Questions and Answers
What is one of the major differences between capitalism and communism?
What are the main differences between capitalism and communism?
Capitalism is based on supply and demand while communism involves government-controlled distribution of wealth.
What do you think the U.S. and the Soviet Union were competing over?
Natural resources and weapons.
Who was the first president to attempt to address the problem of communism spreading?
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What was the goal of the 'Truman Doctrine' and containment?
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What alliance was formed in the West between the U.S. and Western European countries?
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What does NATO stand for?
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What was the Warsaw Pact?
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What weapon made the Cold War possibly the most dangerous war in history?
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Define 'massive retaliation' in your own words.
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What is the purpose of Truman's speech?
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What two ways of life does President Truman discuss?
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What does Truman believe could happen if war-torn countries are taken over by Communists?
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Study Notes
Capitalism vs. Communism
- Capitalism involves private ownership of resources and means of production.
- Communism entails collective ownership by the community or society.
- Capitalism operates on supply and demand, while communism relies on government decision-making for wealth distribution.
U.S. and Soviet Union Competition
- The U.S. and the Soviet Union competed primarily over natural resources and military power, including weapons.
Harry Truman's Role
- Harry Truman served as the 33rd President of the United States (1945-1953).
- He made the crucial decision to use atomic weapons during WWII and influenced post-war U.S. foreign policy regarding communism.
Truman Doctrine and Containment
- Aimed to contain the spread of communism globally.
- Implemented through financial aid, alliances, and support for anti-communist regimes, regardless of their democratic status.
- Initiated in Greece and Turkey to counter Soviet influence.
NATO Formation
- The North Atlantic Treaty Organization (NATO) was created as a defense alliance for the U.S., Canada, and Western European nations to deter Soviet aggression.
Warsaw Pact
- The Warsaw Pact was formed by the Soviet Union and Eastern European nations in response to NATO.
- Committed member states to mutual defense against NATO countries.
Nuclear Weapons and Cold War
- Nuclear arms, including atomic bombs, represented a significant threat, making the Cold War a particularly perilous conflict.
- "Massive retaliation" policy involved threatening extensive nuclear retaliation if the U.S. faced aggression from the USSR.
Truman's Speech Purpose
- Truman's speech sought to illustrate the importance of economic and financial aid to Greece and Turkey to prevent the encroachment of communism.
Two Ways of Life
- Truman contrasted capitalism, characterized by freedoms and representative government, with communism, which relied on oppression and control.
Impact of Communist Takeover
- Truman expressed concern that the fall of war-torn countries to communism could lead to regional instability and disorder, particularly affecting the Middle East.
Loan Objective
- President Truman aimed for a $400,000,000 loan to stabilize economies and political processes in nations at risk of communism.
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Description
This set of flashcards covers key concepts from US History 2, Chapter 26, focusing on the comparison between capitalism and communism. Learn the defining characteristics and differences of these two economic systems to enhance your understanding of American history themes.
