Chapter 2 Flashcards
Collectivism and Individualism
1
Q
PRICES (Individualism)
A
Private property
Rule of law
Individual rights and freedoms
Competition
Economic freedom
Self-interest
2
Q
PECCCA (Collectivism)
A
Public property
Economic equality
Cooperation
Collective responsibility
Collective interest
Adherance to collective norms
3
Q
private property (I)
A
- material possessions (including land) owned by an individual/group + right to protect
-encourages people to participate in society/follow rules = everyone’s property is protected
4
Q
rule of law (I)
A
- everyone is equal before the law and nobody is above the law <– clearly defined rules
4
Q
individual rights and freedoms (I)
A
- right of personal freedom: life, liberty, and security of the person
- freedom of religion, speech, and right to vote
5
Q
competition (I)
A
- struggle between two (or more) people/groups for an advantage (economically, socially, politically)
6
Q
economic freedom (I)
A
- buy/sell freedom + competing with others in the interest of making a profit –> win-win situation
7
Q
self-interest (I)
A
- looking out for yourself; to seek to satisfy your OWN needs
- have the right to choose what is best for them
- no interest in common good
8
Q
public property (C)
A
- land that is state-owned and managed for the interests of the collective (land, buildings, cars…)
ex. Banff
9
Q
economic equality (C)
A
- All people have exactly the same thing, have access to their basic necessities, a reasonable standard of living
- with government redistributing income, we make it more equal
ex. progressive taxation
10
Q
collective interest (C)
A
- sacrificing individual needs to cooperate
- setting goals to pursue together
ex. labour unions
11
Q
cooperation (C)
A
- working together to accomplish common goals
- ensuring all employees are taken care of
ex. South Korea - enlistment for men
12
Q
collective responsibility (C)
A
- equal responsibilities among all (reward or punish)
- group > individual
ex. North Korea punishing generations for an individual action
13
Q
adherence to collective norms (C)
A
- everyone voluntarily follows what the community has decided as acceptable
- collective norms = set of accepted behaviours and values
14
Q
mercantilism
A
- economic system based on the needs of the monarch to increase storages of gold and silver and maintain national security
