Political Dictionary

Keynesian Economics
In economics Keynesianism (pronounced /ˈkeɪnziən/), is based on the ideas of twentieth-century British economist John Maynard Keynes. According to Keynesian economics the state should stimulate economic growth and improve stability in the private sector — through, for example, adjusting interest rates and taxation and funding public projects.



Socialism
According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, everything that people produce is in some sense a social product, and everyone who contributes to the production of a good is entitled to a share in it. Society as a whole, therefore, should at least control property for the benefit of all its members.

Fascism
Political ideology and mass movement that dominated many parts of central, southern, and eastern Europe between 1919 and 1945 and that also had adherents in western Europe, the United States, South Africa, Japan, Latin America, and the Middle East. Europe’s first fascist leader, Benito Mussolini, took the name of his party from the Latin word fasces, which referred to a bundle of elm or birch rods (usually containing an ax) used as a symbol of penal authority in ancient Rome. Although fascist parties and movements differed significantly from each other, they had many characteristics in common, including extreme militaristic nationalism, contempt for electoral democracy and political and cultural liberalism, a belief in natural social hierarchy and the rule of elites, and the desire to create a Volksgemeinschaft (German: “people’s community”), in which individual interests would be subordinated to the good of the nation. At the end of World War II, the major European fascist parties were broken up, and in some countries (such as Italy and West Germany) they were officially banned. Beginning in the late 1940s, however, many fascist-oriented parties and movements were founded in Europe as well as in Latin America and South Africa. Although some European “neofascist” groups attracted large followings, especially in Italy and France, none were as influential as the major fascist parties of the interwar period.