4th Q, A New World Order (pt 1) Flashcards
What is the greatest of all human motivations?
Desire to meet needs
one of the most widespread ideologies; borne out of need to interact with private enterprises
Capitalism
What rights of an individual does Capitalism recognize?
a) own private property
b) expand trade
c) participate in your own interests
Who is the father of Capitalism?
Adam Smith
free markets
buyers and sellers set prices under business function, under consent and protection of the law
What protects the rights of individuals under Capitalism?
the democratic government
Who coined “laissez faire,” and what does it mean?
Francois Quesnay, it means “let it be”
principle saying that, in order to expand the economy and produce more goods, governments shouldn’t interfere with private enterprises
laissez faire
What book proposes that the economy can survive without much government intervention, market forces will guide the economy, and merchants/guilds are replaced by industrialists?
Adam Smith’s Wealth of Nations
What are the negative effects of Capitalism?
- led to need for factory workers
- mass migration to cities, causing overcrowding
- diseases were widespread
- harsh living conditions
- child labor
- low wages -> poverty
What does the Latin word “sociare” mean?
To share
economic system that implies equal sharing of wealth to minimize poverty
Socialism
promoting social equality by evenly distributing everything between the people, with democracy
Socialism
public controls economic power
Socialism
government intervention is important; capitalism is deemed bad
Socialism
Central planning by government is needed for what?
limit business ownership and avoid losses in economy
aims to alleviate poverty, improve life conditions, encourages COOPERATION instead of COMPETITION
Socialism
workers freed of heavy tasks
Socialism
the more you contribute, the more wages you receive
Socialism
Why was Socialism hard to implement?
Due to Utopian belief
What are the limitations of Socialism?
- human rights violations might occur
- corruption and totalitarianism might exist
- devalues human choice
- individuals coerced by government if they disagree with the government
promotes ABSOLUTE equality among the social classes?
Communism
Which economic ideology is an extreme form of socialism?
Communism