World Economic and Political Systems

Question 1

What was the Magna Carta?

Answer 1

The first document FORCED upon a KING by his subjects which limited his powers under the law. Collections of writings, put together during a period of weakness, bow you must follow these rules, how you rule us.
Before the Magna Carta, the King would adhere to “The Divine Right of Kings” -“I am king because God make me king” People stopped believing that and wanted representation from a government.
-Highly influential moment. Influenced modern concepts of government.

Question 2

When was the Magna Carta issued and to whom?

Answer 2

It was issued in 1215 to King John of England

Question 3

Why is the Magna Carta so important?

Answer 3

-influential on the Bill of Rights, the constitution, the founding fathers of America/framers of the constitution.

Discusses these ideas of life, liberty, property, inherent rights. Ideas of due-process under the law, you can’t convict someone without evidence.

• Heavily influenced modern concepts of government, and forms a great deal of the foundation of the Bill of Rights
• also influential on Enlightenment thinkers such as John Locke.
• Influenced government directly and indirectly.

Question 4

Basic Economic Systems (4 important Economic Systems need to know about)

Answer 4

1. Capitalism (economy will regulate itself, Free market)
2. Socialism (government controls certain major things)
3. Communism (government controls all)
4. Fascism (combo of dictator + private ownership)

Question 5

What is Capitalism?

Answer 5

Laissez faire system (non-interference) in which the government has minimal involvement in the economy, idea that the economy will regulate itself based on competition and laws of supply and demand (if there is a demand for something, people will produce it. Whoever makes best version will be most successful. Free market. Government shouldn’t try to control it.)

Question 6

What is Socialism?

Answer 6

government owns or controls certain major economic sectors. Government controls certain economic sectors. ex: government runs all railroads. People may have a vote or say, but government runs it.

Question 7

Communism

Answer 7

government owns nearly everything. Government sets prices, what is going to be sold, what jobs people will have.

Question 8

Fascism

Answer 8

combines dictatorship with private ownership of property. (Think Combination) what emerged in Nazi Germany, a dictator or group of people who are running the government. People don’t have much of a voice in the government but somewhat of a “free market” but usually the dictator/group is exerting alot of control and working with the businesses that are existing.