Chapter 4 Flashcards
Capitalism
All about PRICES, individuals who believe in free market.
Adam Smith
Capitalist + liberal supporter
Class system
Division of society into different classes.
Example: communists, individuals etc.
Classical liberalism
All about PRICES
On the very right side of the spectrum
Individualism
Distribution of wealth
The spread of wealth and income to all societies
Haudenosaunee Confederacy
First Nations of North America. They had the right to vote for their leader, this included both sexes.
John Stuart Mill
Believed individuals had the right to do whatever they want as long as they don’t harming anyone!
Laissez-fairs capitalism
Government hands off economy
Liberal democracy
The right to vote
Right & freedom for individuals
Liberalism
An ideology based on the importance of individual liberty and values
Limited government
When the gov. Isn’t involved much in the economy of people’s lives
Mercantilism
Economic system. Belief in the benefit of profitable trading. (During queen and king times) (16th - 18th century)
Modern liberalism
Middle of spectrum.
Goes by prices BUT will borrow from PEACCC
Example: Canada, USA etc.
Monopoly
Groups with exclusive control. Allowing to control prices.
Rule of law
Every individual is equal no one has greater power.
