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Social 30-2 > Early Responses To Liberalism > Flashcards

Early Responses To Liberalism Flashcards

1
Q

Capitalism

A

An economic and political system in which a country’s trade and industry are controlled by private owners for profit rather than by the state

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2
Q

Capitalism in 18th Century Britain

A 
Merchant were a link between consumer and producer, and began to dominate market established concept of waged worker 
New class of capitalists taking power over waged worker, mini factories and state gained wealth through taxes, customs duties and loans
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3
Q

Growth of capitalism in US

A

Americas economic success came from private capital and investment, cheap labour from rise of industrialization, gigantic corporations, prosperity and population growth

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4
Q

Government role in capitalism

A

Direct services, regulation, stabilization and growth, direct assurance

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5
Q

Boom and bust

A

Situation in which a period of great prosperity or rapid economic growth is abruptly followed by one of economic decline

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6
Q

Capital

A

Wealth in the form of money or other assets owned by a person or organization or contributed for a particular purpose such as starting a company or investing

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7
Q

Depression

A

Long and severe recession in an economy or market

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8
Q

Entrepreneur

A

Person who organizes and operates a business taking on greater than normal financial risks in order to do so

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9
Q

Free market

A

An economic system in which prices are determined by unrestricted competition between privately own businesses

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10
Q

Great Depression

A

Economic crisis and period of low business activity in the US and other countries, roughly beginning with the stock market crash in 1929 continuing through the 30s

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11
Q

Industrial capitalism

A

Economic and social system in which trade, industry, and capital are privately controlled and operated for a profit

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12
Q

Industrial revolution

A

Totality of the changes in economic and social organization that began in 1700s characterized by replacement of hand tools by power driven machines

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13
Q

John Maynard Keynes

A

English Economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation

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14
Q

Labour

A

Work, especially hard physical work

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15
Q

Laissez-faire

A

Abstention by governments from intervening in the workings of the free market

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16
Q

Monopolies and trusts

A

Exclusive possession or control of the supply or trade in a commodity or service

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17
Q

Profits

A

Monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials

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18
Q

Putting out system

A

Domestic system in which merchant employers “put out” materials to rural producers

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19
Q

Franklin Roosevelt

A

Instituted new deal to counter Great Depression and led country during World War II

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20
Q

New deal

A

Group of government programs and policies designed to improve conditions for persons suffering in he Great Depression

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21
Q

Adam Smith

A

Father of economics challenged key ideas behind the mercantilist system explained how free market economy would work

22
Q

Robber baron

A

Represents image of a cold and ruthless man, a wealthy entrepreneur who is greedy in his pursuit of money, unwilling to share wealth with those who helped him earn it

23
Q

Captains of industry

A

Term used by people who believe that these men’s contributions to business and industry were the foundations for the economic power of many countries today

24
Q

Standard of living

A

Based on the amounts of goods and services they can afford to buy

25
Q

Cost of living

A

How much money it costs to provide a person or family with the basic necessities of living

26
Q

Luddites

A

Were a group in the 1800s who protested changes to the economy brought about by the industrial revolution. Did this because skilled workers were losing their jobs and wages were shrinking because of factories

27
Q

Factory acts

A

Series of laws passed by British parliament during 1800/1900s to make better and fairer working conditions for workers, particularly children and women.

28
Q

Master and servant act (1847)

A

Made it illegal to quit his or her job, any kind of trade or labour organization that protested these laws illegal. Show that the law was really meant to protect the owners of business and not the workers

29
Q

Labour unions

A

Are groups of people who try to improve the working conditions and wages for either a specific group of workers or an entire industry. Succeed because they can use their strength in numbers

30
Q

Support for labour unions

A

Necessary to reduce the negative impacts of laissez faire capitalism, pushed to limit hours, ensure safe working conditions, job security, medical benefits provide with legal services

31
Q

Arguments against labour unions

A

Argued that unions interfered with the economy by creating markets with artificially high wages and as a result businesses had to increase their prices to make profits, increase cost of living for everyone and slow down progress of an industry

32
Q

Welfare state

A

A society in which government plays a large role in providing for the needs and the common good of its citizens, government provides many services low cost or for free (education, health care, employment and disability insurance, public housing, social assistance)

33
Q

Universal declaration of human rights

A

Goes beyond fundamental rights believed essential by early classical liberals by including a specific economic protections regarding work (right to be free form slavery or servitude)

34
Q

Modern liberalism values

A

Include a hands on government, people involved in government, all people are equal, development of government programs, promote sharing of economic benefits and development

35
Q

Winnipeg general strike

A

Labour unions unite people in protest, arguing about wages and working conditions after World War I. 30 000 workers left their jobs to start a 6 week strike, included railway and post office workers.
Federal government stepped in and forced strikers to go back to work or face being fired- policed charged on using violence

36
Q

Socialism

A

Political and economic theory of social organization that advocates that the means of production, distribution and exchange should be owners or regulated by community as a whole

37
Q

Marxism

A

Political and economic theories of Karl Marx and Fredrick Engels later developed by their followers to form the basis for the theory and practice of communism

38
Q

Middle class

A

Social group between upper and working classes, include professional and business workers

39
Q

Social democracy

A

Socialist system of government achieved by democratic means, through political reform and elections

40
Q

Utopian socialists

A

Socialism achieved by the moral persuasion of capitalists to surrender the means of production peacefully to the people,
Cooperative communities with improved living working conditions for industrial workers

41
Q

Worker

A

Person who produces or achieves a specific thing

42
Q

Robert Owen

A

Was a British industrialist who felt it was the responsibility of business owners to operate profitable and productive workplaces and treat the workers well. Worked to improve living conditions for workers- established markets and basic health care. Embraced socialist values

43
Q

Karl Marx

A

Significant socialist thinkers wrote on failings of capitalism and negative effects on the working class. Key belief the struggle between classes is most important force in society

44
Q

Communism

A

Ideology based on the belief that the oppressed working class must overcome its property owning oppressors through revolution so they can work towards a classless society, property is owned by community and People share in goods

45
Q

Bourgeois

A

Social class that evolved in Europe, with development of cities and growth in trade. Used to refer to the business-owning class during time of the industrial revolution in Europe

46
Q

Communist manifesto

A

Explains that throughout history there have been revolutions led by oppressed people against their oppressors

47
Q

Proletariat

A

Term used by Karl Marx to refer to the class of industrial workers whose only asset is the labour that they sell to an employer

48
Q

Collectivism values

A

Collective interest, collective responsibility, economic equality, public property, cooperation, adherence to collective norms

49
Q

Democratic socialism

A

Is ways in which society should evolve through both socialist and democratic ideas and values, such as political reform and elections

50
Q

Co-operative commonwealth federation

A

Founded in Calgary during the depression, harsh for people living in prairies (drought) met in Regina Manifesto. Included goals for shelters, job creation programs, pensions, health services

51
Q

Parti Quebecois

A

New political party, that was separist. Came to power as Québécois provincial government achieve sovereignty and embraced socialist values. Introduced government funded programs

Social 30-2 (1 decks)

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