Capitalism, Communism, Socialism … why is the world obsessed with identifying with “isms?” And what do these things mean?
- Individualism: Allowing individuals to make their own choices independent of what the “collectives” may want.
- Collectivism: Forcing individuals to act in a way that others have decided to be the “common good” to allegedly benefit the most people; prioritizing a group of people over each individual in it.
- Socialism: A political and economic system in which people are given products or services no matter what they produce.
- Free Market: An economic system where people are allowed to freely cooperate and exchange goods without excessive regulation
- Crony Capitalism: When successful businesses use government power in order to gain control in the marketplace