Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Social 30-1 (CHC) > Unit 2 - ILLIBERALISM > Flashcards

Unit 2 - ILLIBERALISM Flashcards

1
Q

Adam Smith

A

Introduced principles of Laissez-Faire classical economics

“Father of Discipline”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Class system

A

System of ordering a society in which people are divided into sets based on perceived social or economic status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Distribution of wealth

A

A comparison of the wealth of various members or groups in a society
- looks at the economic distribution of ownership of the assets in a society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Standard of living

A

The degree of wealth and material comfort available to a person or community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Cost of living

A

The level of prices relating to a range of everyday items.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Equal opportunity

A

The policy of treating employees and others without discrimination, especially on the basis of their sex, race, or age.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Equality of Condition

A

seeks to reduce or eliminate differences in material condition between individuals or households in a society.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Universal Suffrage

A

The right to vote for ALL adult citizens

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Enfranchisement

A

The right to vote

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Stagflation

A

Stagnation and inflation occurring at the same time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Suffragettes

A

A woman seeking the right to vote through organized protest. (early 1900s)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Feminism

A

The advocacy of women’s rights on the basis of the equality of the sexes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Inflation

A

A general increase in prices and fall in the purchasing value of money.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Deflation

A

Reduction of the general level of prices in an economy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Deregulation

A

The removal of regulations or restrictions, especially in a particular industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Flat tax

A

A tax system with a constant marginal rate, usually applied to individual or corporate income.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Direct tax

A

A tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Indirect tax

A

A tax collected by an intermediary from the person who bears the ultimate economic burden of the tax.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Human rights

A

A right that is believed to belong justifiably to every person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Command economy

A

An economy in which production, investment, prices, and incomes are determined centrally by a government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Mixed economy

A

An economic system combining private and public enterprise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Progressivism

A

Support for or advocacy of social reform.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Affirmative Action

A

The practice or policy of favoring individuals belonging to groups known to have been discriminated against previously.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Democratic Socialism

A

Belief that both the economy and society should be run democratically—to meet public needs, not to make profits for a few.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Scientific Socialism

A

Socialism associated chiefly with Marxians and based principally upon a belief that historical forces (as economic determinism and the class struggle) determine usually by violent means the achievement of socialist goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Radical Socialism

A

A socialist system with no tolerance for capitalism.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Transfer Payments

A

A payment made or income received in which no goods or services are being paid for, such as a benefit payment or subsidy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Free Market Economy

A

A system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces in supply and demand are free from gov’t intervention.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Laissez-Faire Capitalism

A

The gov’t leaves the people alone regarding all economic activities; The separation of the economy and the state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Mercantilism

A

The economic theory that trade generates wealth & is stimulated by the accumulation of profitable balances, which a gov’t should encourage by means of protectionism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Liberalism

A

The holding of liberal views

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

October Crisis

A

Began with the kidnapping of James Cross by the FLQ, and later the kidnapping of Pierre Laporte

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

FLQ

A

Front de Liberation du Quebec; a separatist & Marxist-Lenist paramilitary group in Quebec
- Part of the Quebec sovereignty movement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Progressive Taxation

A

A tax in which the average tax rate increases as the taxable amount increases.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Welfare Capitalism

A

Initiatives by industrialists to provide workers with non-monetary rewards to head off the growing demand for labour unions; also refers to gov’t programs that would provide social safety nets for workers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Welfare State

A

A state in which the economy is capitalist, but the gov’t uses policies that directly/indirectly modify the market forces in order to ensure economic stability and a basic standard of living for its citizens, usually through social programs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Trickle-Down Economics (aka supply-side economics)

A

Gov’t economic policies that include

  • Reduced income & business taxes
  • Reduced regulation
  • Increased gov’t spending on military
  • Generally favour the industry; if industry prospers, the wealth “trickles down” to the rest of society
39
Q

Rule of Law

A

Every individual is equal before the law and all citizens are subject to the law

40
Q

Socialism

A

An ideology that contains the belief that resources should be controlled by the public for the benefit of -everyone- in society

41
Q

Stagnation

A

A period of slow economic growth

42
Q

Classical Liberalism

A
  • Emphasis on securing freedoms of the individual
  • Values political freedom & a free market economy that has limited gov’t intervention within the economy; less gov’t intervention in the economy
43
Q

Modern Liberalism

A

Advocates for a greater role for the state in society; gov’t intervention in economy

44
Q

Monopoly

A

The exclusive possession or control of the supply of or trade in a commodity or service

45
Q

Luddites

A

Skilled textile workers who were being replaced by machinery

  • Would break into factories to destroy machines
  • i.e. Walmart employees being replaced by self-checkout
46
Q

Chartists

A

Followers in the working class movement Britain that focused on political and social reform

47
Q

New Deal

A
  • FDR’s agencies
  • Gave gov’t a more significant role in the regulation of the economy and in providing social safety net programs
  • Provided emergency relief, reformed the banking system, & tried to invigorate agriculture and the economy
48
Q

Utopian Socialists

A

Humanitarians who advocated an end to the appalling conditions of the average workers in the industrial capitalist countries at the time

49
Q

Marxism

A

aka sceintific socialism/capitalism

  • Only way to overthrow capitalism was by means of a class struggle between the proletariat and the bourgeoisie
  • Economics = foundation of society & means of production needed to be in the workers hands
50
Q

Labour Union

A

An organized association of workers formed to protect & further their rights and interests

51
Q

Square Deal

A 
A series of domestic programs; both labour + capital must be treated fairly
3 main goals:
- Control of corporations
- Consumer protections
- Conservatism of natural resources
52
Q

Keynesian Regulation

A

Gov’t must invest money t get money in order to get the cycles moving again

53
Q

Dissent

A

The political act of disagreeing

54
Q

Communism

A

A system of society with property vested in the community& each member working for the common benefit according to his/her capacity & receiving according to his/her needs.

55
Q

Fascism

A

An extreme, right-wing, anti-democratic nationalist movement, in the past leading to totalitarian forms of gov’t

56
Q

Collectivization

A

An economic policy where all land is taken away from private owners & combined in large, collectively worked farms

57
Q

Nationalism

A

Identification with one’s own nation & support for its interests, especially to the exclusion or detriment of the interests of other nations.

58
Q

Principles of Laissez-Faire

A
  • Capital 1
  • Capital 2
  • Land
  • Self-interests
  • Labour
  • Invisible Hand (fate)
  • Markets (i.e. stock market)
59
Q

Principles of Marxism (Marx’s beliefs)

A
  • Private ownership is theft
  • Work is a human nature need
  • Workers are the sole engine of an economy, NOT the owners
  • Class structures are what give rise to class struggles and wars
60
Q

Withering Away

A

Marx’s belief that communism will wither away the gov’t; things will fall into place

61
Q

Boom and Bust cycle

A

A process of economic expansion and contraction that occurs repeatedly

62
Q

Demand-Side economics

A

Theory that economic growth is most effectively created by high demand for products and services

63
Q

Fiscal Policy

A

When a gov’t adjusts its spending levels & tax rates to monitor & influence a nations economy (ex. tax cuts and increased gov’t spending)

64
Q

Monetary Policy

A

The process by which the monetary authority of a country controls either the cost of short-term borrowing or the money supply. Targets inflation or interest rate to ensure price stability.
- Expansionary and contractionary

65
Q

Monetarism

A

The theory or practice of controlling the supply of money as the chief method of stabilizing the economy.

66
Q

Thatcherism

A
  • Margaret Thatcher; Policies advocating for the privatization of nationalized industries and trade union legislation.
  • attempts to promote low inflation, the small state and free markets through tight control of the money supply, privatisation and constraints on the labour movement.
67
Q

Liberal democracy

A

Representative democracy operates under the principles of classical liberalism

68
Q

Limited Government

A

A governing or controlling body whose power exists only within pre-defined limits that are established by a constitution or other source of authority. (ex. gov’t officials cannot search your home without a warrant)

69
Q

Traditional Economy

A

Economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. ; often rural and farm based

70
Q

Meritocracy

A

Government or the holding of power by people selected on the basis of their ability.(merit; the smart rule)

71
Q

Supply and Demand

A

The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.

72
Q

Social Safety Net

A

A collection of services provided by the state or other institutions such as friendly societies.

73
Q

Labor Standards/Laws

A

Mediates the relationship between workers/employers, trade unions, and gov’t

74
Q

Collective Labor Laws

A

Relates to the relationship between worker, employer, and union

75
Q

Individual Labor Law

A

Concerns workers rights

76
Q

Employment Standards

A

Social norms and the minimum socially acceptable conditions under which workers or contractors are allowed to work

77
Q

Classical Conservatism

A
  • Stability of society, law and order, and customs and traditions are most important
  • Skeptical of plans to remodel human society after an ideological model.
  • Proposes that elites have a right to rule but are responsible for the welfare of others.
78
Q

Industrial Revolution

A

The transition to new manufacturing processes in Europe, starting in the UK.

79
Q

Reaganomics

A

Ronald Reagan; advocated reduction of taxes and the promotion of unrestricted free-market activity.

80
Q

Great Depression

A

the financial and industrial slump of 1929 and subsequent years; a long and severe recession in an economy or market.

81
Q

Dollar Voting

A

Refers to the impact of consumer choice on producers’ actions through the flow of consumer payments to producers for their goods and services.
(I.e. I vote for Tim Hortons by buying their tea rather than paying for tea at McDonalds)

82
Q

Factory Acts

A

Series of UK labour law Acts created to regulate the conditions of industrial employment.

Included requirements on ventilation, sanitation, and guarding of machinery

83
Q

Nouveau Riche

A

People who have recently acquired wealth, typically those perceived as ostentatious or lacking in good taste
“The new rich”

84
Q

Robber Barons

A

A person who has become rich through ruthless and unscrupulous business practices (originally with reference to prominent US businessmen in the late 19th century).

85
Q

Captains of Industry

A

A business leader whose means of amassing a personal fortune contributed positively to the country in some way.

86
Q

Invisible Hand

A

The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium
- Theory by Adam Smith

87
Q

“Cradle to grave”

A

Marketing to youngins in attempt to create loyal consumers

88
Q

Great Law of Peace

A

The oral constitution of the Iroquois Confederacy; states laws and traditions
- Symbolized by wampum belts

89
Q

Haudenosaunee Confederacy

A

aka Iroquois - a historically powerful northeast Native American confederacy.
Confederacy unites to live in a common goal of harmony

90
Q

John Stuart Mill

A
  • “Actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness”
  • Happiness is pleasure and the absence of pain
91
Q

Robert Owen

A

Known for his efforts to improve the working conditions of factory workers and his promotion of experimental socialist communities
Better working conditions = greater productivity

92
Q

Karl Marx

A

His communist beliefs - the state would whither away; radical
- Didn’t start marxism, marxism created based off his beliefs

93
Q

Milton Friedman

A

Free market economy with minimal intervention (aka trickle down)

94
Q

FDR

A

Created New Deal; brought back energy and optimism in USA after the stock market crash

Social 30-1 (CHC) (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions