Diploma Essays Flashcards
Adam Smith
- support capitalism
- minimal state, Government shouldn’t manage economy, should only guarantee contracts (negative freedoms)
- individuals should work in their own self interest, which in a free market will strengthen economy and benefit society
- supported minimalist state
- supported free-market
- Government roles should be to maintain rule of law, social contracts, and provide basic public infrastructure
capitalism and minimal government, invisible hand: The free market would manage itself
Robert Owen’s
- and a founder of utopian socialism and the cooperative movement.
-Utopian socialism
socialism based on a belief that social ownership of the means of production can be achieved by voluntary and peaceful surrender
- society with no private property, no poverty, and no ignorance
- New Lanark
Karl Marx
- Marxism is a social, political, and economic theory originated by Karl Marx that focuses on the struggle between capitalists and the working class
a political and economic theory where a society has no classes. Every person within the society works for a common good, and class struggle is theoretically gone
From each according to his abilities, to each according to his needs
Believed the working class was exploited by the upper class, The owners of production
Radical form of Socialism
The abolition of private property and the centralizing of the means of production in the hands of the state
Edmond Burke
change could not be dictated by the present generations, change has to honour the past and future government
reactionary
Wanted to return to previous state
Believe the decision should be made when considering the legacy of the past
Revolutions were wrong
T. ROOSEVELT
- The square deal
- Howard Tafts successor
Consumer protection
corporate regulation
conservationism
FD Roosevelt
New deal
series of programs, public work projects, financial reforms, and regulations enacted
Main impact was changing the perception of the role of government in the economy
John Maynard Keynes
Government involvement, demand-side economics, Government spending money in bad times and curving spending in good time
- Government regulation not government ownership
- regulation on business
- relied on the demand for goods and services
Milton Friedman
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation
a theory in economics that stable economic growth can be assured only by control of the rate of increase of the money supply to match the capacity for growth of real productivity
Ronald Reagan
Supported Hayek and freedmon
Deregulation, trickle down Economics, spent too much on military,
Gov don’t tax rich company’s in hopes it would trickle down, less taxes let gov involvement
Margret Thatcher
Supported Hayek and freedmon, privatized government market, caused unemployment for government workers
supply-side
- control supply of money in economy through taxes and interest rates
Classic liberalism
Definition
Classical liberalism is a political ideology and a branch of liberalism that advocates free market and laissez-faire economics; civil liberties under the rule of law with an emphasis on limited government, economic freedom, and political freedom.
Negative freedoms
Examples
Laissez-faire
Industrial revolution
Pros
Gives everyone an ability so succeed
Positive freedoms
Cons
Wealth isn’t well distributed
No welfare benefits
Poor worker representation
Followers
John locke
Baron de Montesquieu (worth of the individual)
Adam smith
Modern Liberalism
Definition
classic liberal economics with the introduction of government involvement through social and welfare programs
Positive freedoms
Examples
the New Deal
Canada now
Pros
Welfare benefits
Equality of outcome
Cons
Civilization becomes dependent
Followers
FDR
Teddy Roosevelt
⁉️Classic Conservatism
Definition
change could not be dictated by the present generations, change has to honour the past and future government
Examples
Pros
Cons
Followers
Edmond Birke
⁉️Neo-Conservatism/ Neo-Liberalism
Definition
Classic liberal economics and traditional values, deregulation, tax cuts, privatization
Examples
Thatcher and Regan
Pros
Cons
Followers
Utopian/Democratic Socialism
Definition
socialism based on a belief that social ownership of the means of production can be achieved by voluntary and peaceful surrender
Examples
New Lanark
Pros
Non confrontational a peaceful society
Cons
do not exist because people have different ideas and beliefs
Followers
Robert Owen’s
Communism
Definition
advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Examples
USSR
Pros
People r equal
No unemployment
Strong government
No completion
Cons
The government owns all the businesses and properties (the means of production).
There is no freedom of speech
Consumers needs are not taken into consideration.
Followers
Stain
Fascism
Definition
a political system headed by a dictator in which the government controls business and labor and opposition is not permitted.
Examples
Nazi Germany
Pros
Unrivaled Security
Improved welfare
Straightforward decision-making processes.
Efficient government
Cons
Limited freedom of speech and human rights
Enhances political and power abuse.
Poor governing ethics
Followers
Hitler
⁉️Environmentalism
Definition
concern about and action aimed at protecting the environment.
Examples
 Kyoto protocol
Paris accord
Pros
Keeps environment safe
Cons
Costly and inefficient
Followers
First Nations Perspective
 definition
Challenges individual rights and freedoms because value is based upon cooperative and collective decisionmaking, focusses on egalitarianism
Followers
Jean- jacques-Rousseau
Supply Side
Describe including how it deals with inflation and recession
an economic concept whereby increasing the supply of goods leads to economic growth, use fiscal policy (tax cuts, government spending, privatization) to influence the economy. In theory supply side reduces inflation by increases productivity and making the economy more efficient.
Pros
Lowers inflation increasing economic efficiency 
Cons
Lengthy process
costly
Followers
Hayak
Freedmon
Regan
thatcher
Demand side
Describe including how it deals with inflation and recession
An economic theory that advocates use of government spending and growth in the money supply to stimulate the demand for goods and services. To counter demand pll inflation governments and central banks would have to implementite monetary and fiscal policies.
Pros
High consumer spending leads to business expansion resulting in greater employment opportunities
Cons
Will cause inflation
Followers
Keynesian
Socialism
Describe including how it deals with inflation and recession
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.
Examples
Pros
Cons
Followers
Inflation
When theres to much supply or demand and the price of goods goes up
