Economy / liberalism

Question 1

Mercantilism: protective tariffs?

Answer 1

y

Question 2

Mercantilism: limited international trade?

Answer 2

y

Question 3

3 historical events leading to C.L.

Answer 3

Protestant Reformation (value of hard work, material growth)

Industrial Rev. (gave way to capitalism, new transportation, pop. explosion)

Liberal Movement (complaints about gov restrictions, econ should be free)

Question 4

C.L. helped promote the rise of the middle class and ___ ____ (social climbers)

Answer 4

nouveau riche

Question 5

Does enclose act support C.L.?

Answer 5

y
mechanized farming.

Question 6

Does factory system support C.L.?

Answer 6

y
farms to ciites

Question 7

Adam Smith opposed __

Answer 7

mercantilism

Question 8

Adam Smith: gov. should not intefere with economic development but should do four things:

Answer 8

1. maintain law/order
2. protect national borders
3. Ensure national competition
4. protect individual property rights

Question 9

Individualism acronym

Answer 9

PRICES
P - Private property
R - rule of law
I - individual rights
C - competition
E - economic freedom
S - self interest

Question 10

Collectivism acryonym

Answer 10

P - public property
R - repsonsibility
I - interest (public)
N - norms (public)
C - collaboration
E - economic equality

Question 11

Thomas Malthus

Answer 11

when population > food supply, disease comes naturally. No gov. intervention

Question 12

David Ricardo

Answer 12

Poverty is inescapable (poverty is a natural law that gov. should not interfere)

Question 13

Ricardo’s Iron Law of Wages:

Answer 13

incraseing wages = bigger families = too many workers = lower wages

Question 14

___ ___: critique on classical liberalism

Answer 14

welfare capitalism
classical liberalism + gov.

Question 15

Theodore Roosevelt and his __ __

Answer 15

Square Deal: critique C.L. and promote fairness

Question 16

3 objectives of T.R’s progressive party

Answer 16

1. direct democracy
2. control corporations
3. social welfare