An economic and political system where trade and other sectors of the economy such as manufacturing are run by private companies for profit. They believe that the richer the country, the more developed it can be
A system which believes that the population should be classless and equal financially. Goods and the means of production are owned communally (often by the state) instead of being owned by private companies so everyone has access to what they need
The development of a country takes five stages of growth: Traditional Society, Pre-Conditions for Take Off, Take Off, Drive to Maturity, Mass Consumption
A large-scale scheme to improve development, organised by the government or a large TNC. The benefits of the scheme should trickle down to poorer families in the community