions of Comecon and its organs.
Dependency theory - states that colonialism
and neocolonialism have created unequal
economic relations between poor and
wealthy countries.

Imperialism is a type of advocacy of

empire. Its name originated from the Latin
word "imperium", which means to rule over
large territories.
Import substitution - government strategy
that emphasizes replacement of some
agricultural or industrial imports to
encourage local production for local

consumption, rather than producing for

production and craftsmen are replaced by

export markets.

assembly lines.

Industrialization - the process in which a

Intellectual property rights - are the rights

society or country (or world) transforms

given to persons over the creations of their

itself from a primarily agricultural society

minds. They usually give the creator an

into one based on the manufacturing of

exclusive right over the use of his/her

goods and services. Individual manual labor

creation for a certain period of time.

is often replaced by mechanized mass

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