5.4 Liberalism key terms

Question 1

Foundational equality (natural/inalienable rights)

Answer 1

Rights that all humans have by virtue of being born which cannot be taken away

Question 2

Formal equality

Answer 2

Idea that all individuals have the same legal and political rights in society

Question 3

Mechanistic theory

Answer 3

idea that the state was created by ‘man’ to serve the people and act in their interests

Question 4

Limited government

Answer 4

The role of government is limited by checks and balances, and a separation of powers because of the corrupting nature of power

Question 5

Laissez-faire capitalism

Answer 5

economic system, organised by the market, where goods are produced for exchange and profit, and wealth is privately owned

Question 6

Keynesianism

Answer 6

An economic system that requires government involvement to stimulate the economy to achieve full employment and price stability

Question 7

Individualism

Answer 7

The primacy of the individual in society over any group

Question 8

freedom/liberty

Answer 8

the ability and right to make decisions in your own interests based on your view of human nature