Flashcards
Related Issue #2 Flash Cards
Cards in this deck (44)
- 1Principles of Classical LiberalismPrivate Property
Rule of Law
Individual Rights and Freedoms
Competition
Economic Freedom
Self Interest
Limited Government
Consent of the governed - 2PhilosophersHobbes, Locke, Montesquieu, Mill, Smith, Aboriginal Contribution, (2 others?)
- 3Enclosure FactorFields that were enclosed and changed from common land to private property.
- 4Rejection of Mercantilism FactorGovernments were no longer as concerned with gathering gold and silver from other countries. They became more focused on themselves.
- 5Factory FactorNew technologies and an influx of workers supported the factories, so more of them were built with the gold and silver gained from voyages.
- 6Class Structure FactorPeople started having specified jobs because of the new technology and the "Newly Wealthy" challenged the middle class aristocrats. Workers were plenty and were kept poor.
- 7Urbanization FactorThe influx of people in the city meant that there was a lot of overcrowding and unsanitary living conditions.
- 8Responses to Classical LiberalismGroups that responded to classical liberalism include Chartists, Luddites, Conservatives, Socialists, and Marxists.
- 9LudditesA group of workers that were being replaced with machines. They violently destroyed technologies and set fire to farms. They were protecting their self-interest and economic freedom.
- 10ChartistsWanted working class suffrage and had 3 large scale petitions which the government voted against. The gov't protected the upper class' self-interest. The chartists were fighting for individual rights and freedoms.
- 11ConservatismEdmund Burke thought people who had more wealth should run the gov't and uneducated people had no place being in charge. People are not equal. Prejudices are wise and true. Disapproved of the French rev. but liked the American one. Disliked tyrants and wanted humanitarian leaders.
- 12SocialismAn ideology that promised a heaven on earth where all people are equal. Intellectuals thrived and there were all levels of education. Traditional religion and marriage are evil, as well as private property. Work did not occur, so the experiment failed. Robert Owen's idea.
- 13MarxismMaterialism, superstructure, and surplus value are concepts of Marxism. The idea that class conflict defines society. Eventually there will be no class structure. Friedrich Engels also helped develop the theory of Marxism.
- 14MaterialismTalking about the forces of production and the social factors of production. Part of Marxism.
- 15SuperstructureHow we govern ourselves in marxism theory.
- 16Surplus ValueWhen extra profits go to capitalists and they continue benefiting the capitalists instead of the workers.
- 17John Maynard KeynesWas a very influential economic philosopher from the 1930s to the 1970s and formed the theory of demand-side economics. Wrote the economic consequences of peace and the general theory. Supported more government intervention in the economy.
- 18Supply and DemandWhen citizens are in a recession, they do not invest in the economy. Therefore, a balance between supply and demand would not give everyone a job.
- 19InflationThe increase in the price of products, labour, and an increase in interest.
- 20Inflation and RecessionThe price of products and labour is so high that companies cannot sell or pay workers, and are forced to shut down. Everything cuts back to form a recession.
- 21RecessionA period of time where money and jobs are very low.
- 22DepressionA very long and sustained recession.
- 23Deficit SpendingWhen the government spends more money by borrowing it from other countries and essentially running a debt.
- 24Monetary PolicyWhen the central bank of a country controls the supply of money and raises or lowers interest rates and destroys or prints money.
- 25Fiscal PolicyDirect spending or taxing by the government of a country. They raise or lower taxes and spending on social programs. It has a direct effect on the economy.
- 26Demand-side EconomicsKeynes theory of not balancing the supply and demand but working to balance the economy with government spending depending on what demand was like.
- 27The Business CycleLooks at the overall trends in GDP and has four stages: Boom, Recession (Contraction), Slump (Depression), and Recovery.
- 28HayekWas a right wing economist who was influential from the 1970s to the 1990s. Wrote the road to Serfdom and had followers like Milton Friedman and Ludwig von Mises. Served in the Austrian army during WW1.
- 29MonopolyThe exclusive ownership or control over supply and goods in a particular service.
- 30PhysiocratsPeople who believe in the free market system and economics where the governments are not involved.
- 31Free Market SystemA system where the market is free from government intervention and supply and demand for goods and services are regulated by consumers.
- 32Limited GovernmentWhen the government does not interfere with society beyond specific rules that are set out for them.
- 33Consent of the GovernedThe people have allowed the government to be in power and they have the ability to take that away if need be.
- 34Welfare CapitalismWhen businesses use welfare benefits to earn the loyalty of their employees. George Pullman did this when provided some social services for his workers.
- 35Women's Suffrage-Wartime Elections Act (vote for female relatives)
-Dominion Elections Act (women for parliament)
-19th Amendment (American women's vote)
-The Persons Case (women in senate) - 36Famous FiveWere petitioners in the Persons Case and advocated for rights and suffrage for women.
- 37Herbert HooverA president of the US that believed in classical liberalism and limited government. "A chicken for every pot". Believed that America was about to abolish poverty.
- 38HoovervillesShanty houses made with scrap materials for homeless and jobless people. Was a sarcastic name to show the suffering.
- 39Franklin D RooseveltPresident that took over from Hoover, and was a lot more successful. He proposed new pieces of legislation to help the economy and money system--like the Federal Securities Act and the Emergency Banking Relief Act. Had clarity with his words and was transparent with the people.
- 40New DealCCC- put men to work, less unemployment
AAA- limited crop production
NIRA- forced fair prices and competition
PWA- building of public property - 41Disposable IncomeIncome that is left over and can be used for personal spending.
- 42ForeclosureWhen a property is taken into possession because the homeowners cannot pay their mortgage.
- 43Federal Reserve SystemAllows for safer monetary and fiscal policies.
- 44Tariff FactorThe US imposed tariff for countries who were trying to pay war debts and became more isolated. When they later needed financial help, those countries imposed their own tariffs.
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- To what extent is resistance to liberalism justified?
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- Natasha Gidluck
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