Related Issue #2 Flash Cards

Questão	Responda
Principles of Classical Liberalism	Private Property Rule of Law Individual Rights and Freedoms Competition Economic Freedom Self Interest Limited Government Consent of the governed
Philosophers	Hobbes, Locke, Montesquieu, Mill, Smith, Aboriginal Contribution, (2 others?)
Enclosure Factor	Fields that were enclosed and changed from common land to private property.
Rejection of Mercantilism Factor	Governments were no longer as concerned with gathering gold and silver from other countries. They became more focused on themselves.
Factory Factor	New technologies and an influx of workers supported the factories, so more of them were built with the gold and silver gained from voyages.
Class Structure Factor	People 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.
Urbanization Factor	The influx of people in the city meant that there was a lot of overcrowding and unsanitary living conditions.
Responses to Classical Liberalism	Groups that responded to classical liberalism include Chartists, Luddites, Conservatives, Socialists, and Marxists.
Luddites	A 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.
Chartists	Wanted 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.
Conservatism	Edmund 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.
Socialism	An 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.
Marxism	Materialism, 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.
Materialism	Talking about the forces of production and the social factors of production. Part of Marxism.
Superstructure	How we govern ourselves in marxism theory.
Surplus Value	When extra profits go to capitalists and they continue benefiting the capitalists instead of the workers.
John Maynard Keynes	Was 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.
Supply and Demand	When 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.
Inflation	The increase in the price of products, labour, and an increase in interest.
Inflation and Recession	The 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.
Recession	A period of time where money and jobs are very low.
Depression	A very long and sustained recession.
Deficit Spending	When the government spends more money by borrowing it from other countries and essentially running a debt.
Monetary Policy	When the central bank of a country controls the supply of money and raises or lowers interest rates and destroys or prints money.
Fiscal Policy	Direct 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.
Demand-side Economics	Keynes theory of not balancing the supply and demand but working to balance the economy with government spending depending on what demand was like.
The Business Cycle	Looks at the overall trends in GDP and has four stages: Boom, Recession (Contraction), Slump (Depression), and Recovery.
Hayek	Was 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.
Monopoly	The exclusive ownership or control over supply and goods in a particular service.
Physiocrats	People who believe in the free market system and economics where the governments are not involved.
Free Market System	A system where the market is free from government intervention and supply and demand for goods and services are regulated by consumers.
Limited Government	When the government does not interfere with society beyond specific rules that are set out for them.
Consent of the Governed	The people have allowed the government to be in power and they have the ability to take that away if need be.
Welfare Capitalism	When businesses use welfare benefits to earn the loyalty of their employees. George Pullman did this when provided some social services for his workers.
Women'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)
Famous Five	Were petitioners in the Persons Case and advocated for rights and suffrage for women.
Herbert Hoover	A 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.
Hoovervilles	Shanty houses made with scrap materials for homeless and jobless people. Was a sarcastic name to show the suffering.
Franklin D Roosevelt	President 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.
New Deal	CCC- put men to work, less unemployment AAA- limited crop production NIRA- forced fair prices and competition PWA- building of public property
Disposable Income	Income that is left over and can be used for personal spending.
Foreclosure	When a property is taken into possession because the homeowners cannot pay their mortgage.
Federal Reserve System	Allows for safer monetary and fiscal policies.
Tariff Factor	The 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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	Criado por Natasha Gidluck mais de 6 anos atrás