Wednesday, October 28, 2015

Terms of the Day for October 28

  • Jim Crow Laws – state and local laws in the United States enacted between 1876 and 1965. They mandated de jure racial segregation in all public facilities in Southern states of the former Confederacy.
  • Proletariat – a term used to identify the working class in capitalist systems.  Members of this class do not have ownership of the means of production and therefore sell their labor to those who do.
  • Capitalism –  an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Other central elements include competitive markets, wage labor and capital accumulation.
  • Communism –  established by Karl Marx, a revolutionary socialist movement to create a classless, moneyless, and stateless social order structured upon common ownership of the means of production. The movement claims that since the world has a superabundance of material wealth, societies can allow distribution based on need and social relations  based on freely associated individuals.

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