Chapter 2 - Capitalism, Crises, and Paradigms

Question 1

What is the time period of Aristocratic Political Superiority?

Answer 1

1688-1885

Question 2

According to the lecture, what was the English Aristocracy?

Answer 2

The concentration of power in parliament and the monarch’s court

Question 3

What factors contributed to the hierarchy of influence that was based on social status?

Answer 3

1. Ancient lineage, 2. God’s elect, 3. General ownership of at least 1000 acres, 4. Degrees of rank with status designation, and 5. Usually composed of hereditary nobility

Question 4

What is socialism?

Answer 4

An economic system within which the means of production, distribution, and exchange is socially owned

Question 5

What is socialism often referred to?

Answer 5

The precursor to communism

Question 6

Within a socialism economic system, all citizens contribute to the betterment of all society and only:

Answer 6

take what they need

Question 7

According to Keren, who said this was important, what is socialism essentially?

Answer 7

Socialism is essentially contributing according to your ability and taking only according to your needs

Question 8

What is communism?

Answer 8

An economic system where the government owns most of the means of production and decides the allocation of resources

Question 9

What were the main goals for communism?

Answer 9

End the exploitation of the masses by the few, and eliminate economic classes, with total collective ownership

Question 10

Who is Karl Marx?

Answer 10

The father of communism, who wrote the communism manifesto. He lived from 1818-1883

Question 11

What is capitalism?

Answer 11

Capitalism is an economic system in which the means of production are controlled by private owners

Question 12

What are the critical elements of a free market society of capitalism?

Answer 12

1. The means of production are owned privately, not by the state or communities, or by the workers. 2. The labour that is used in production is obtained through voluntary market exchange: the labour market,

Question 13

What is the primary goal of capitalism?

Answer 13

The primary goal of capitalism is to maximize profits and have minimal government intervention

Question 14

The Canadian economy is NOT pure capitalism because it contains many non-capitalist ___________ and ___________

Answer 14

economic activities; organizations

Question 15

What is the moral argument in defense of capitalist markets?

Answer 15

The markets promote individual freedom since in a free market all transactions are the result of voluntary agreements, and no one is forced to do anything

Question 16

What is the pragmatic argument in defence of capitalist markets?

Answer 16

Capitalist markets promote efficiency and prosperity

Question 17

What is a primary argument against capitalism?

Answer 17

The unregulated free market with minimal government intervention can end up deeply limiting individual freedom, restricting prosperity, and undermining efficiency

Question 18

Another argument against capitalism is that state coercion inherently reduces _________, therefore, limited government rather than an affirmative state

Answer 18

freedom

Question 19

What is state incompetence?

Answer 19

Another argument against capitalism, it is a profit driven society rather than people driven

Question 20

One cannot have a solid understanding and contemporary social work or social welfare without understanding the ______, ________, and ________ context in which they are shaped

Answer 20

social, political, economic

Question 21

The _______ is at the heart of all of our lives

Answer 21

economy

Question 22

How is the economy personal?

Answer 22

Income is directly and strongly associated with many opportunities

Question 23

How is the economy personal?

Answer 23

Low socioeconomic status (SES) is highly predictive of many mental, physical, familial, and social health problems

Question 24

Capitalism is the ________ _________ __________ which we all live and work

Answer 24

primary economic worldview

Question 25

What does capitalism assumes?

Answer 25

Capitalism assumes that private cooperate ownership driven by the profit is the best way to maximize social welfare