11. The concepts of Individualism, Responsibility, Government, and Fairness in the American social context Flashcards
bootstrap mentality
The bootstrap mentality refers to the belief that individuals can achieve success through their own hard work and determination, without relying on external help. This idea is deeply rooted in American individualism and the work ethic, emphasizing self-sufficiency and personal responsibility.
invisible hand
The invisible hand theory (coined by Adam Smith during the Industrial Revolution) is the idea that in a free market, individuals acting in their own self-interest unintentionally contribute to the overall economic good, as if guided by an “invisible hand.” In simpler terms: when people and businesses make decisions that benefit themselves (like trying to make a profit), they end up helping the economy without meaning to. It’s like how a bunch of people selling things they think will make them money ends up creating jobs, lowering prices, and increasing overall wealth for everyone, even though that’s not their goal. It’s supposed to work because everyone is free to make their own choices, but… yeah, sometimes it doesn’t go quite as smoothly as advertised.
Big vs. Small Government in the US Economically (simple):
Laissez-faire (Small Government): Republicans push for smaller government, fewer regulations, lower taxes, and more market freedom.
Keynesian (Big Government): Democrats often advocate for a larger government role, especially in social welfare, infrastructure, and market stabilization.
