Chapter 4 Flashcards
1
Q
What is the Industrial Revolution?
A
- The era in which small workshops being powered by human labor and simple hand tools were gradually replaced by factory
- Development of railways and factories
- Gave birth to entrepreneurship and workplace rights
- WORK FROM HOME –> JOBS FOR BETTER PAY
2
Q
Classical Liberalism
A
- In class example to prove that results > efforts
- Promoted individualistic principles such as self-interest, competition & the invisible hand theory
- If you wanted to achieve great success, you would make an effort to do so
- Resulted in employment, innovation & wealth that later went on to impact future generations.
- Sustainability? Ethics?
Run out of one thing? → Create another!
People die? → There are plenty of people left to replace them!
3
Q
Luddites
A
- Opposed the incorporation of new technologies and markets within modern day society.
- This belief stemmed from the idea that technology could overthrow humans, jeopardizing the skills and jobs for individuals
- They thought industrialization would threaten one’s ability to contribute to society
- HAND CRAFTED > MACHINE MADE - Initially, they were peaceful about their position, until the government refused to take their views into consideration.
- Broke into businesses & formed riots
Justified violent acts as harm was only done to the environment and not people - Opposed classical liberalism
4
Q
Chartists
A
- Developed due to a death that had resulted in an attempt to get voting rights
- Wanted to fight political corruption to achieve a more democratic society
- They promoted their ideology through protest and social gatherings
- MEN > WOMEN [in regards to values, rights & freedoms]
This later led to women speak up about equality in society
5
Q
Classical Conservatism
A
- Disagreed with the classical liberal belief of “Equality of Right,” as they thought that not everyone was born equal. [ X Rule of Law ]
- Expected more contributions from those of a higher social class as it was seen as their duty due to the fact that they were born into it.
- Utilizing and reinforcing customs and traditions to run society
- Only certain people should be allowed to vote
- Social classes determined one’s worth and responsibilities
6
Q
Socialism
A
- An economic ideology that values the collective through efforts to achieve the common or greater good
- Resources being controlled by the public to benefit collective > private interests
1. Economic Equality
2. Income Security
3. Guaranteed Employment & Living Standards (Quality of Life)
4. COOPERATION > COMPETITION - In order to achieve this, control over the state was necessary
7
Q
Utopian Socialists
A
- Stems from the word: “utopia”: [ a perfect, ideal world in which everyone is satisfied ]
- They strived to create a world without harmful or negative aspects
- Believed capitalism promoted selfishness and restricted one’s ability to pursue their self-interests
- They heavily valued education, leisure, care for employees and overall improvements to an individual’s quality of life
- Although the founder of this movement had partaken in capitalism through ownership of a business, he continued to practice this ideology by ensuring his workers were satisfied and taken care of.
- Was willing to see a decrease financially if it meant an increase in sustainability and ethics
8
Q
Marxism
A
- One of their main focuses was to ensure everyone was able to contribute to society regardless of their background
- did this by making efforts to implement equality for all people (ex. providing basic needs)
- They wanted to bridge social gaps COMPLETELY.
In order to achieve this, they wanted to abolish capitalism - A form of communism, many other ideologies interpreted and applied this concept differently in society
- If people were to be born unequal, there would be initiatives taken to make the circumstances “fair”
Differences don’t matter as everyone will get the same opportunity to improve their Quality of Life.
9
Q
What is the difference between Communism, Socialism & Capitalism?
A
COMMUNISM:
* The state owns all means of production and distributes resources equally among citizens.
* There is no private property, and the goal is to create a classless society with common ownership.
SOCIALISM:
* The government controls major industries and provides social services, but some private ownership is allowed.
* Aims for more equal distribution of wealth and resources through government intervention and planning.
CAPITALISM
* Private individuals and businesses own the means of production and operate for profit.
* Free market forces of supply and demand determine prices and production, with minimal government intervention.
9
Q
What were some effects of the Guilded Age?
A
- Rapid Economic Growth - (large increases in production)
- Immigrant Arrivals - (resulted in higher wages than Europe)
- Rise of Poverty & Inequality - (wealth was concentrated in certain areas)
KEY INDUSTRIES - Mines, Railroads, Factories & Finance
MAJOR ISSUES - Prohibition, Unions, Women’s Suffrage & Corruption
Think back to the power point she showed us about generational wealth from millionaires back then.
10
Q
Welfare Capitalism
A
- Strong beliefs in protecting the rights of workers and preventing harm upon employees.
- Believe in economic equality as there have been efforts made to bridge financial gaps between workers.
- Employees are what fuel the economy, meaning if they revolt, those with a higher status will lose their power and jobs
- EX. Fair pay, safety nets and limited hours.
11
Q
Command Economy
A
an economy in which production, investment, prices, and incomes are determined centrally by a government.
12
Q
Labour Standards vs Labour Unions
A
- Standards set out the employment conditions for hours of work, payment of wages, leaves, vacation, holidays, and more.
- Unions build worker power by helping members stand together for better wages, fair benefits, safe and healthy workplaces, and stable work hours.
13
Q
Progressivism
A
- Movement from the 1920’s
- Reacted to the abuses of laissez-fairecapitalism by large corporations.
- Progressives favoured “a square deal” for average citizens and used legislationand some regulation of the marketplace to achiev
14
Q
Universal Suffrage
A
The right of all members of society, oncethey reach the age of accountability, to fully participate politically
15
Q
What is a square deal?
A
- A term developed by Teddy Roosevelt in order to signify that both labour and captial must be treated fairly and equally
- Involved preventing large companies fromabusing their control over the marketplace.
16
Q
Theodore Roosevelt
A
- Founded the Progressive Party
- Was against the exploitation in the workplace
- Made legal efforts through lawsuits and acts in order to make the workplace a safer place
- Socialist Values (collectivism > individualism)
- Aimed to take a modern approach in order to uphold his values
17
Q
What is a welfare state?
A
- The government is the primary provider of social welfare programs and services.
- Aims to protect and promote the economic and social well-being of all citizens through universal programs.
- Funded through taxation and government spending.
- Examples include public healthcare, education, pensions, and unemployment benefits
18
Q
Keynesian Economics
A
- With the decreasing health of the economy due to the Great Depression, John Maynard Keynes developed this theory
- An ideology explaining why Classical Liberal economical approaches had failed using historical events
- Explained how periods of inflation would eventually lead to recessions creating a cycle and balance (result of consumer demand which is inevitable)
- Government should spend more money during periods of recession and should spend less during inflationary times.
19
Q
Opposition towards Keynesian Economics
A
- In an attempt to defend classical liberalism, they would explain that highs and lows are inevitable in society, therefore citizens should be prepared when struggles arise
- They would believe this to prevent government interference as individuals are responsible for their own financial stability.
20
Q
Monteary Policy
A
- refers to actions taken by thecentral bank of a country to control the supply of money.
- The most common tools used in monetary policy are raising or lowering interest rates, and printing or destroying mone
21
Q
Fiscal Policy
A
- refers to the direct taxing and spending functions of governments.
- Governments can raise or lower taxes, and raise or lower their spending on projects and program
22
Q
Franklin D. Roosevelt
A
- A distant cousin of Theodore Roosevelt
- Was the first to implement keynesian economics into society
- Created programs to provide incentives for people to work. This procress was called the “New Deal,” an echo of the “Square Deal”
- Also provided lots of employment with major city projects
- The new perspective on the role of government symbolized the shift in the economy into a welfare state and mixed economy.
