Characteristics of the Modern Western World Flashcards
Define Western Civilization
Often referred to as “the West” or “western culture”, is a term used very broadly to refer to a heritage of social norms, ethical values, traditional customs, belief systems, political systems and specific artifacts and technologies that have some origin or association with Europe.
Identify and describe the defining characteristics of Western Civilization.
Liberal Democracy Economic Liberalism Christianity Separation of Church and State Progress Human rights and guaranteed civil liberties
Define Liberal Democracy
A political ideology and a form of government in which representative democracy operates under the principles of classical liberalism.
Describe the characteristics of liberal democracies around the world today
Separations of powers, human rights, civil rights, civil liberties, constitution, universal suffrage, checks and balances.
Define Economic Liberalism
An economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations. It includes a spectrum of different economic policies, such as freedom of movement, but its basis is on strong support for a market economy and private property in the means of production.
Identify characteristics of “Capitalism”
Capital accumulation: Production for profit and accumulation as the implicit purpose of all or most of production, constriction or elimination of production formerly carried out on a common social or private household basis.
Commodity production: Production for exchange on a market; to maximize exchange-value instead of use-value.
Private ownership of the means of production:
High levels of wage labor.
The investment of money to make a profit.
The use of the price mechanism to allocate resources between competing uses.
Freedom of capitalists to act in their self-interest in managing their business and investments
Define Christianity
Is a Abrahamic monotheistic religion based on the life, teachings, and miracles of Jesus of Nazareth, known by Christians as the Christ, or “Messiah”, who is the focal point of the Christian faiths.
Identify modern statistics of Christianity
It is the world’s largest religion
2.4 billion follower
33% of the global population
Christians make up a majority of the population
It’s made up in 158 countries and territories
Detail the origins of liberal democracy in history
Liberal democracy traces its origins—and its name—to the European 18th-century, also known as the Age of Enlightenment. At the time, the vast majority of European states were monarchies, with political power held either by the monarch or the aristocracy. Advocating for a change and government to be more reflective of the people’s will, supporters for democratic government became knowns as liberals, forever defining the system of government as “liberal democracy”. Britain was the first modern European country to adopt the system.
Of what importance is the division of labor? What methods did Smith use to arrive at his conclusions?
The importance of the division of labor is the greater part of the skill, dexterity, and judgment with which it is anywhere directed, or applied. He used the trade of a pin maker for his conclusion. A pin maker who isn’t educated about the business or has the necessary tools to create pins will hardly make one pin. But when many pin makers come together and work on different parts of the pin to bring it together, it can create an ongoing business.
What is the “natural” and “market” price? What economic process is Smith describing in Book 1, Chapter 7?
Natural price is the price the producers make it for
Market price is the price they sell it for
Supply and demand
What is the “invisible hand” (paragraph 9)? What function does it play?
The invisible hand is an unseen market force that helps the demand and supply of goods in a free market to reach equilibrium automatically. It plays in the economy. Smith assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest
What are the effects of governments and monopolies on the economy?
Government interference in this process of the invisible hand results in shortages and surpluses.
Monopolies hurt capitalism because since they have no real competitors
