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American Business History - Terms and Definitions

I’ll begin with a very tricky question: what is the name of our economic system? There is little agreement. People struggle with this question because very few have a clear understanding of concepts such as natural rights, government, and economics (including a number of economists). How often do we hear the words: socialism, fascism, capitalism, altruism? Ask people to define them – again, there is little agreement. Without proper definitions, discussions or debates about these important topics are limited in value. I have given this lecture numerous times in my courses on American History and Business and the result is always the same. The majority of my students have never heard anything like it, and for some, it really upends their thinking. I reassure all of my students, however, that they are not required to agree with me – I only want them to refine their thinking skills. Most of the definitions are my own wording and the line of reasoning is entirely my own. I only ask that you give it a fair hearing and be open to considering my analysis of these ideas. Thank you.