Definitions of broad theories Flashcards
What is capitalism?
A configuration of the mode of economic production that emphasizes upon the significance of private ownership of the means of production, the operation of commercial businesses and corporations for the purposes of the extraction of a profit, the reliance upon markets (the structures that allow buyers and sellers to engage in transactions of goods) and the laws of supply and demand in order to adjudicate prices, the accentuation of competition being responsible for innovation, the manufacturing of qualitative goods for the lowest quantity of prices and the provisioning of capital for the labor that is sold to an employer.
What is Laissez-faire Capitalism
The conviction and apprehension that the ‘market knows best’ and that the deprivation, diminution and attenuation of government interference and engagement within the free market will contribute to the expansionism and proliferation of economic growth and reduce the probability of market failures actualizing or manifesting themselves.
What is supply side economics?
the belief that market failures usually occur from problems from the supply side of the supply-demand equation. proponents advocate for the reductionism of taxation, government intervention and the promotion of free trade to eradicate the impediments placed upon productivity.
What is socialism?
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole, removing the profit motive as being an appropriate disposition to motivate economic activity, terminating markets and abolishing the commodity form.
What is communism?
Communism is an economic ideology that advocates for a classless, stateless and currency-less society in which all property and wealth are communally-owned, instead of by individuals.
What is a market economy?
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand, where all suppliers and consumers are unimpeded by price controls or restrictions on contract freedom. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
What is market socialism?
Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned enterprises. The central idea is that, as in capitalism, businesses compete for profits, however they will be “owned, or at least governed,” by those who work in them. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production.
What is the labor theory of value?
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of “socially necessary labor” required to produce it.
A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning.
What is a planned economy?
What is a planned or command economy?
A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning.
What is classical liberalism?
Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed and equality before the law.[1][2][3] Liberals espouse a wide array of views depending on their understanding of these principles, but they generally support individual rights (including civil rights and human rights), liberal democracy, secularism, rule of law, economic and political freedom, freedom of speech, freedom of the press, freedom of religion, private property and a market economy.
What was the Enlightenment?
The Age of Enlightenment, or simply the Enlightenment, was an intellectual and philosophical movement that dominated Europe in the 17th and 18th centuries with global influences and effects. The Enlightenment included a range of ideas centered on the value of human happiness, the pursuit of knowledge obtained by means of reason and the evidence of the senses, and ideals such as liberty, progress, toleration, fraternity, constitutional government, and separation of church and state.
What was the scientific revolution?
The Scientific Revolution was a series of events that marked the emergence of modern science during the early modern period, when developments in mathematics, physics, astronomy, biology (including human anatomy) and chemistry transformed the views of society about nature. The Scientific Revolution took place in Europe starting towards the end of the Renaissance period, with the 1543 Nicolaus Copernicus publication (On the Revolutions of the Heavenly Spheres) often cited as its beginning.
What was the scientific revolution?
The Scientific Revolution was a series of events that marked the emergence of modern science during the early modern period, when developments in mathematics, physics, astronomy, biology (including human anatomy) and chemistry transformed the views of society about nature. The Scientific Revolution took place in Europe starting towards the end of the Renaissance period, with the 1543 Nicolaus Copernicus publication (On the Revolutions of the Heavenly Spheres) often cited as its beginning.
Who were major intellectuals advancing the scientific revolution and what were their major contributions?
Nicolaus Copernicus (Heliocentrism, the belief that the earth and planets revolve around the sun), Isaac Newton (Invention of theories of universal gravity), Charles Darwin (theory of evolution), Rene Descartes (and his insistence upon skepticism) Francis Bacon and Galileo (responsible for the formulation of the scientific method)
What was the Renaissance?
a period in European history marking the transition from the Middle Ages to modernity and covering the 15th and 16th centuries, characterized by an effort to revive and surpass ideas and achievements of classical antiquity. It occurred after the Crisis of the Late Middle Ages and was associated with great social change. The intellectual basis of the Renaissance was its version of humanism, derived from the concept of Roman humanitas and the rediscovery of classical Greek philosophy, such as that of Protagoras, who said that “man is the measure of all things”. This new thinking became manifest in art, architecture, politics, science and literature. This can be viewed as the transitioning from medieval christianity to a more secular conceptualization of reality
What was the Renaissance humanism?
Renaissance humanism was a revival in the study of classical antiquity, at first in Italy and then spreading across Western Europe in the 14th, 15th, and 16th centuries. During the period, the term humanist (Italian: umanista) referred to teachers and students of the humanities, known as the studia humanitatis, which included grammar, rhetoric, history, poetry, and moral philosophy. It was not until the 19th century that this began to be called humanism instead of the original humanities, and later by the retronym Renaissance humanism to distinguish it from later humanist developments.[1] During the Renaissance period most humanists were Christians, so their concern was to “purify and renew Christianity”, not to do away with it. Their vision was to return ad fontes (“to the sources”) to the simplicity of the New Testament, bypassing the complexities of medieval theology. Humanists sought to create a citizenry able to speak and write with eloquence and clarity and thus capable of engaging in the civic life of their communities and persuading others to virtuous and prudent actions.
What is social democracy?
As a policy regime, it is described by academics as advocating economic and social interventions to promote social justice within the framework of a liberal-democratic polity and a capitalist-oriented mixed economy.
What is keynesian economics?
the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (taken by the central bank), can help stabilize economic output, inflation, and unemployment over the business cycle.
What is Social Contract theory?
In moral and political philosophy, the social contract is a theory or model that originated during the Age of Enlightenment and usually concerns the legitimacy of the authority of the state over the individual. Social contract arguments typically are that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order.
What is Epistemological Nihilism?
Epistemological nihilism is a form of philosophical skepticism according to which knowledge does not exist, or, if it does exist, it is unattainable for human beings.
What is Epistemological Fallibilism?
Fallibilism is the philosophical principle that propositions concerning empirical knowledge can be accepted even though they cannot be proven with certainty, or in short, that no beliefs are certain.
What is Fuedalism?
the dominant social system in medieval Europe, in which the nobility held lands from the Crown in exchange for military service, and vassals were in turn tenants of the nobles, while the peasants (villeins or serfs) were obliged to live on their lord’s land and give him homage, labor, and a share of the produce, notionally in exchange for military protection.
What is pragmatism?
Pragmatism is a philosophical tradition that considers words and thought as tools and instruments for prediction, problem solving, and action, and rejects the idea that the function of thought is to describe, represent, or mirror reality. / The standard of evaluation that assess the ‘truth’ of a theory or proposition not on the basis of it’s accordance with objective reality but instead the pragmatic ramifications of its application.
What is Rule Utilitarianism?
Rule utilitarianism is a form of utilitarianism that says an action is right as it conforms to a rule that leads to the greatest good, or that “the rightness or wrongness of a particular action is a function of the correctness of the rule of which it is an instance”.
What is Ethical Egoism?
Ethical egoism is the normative theory that the promotion of one’s own good is in accordance with morality. In the strong version, it is held that it is always moral to promote one’s own good, and it is never moral not to promote it.
What is Christianity?
Christianity is an Abrahamic monotheistic religion based on the life and teachings of Jesus of Nazareth. It is the world’s largest religion, with about 2.6 billion followers as of 2020 estimation
What is Judaism?
Judaism is an Abrahamic, monotheistic, and ethnic religion comprising the collective religious, cultural, and legal tradition and civilization of the Jewish people. It has its roots as an organized religion in the Middle East during the Bronze Age. / Jewish people believe there’s only one God who has established a covenant—or special agreement—with them. Their God communicates to believers through prophets and rewards good deeds while also punishing evil. Most Jews (with the exception of a few groups) believe that their Messiah hasn’t yet come—but will one day.
