Blog 1 Definitions Ayn Rand

1. Collectivism- a theory advocating collective control especially over production and distribution
2. Individualism- a doctrine that the interests of the individual are or ought to be ethically paramount
3. Socialism- any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
4. Capitalism- an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
5. Communism- a theory advocating elimination of private property