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6. What Are “Isms?”

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Capitalism, Communism, Socialism … why is the world obsessed with identifying with “isms?” And what do these things mean?

Key Terms 

  • 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