People! Flashcards
An english philosopher who believed the only way to escape civil war and to maintain a state of peace in a commonwealth is to institute an impartial and absolute sovereign power that is the final authority on all political issues
Thomas Hobbes
An english philosopher who uses a theory of natural rights to argue that governments have obligations to their citizens, have only limited powers over their citizens, and can ultimately be overthrown by citizens under certain circumstances. (advocates for limited government)
John Locke
An enlightenment thinker who believed that the administrative powers were divided into the executive, the judicial and the legislative. His writings detailed that the three powers should at once be separate from one another and dependent upon one another. “No power should become stronger than another.”
Montesquieu
A Scottish economist who built on the ideas of the physiocrats, arguing that the freedom to own property and to produce, sell, and buy goods without government intervention would ultimately serve to generate national wealth far more effectively than mercantilism. (Invisible Hand)
Adam Smith (Supports Classical Liberalism)
An English political writer who lived during the Industrial Revolution. He wrote a book called “On Liberty” where he argued that individual rights were to be protected over the rights of the government. He declared that freedom of speech was the most important right and everyone should have the right to say what they wanted even if it was very controversial.
Also famously wrote about the “Harm Principle”. He said that everyone should have the right to live however they wanted as long as it didn’t harm someone else’s right to live as they wanted. (utilitarianism)
John Stuart Mill (Supports Classical Liberalism)
____ believed, as other classical liberals did, that the role of government was to do only three things: preserve the rule of law, protect private property, and ensure the security of the individual.
John Stuart Mill (Supports Classical Liberalism)
Became the president of the United States in 1932.
- He believed in the new ideas of modern liberalists.
- He felt that the only way to get the country out of the depression was to introduce government spending.
- Implemented “The New Deal”
- (Goes against Adam Smith’s capitalist ideals)
Franklin D. Roosevelt
Was president of the United States for most of the 1980s. The 1980s was another period of economic instability. The American debt was large and he wanted to see the debt lowered.
- did not believe it was the government’s responsibility to provide social programs.
- He believed that if the government reduced spending on programs that created jobs or assistance, taxes would be lower, and individuals and companies would have more money. The more money a company had, the more the company would spend on new jobs, expansion, and increases in salaries. The money would trickle down to those who needed it. (Failed to lower the debt)
Ronald Reagan
British economist who advocated a remedy for economic recession based on a government-sponsored policy of full employment particularly during the Great Depression and after WWII
He said that while struggling households were bound to spend less in tough times, the same actions by governments could be ruinous
- When unemployment was high and factories lay idle, he advocated higher government spending and lower interest rates in order to maintain the level of demand for goods and services and to encourage businesses to borrow and invest.
- During a period of growth, the government must remove money or spending power from the economy to stop the inflationary spiral.
- During a recession, the government must add extra money to stop the economy from hitting the bottom or spiraling downward.
- Control demands by controlling what the public has to spend on goods or by controlling interest rates
John Maynard Keynes
Argued that government action often did more harm than good. He said that in economic terms, it was harmful by inhibiting the operation of market forces, and in political terms; by reducing the freedom that individuals and companies should enjoy earning, spending, and generally acting as they chose.
- opposed government monopolies and price ceilings or floors that limit consumer choice
Friedrich Hayek
Argued that free trade, lower taxes on income and capital, and a reduction in the burden of regulation would increase economic growth and improve social well-being.
- Believed it was essential to control the supply of money.
He proposed that governments should:
- Control the money supply and inflation caused by the gov’t printing too much money
- Rely on a Central Bank to control and set interest rates
- Interest Rates should be lowered so more money will be borrowed.
Milton Friedman
Who supported demand-side economics?
John Maynard Keynes
Who supported supply-side economics?
Ronald Reagan, and Margaret Thatcher
a social reformer and one of the founders of utopian socialism and the cooperative movement. He worked to improve the health, education, well-being and rights of the working class. He is best known for his efforts to create a utopian society based on socialist ideals, where people worked together for the common good.
Robert Owen (Supports Utopian and Democratic Socialism)
A socialist, is also credited with being the father of communism.
-Believed the hardships and inequalities that had occurred during the Industrial Revolution needed to be stopped.
- He believed that society should not be based on the class system in which some people were richer than others.
- He did not believe that private ownership of land and property created a just society that met the needs of all people.
- Believed in the common good of all people and that everyone should be treated equally.
- Also believed that it was impossible to have economic equality without political equality. Once a true socialist and communist state was established, there would no longer be any reason for government. Everyone would work hard because everyone in society would benefit.
Karl Marx (Supports Marxism/Communism)
