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Social studies > Economic Libralism > Flashcards

Economic Libralism Flashcards

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Praxis (5004) - Elem. Ed: Social Studies flashcards
1
Q

What is the Class system?

A

Layers of social stratification where individuals in a society are grouped into. Mostly based on wealth.

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2
Q

What was the Enlightenment? What is this age also called?

A

An intellectual movement from the 17th-18th.

Changed peoples belifs on reason, nature and human beings.

Age of Enlightenment

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3
Q

What is Industrialization

A

The stage of economic development. tech → mass production and consumption of goods.

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4
Q

What is the Free market?

A

A market system that operates with a limited gov. intervention.

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5
Q

What is Laissez-faire capitalism?

A
  • The invisible Hand
  • Oppose Government intervention
  • ↑ privatization
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6
Q

What is a Limited government?

A

A belief that little gov involvement in the economy.

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7
Q

What is a Traditional economy?

A

An economic system usually based on traditional beliefs or values***

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8
Q

What are the principles of Individualism?

A

Private property
Rule of law
Individual rights and freedoms
competition
economic freedom
self-interest

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9
Q

What is Humanist?

A

A person who believes in the importance of humans rather than divine or supernatural matters. Stress the value of human beings, and emphasize common human needs.

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10
Q

What is an enclosure?

A

Public property that is converted to private property.

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11
Q

What is Nouveau Riche?

A

Individuals or families who have recently acquired wealth.

Often within the french context.

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12
Q

What are the characteristics of John Locke?

A

People are inherently good. The role of government is to protect the lives of citizens, as well as their rights and liberties** (life liberty and land)**. Any additional government would be considered a detriment to the common good

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13
Q

What are the characteristics of John Stuart Mill?

A

believed people should be free. Wanted limited government control to prevent violation of speech, religion, and association. Would have considered the rights of the individual to be crucial to the establishment of the common good.

Free speech is necessary for intellectual progress.

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14
Q

What are the characteristics of Thomas Hobbes?

A

Humans are inherently greedy, selfish and dangerous. Strong/absolute leadership is needed to maintain the peace and prosperity of a society and to prevent chaos. Without a strong leader, life is likely to be “solitary, poor, nasty, brutish and short”

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15
Q

What are the characteristics of Baron de Montesquieu?

A

Wanted to prevent one ruler from unchecked power. He believed in splitting up government into three branches. Legislative (laws) judicial (evaluates laws) and executive (carries out laws).

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16
Q

What are the characteristics of Adam Smith?

A

Believed that people act in their self-interest and that governments should be sure that contracts are followed and have some (but very few) public works.

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17
Q

What is classical conservatism?

A

an ideology that says government should represent the legacy of the past as well as the well-being of the present, and that society should be structured hierarchically, that a limited electorate should choose government, that leaders should be humanitarian, and that the stability of society is all important.

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18
Q

What is a command economy?

A

An economic system based on public ownership of property in which government planners decide the price, distribution, and products sold.

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19
Q

What is communism?

A

A radical form of socialism where a system of society where each member is working for the common benefit according to his or her capacity, and receiving according to his or her needs.

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20
Q

What is feminism?

A

The belief in the social, political and economic equality of the sexes.

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21
Q

What is human rights?

A

The rights and freedoms to which all humans are entitled to have.

22
Q

What are Labour standards?

A

Government-enforced rules and standards aimed at safe, clean working environments, and the protection of workers’ rights.

Freedom of association

23
Q

What are labour unions?

A

Associations of workers engaged in a similar function who unite to speak with management about their concerns. Provides a unified voice.

24
Q

What is Marxism?

A

A radical form of socialism (often called scientific socialism) or communism to distinguish it from other socialist ideologies.

Believed that total overthrowing of capitalism was needed worldwide to make it work.

25
Q

What is a Mixed Economy?

A

An economic system based on free market principles but with some government intervention, usually to regulate the industry, moderate the boom-and-bust nature of the free-market business cycle, and offer social welfare programs. Might own some key industries.

26
Q

What is progressivism?

A

a 1920s movernement in the USA with Theodore Roosevelt. It’s a reaction to the perceived abuses of laissez-faire capitalism.

Favoured “a square deal” for average citizens and used legislation to achieve this.

27
Q

What is socialism?

A

Any ideology with the belief that the public should control resources for the resources should be controlled by the public for the benefit of everyone in society and not by private interests for the benefit of private owners and investors.

28
Q

What is Luddism?

A

A protest movement of the early 1800s against industrialization and mechanization. Protesters broke into factories and destroyed machines.

29
Q

What are utopian socialists?

A

Humanitarians who advocated an end to the appalling conditions of the average worker in the industrial capitalist countries of the 19th century; people who believe it is possible to work to bring about a better world and that obvious evils can be eradicated.

30
Q

What are Humanitarians?

A

Someone who believes in the supremacy of reason of individuals over faith and who has developed an interpretation of history and beliefs about human nature, the structure of society, and the purpose of life, based on reason rather than religion.

31
Q

What is the Great Depression?

A

An economic crisis that began in late 1929 with the stock market crash and continued through the 1930s. during this period, banks failed, and factories closed, ↓ the economy.

32
Q

who was Robert Owen?

A

Believed in Utopian Socialism.

33
Q

What did Karl Marx do?

A

Developed and believed in Marxism.

34
Q

What did John Maynard Keynes believe?

A

Wanted government intervention in the market to reduce the length and severity of recessions

When consumer spending is too high and inflation occurs, gov should ↓ spending and ↑ taxes.

35
Q

What is consumerism?

A

consumer spending.

36
Q

What is income disparity?

A

The difference in earnings between the rich and the poor.

37
Q

What is inflation?

A

an increase in the general price level of products, the cost of labour, and interest rates.

38
Q

What is a monopoly?

A

The exclusive ownership or control of trade in a particular good or service.

39
Q

What is Monetarism?

A

emphasizes the importance of controlling the money supply to achieve macroeconomic stability. It asserts that changes in the money supply directly affect variables like inflation, output, and employment.

40
Q

Define Raganomics.

A

The economic policies of Ronald Reagan → less gov in the economy, pro-industry, anti-labour, anti-regulation, anti environmental regulations.

41
Q

What is a bank run?

A

A situation in which too many depositors try to withdraw their savings from a financial institution, endangering it with bankruptcy.

42
Q

What is the new deal?

A

Economic policies by US President Franklin D Roosevelt in 1933. The policies gave the government a more significant role in the regulation of the economy.

Provided social safety nets.

43
Q

What are social programs?

A

Programs that affect human welfare in a society economically and socially.

44
Q

Define trickle-down economics.

A

Gov policies reduced control of businesses and increased gov spending on the military.

↑ money to businesses, ↑ money to lower class

45
Q

What is a welfare state?

A

A state in which the economy is capitalist, but the gov policies modify the market forces to ensure economic stability and a basic standard of living for citizens.

46
Q

What were the important things to know about the Roaring 20s?

A

a textbook economic BOOM. Hoover believed in little gov intervention. ↑↑↑ consumerism and personal wealth. There were more things for consumers to spend money on

47
Q

What was Theodore Roosevelt known for economically?

A

He was known for regulating big businesses and promoting healthy competition. He created the square deal ( to protect business interests, labour rights, and consumer protection.)

48
Q

What was Milton Friedman known for economically?

A

he advocated for monetarism, which emphasizes controlling the money supply as a means of stabilizing the economy.

In a recession he would change interest rates, but not government spending.

49
Q

What was Friedrich Hayek Known Economically?

A

He is known for his belief in the “invisible hand”. The government was meant to protect the free market and maintain business competition.

50
Q

What are the different periods that we need to know?

A

Renaissance → Reformation → Enlightenment (age of reason)

Social studies (10 decks)

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