The economy

Question 1

What is meant by the economy?

Answer 1

-The process or system by which goods are produced, sold and bought in a country or a reigon.

Question 2

Whilst there is some agreement over…

Answer 2

…the ownership of property and the merits of the free market.

Question 3

Main argument of the economy essay?

It is a stronger argument to suggest…

Answer 3

Liberals disagree to a large extent with each other on the concept of the economy.

Question 4

Two main points of the economy essay?

Answer 4

1. Differences in economy. Modern libs-
2. completely unregualted market can cause social problems + prevent equality of opportunity.

Question 5

Two main counterpoints of the economy essay?

Answer 5

1. Both- agree in capitalism + influenced by Locke’s natural rights- emphasise property rights.
2. Both in support of the free-market and its promotion of individualism and wealth creation- personal sucess.

Question 6

What do liberals disagree on considering the economy?

Answer 6

Classical-laissez-faire- state cannot interfere- no taxes, subsides (compulsary welfare would require this) John locke + J.S Mills.
Modern- Keynisian style interference- assist developmental individualism + mitigate effects of recession. Rawls + Freidan

Question 7

What do liberals disagree on considering a completely unregulated market + equality?

Answer 7

-Classical- Economic interefrence erodes egotistical individualism + dependecy- could cause bankruptsy because of giant state** (John Locke + John Stuart Mills)**
-Modern- Laissez- faire capitalism- exploitation, deprirvation and excessive inequality. Rawls- sanctioned state interference- taxation- developmental.

Question 8

What do liberals agree on concerning capitalism +Locke’s natural rights?

Answer 8

-Locke- ‘life, liberty and property’
-Friedan and Rawls- argue Locke’s principles are fundamental to freedom and should be protected.

Question 9

What do liberals agree on concerning the free-market and its promotion of individualism and wealth creation- personal sucess?

Answer 9

-J.S Mills- People are naturally inclined to be self interested and capable of judging their own economic interests.
-John Rawls- freedom + individualism important- people have a desire to make a profit- hence creating a sucessful and competitive economy.