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capitalism an economic system based on open competition in a free market, in which individuals and companies own the means of production and operate for profit laws of supply and demand As supply increases, prices go down; as supply decreases, prices go up. As demand increases, prices go up; as demand decreases, prices go down. monopoly exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices the Wealth of Nations written by Adam Smith, promoted laissez-faire, free-market economy, and supply-and-demand economics Sherman Anti-Trust Act First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions Laissez-faire a policy based on the idea that bovernment sould play as small a role as possible in the ecomony communism a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. socialism a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society totalitarianism absolute control by the state or a governing branch of a highly centralized institution. fascism A system of government characterized by strict social and economic control and a strong, centralized government usually headed by a dictator. First found in Italy by Mussolini.