1 Short Answer: 1

Question 1

Liberalism definition

Answer 1

1. A POLITICAL ATTITUDE that is pro evolution
2. Laissez-faire capitalism
3. Minimal state intervention to support free market

Question 2

Examples of liberalism:

Answer 2

1. U.K.
2. U.S.
3. Singapore
4. UAE

Question 3

A few liberal elements:

Answer 3

1. Private pensions (instead of state run)

2. Most health care through private insurers

Question 4

Social democracy definition:

Answer 4

1. A political-economic system that balances freedom and equality
2. State plays an active role in shaping markets

Question 5

Qualities of social democracy:

Answer 5

1. Strong protections for private property
2. Free trade but state supported industries
3. Significant redistribution of wealth

Question 6

Communism definition:

Answer 6

1. Political-economic system that Eliminates individual freedom to achieve equality
2. Active state intervention

Question 7

Aspects of communism;

Answer 7

1. Nationalized industry under heavy bureaucratic control
2. Little to no private property
3. Massive redistribution of wealth

Question 8

Mercantilism definition:

Answer 8

1. A political economic system where wealth is maximized to increase state power
2. Active role for state

Question 9

Traits of mercantilism:

Answer 9

1. Foreign influence limited
2. Taxes and subsidies support key industries
3. Nationalized industries and parastatals

Question 10

Mercantilism in practice:

Answer 10

1. Japan, 1950s-1980s