Chapter #5 (Social and Political Philosophy) Flashcards
what is Hobbes & Locke’s idea of the nature of humanity and the need and nature of authority?
what is John Stuart Mill’s idea of classical laissez-faire Liberalism-political liberty?
Laws should be designed to help or enable individuals to maximize their abilities and skills. Liberalism as a philosophy was based on freedom of the individual and fundamental constitutional rights. Fundamental rights included freedom of speech, freedom of the press, and equality before the law
What is Adam Smith’s idea of laissez-faire Liberalism-economic liberty?
Goods would be put on sale in the marketplace with no “fixed price” People would be free to allocate their $ for whatever gave them the most happiness
This free “demand” would ensure the most efficient allocation of resources for the production of goods designed to satisfy human desires
What is the socialist’s attack on capitalism?
what is Karl Marx’s idea on the irrationality of laissez-faire economics—the class struggle
What is mercantilism?
self-sufficiency
what is imperialism?
a political system whereby one country asserts its power over another
Who is Adam Smith?
Developed the theory of laissez-faire economics in his work The Wealth of Nations
