Unit 1: Liberalism and its Origins

Absolute monarchy

A form of monarchy in which the monarch rules in their own right or power.

Antitrust law

Regulates the concentration of economic power to prevent companies from price colluding or creating monopolies.

Bicameral legislature

A legislature that is comprised of two legislative "houses", both of which must approve a bill before it becomes law.

Bill

A proposed law under consideration by the government.

Boom

A period of increased commercial activity within either a business, market, industry, or economy as a whole.

Bust

A period during which economic growth decreases rapidly. During this time, inflation decreases, and in extreme cases, can give way to deflation.

Capitalism

An economic system based on free markets, private ownership of the means of production, competition, wise consumers, and profit-motivated producers.

Charter of Rights and Freedoms

Document outlining the fundamental rights available to all Canadians.

Coalition government

In a parliamentary system, the term used to describe a situation where two or more rival parties agree to work together, combining the seats they have won in an election in order to have sufficient total seats to form the government.

Collectivists

Believe society must care for the needs of the entire population and thus control and plan the economy rather than leave it to external factors.

Communism

Extreme collectivism.

Conservatism

Political views that favor traditional values and ideas that favor free enterprise and private ownership.

Constitution

A system of laws that formally states people's rights and duties.

Cradle to grave

From the time a person is born until the person dies.

Demand Side Economics

The theory that the demand for goods and services drives economic activity.

Direct democracy

Citizens vote on issues instead of for candidates or parties.

Divine right of kings

The belief that kings derived their authority from God and could not, therefore, be held accountable for their actions by any earthly authority.

Domestic system

Work done in/at home.

Electorate

The citizens within a population who are eligible to vote.

Enlightenment

The great 'Age of Reason' - is the period of rigorous scientific, political, and philosophical discourse that characterized European society during the 'long' 18th century: from the late 17th century to the end of the Napoleonic Wars in 1815.

Free market system

An economic system in which individuals are free to own property, produce goods, and buy or sell goods and services with little or no government interference; sometimes also referred to as capitalism, the market system, free enterprise, private enterprise.

Franchise

The right to vote.

Harm Principle

A belief that the only time you should restrict someone's rights is if they are going to harm somebody else.

Industrialization

The stage of economic development during which the application of technology results in mass production and mass consumption within a country.

Interest groups

Represent the will of specific groups of people by influencing elected officials to vote on issues based on the groups' values and beliefs.

Invisible hand

In economics, the concept that individual self-interest and competition would regulate the economy.

Labour Unions

Organizations that try to improve working conditions for a group of workers.

Laissez-faire

An economic theory or system that advocates little or no government interference in the economic affairs of the people.

Liberal democracies

A form of government in which the rights and freedoms of individuals are guaranteed, including the right to vote for political leaders of their country.

Liberalism

Political doctrine where protecting and enhancing individual freedom is the central focus of political and economic functions.

Majority government

In a parliamentary system, the term used to describe a situation where the governing party has more than 50% of the available seats in the legislature.

Mercantilism

An economic system that was characterized by efforts to restrict trade between nations, regulate economic activity, and accumulate gold bullion in the national treasury.

Microeconomics

The part of economics concerned with single factors and the effects of individual decisions.

Minority government

In a parliamentary system, the term used to describe a situation where the governing party has more seats than any other party in the legislature, but has less than 50% of the total seats.

Mixed economy

An economic system in which free-market principles are combined with some degree of government intervention, usually to regulate the industry, moderate the boom-and-bust nature of the free-market business cycle, and offer social welfare programs.

Modern liberalism

An ideology developed over time to address concerns with the inequality and injustices created by capitalist society while remaining focused on individual rights.

Monopoly

Exclusive possession or control of the supply of or trade in a commodity or service.

Natural rights

Universal and inalienable rights held by all human beings (e.g., in John Locke's philosophy).

Neoliberalism

A political approach that favors free-market capitalism, deregulation, and reduction in government spending.

New Deal

A series of economic measures introduced by US President Franklin D. Roosevelt during the Great Depression (1929 through the 1930s) which increased the role of the US government in the economy.

Nouveau riche

Newly wealthy.

Oligarchy

A governmental system in which power is concentrated in the hands of a small group of unelected people.

Parliament

A legislative body formed of representatives of the people in a democracy.

Plebiscite

The direct vote of all the members of an electorate on an important public question such as a change in the constitution.

Political spectrum

A system to characterize and classify different political positions in relation to one another.

Popular vote

The percentage of the total votes cast received by a candidate or a political party.

Progressivism

A liberal movement of the early 20th century that sought political, economic, and social reform in the United States.

Proportional representation

Gains seats in proportion to the number of votes cast for them.

Recall

A political process by which the electorate, by way of a new election outside of the time frame of regular general elections, may reverse a previous decision to elect an individual to public office.

Recession

A significant decline in economic activity that is spread across the economy and that lasts more than a few months.

Referendum

A direct vote by the electorate on an issue of importance.

Representative democracy

People vote for representatives who then make decisions on issues.

Residual powers

Ensures that every area of legislation comes under one or both orders of government.

Secret ballot

The provision that voters should be able to cast their ballot in private and that no other individual should know how they voted unless the voter wishes to inform them.

Self-interest

One's interest or advantage.

Self-regulating

The process of monitoring your thoughts, feelings, and behaviors.

Simple plurality system

An electoral system in which the winning candidate is the one who receives the highest number of votes; also called first-past-the-post.

Single member constituency

A system under which a single individual represents the citizens of a riding or constituency.

Social contract

People live together in society by an agreement that establishes moral and political rules of behavior.

Suffrage

The right to vote in political elections.

Supply and demand

The balance between items produced and items purchased.

Supply Side Economics

The theory that maintains that decreasing taxes will increase the supply of goods and services for economic growth.

Tyranny of the majority

When the majority of the people pursues exclusively its objectives at the expense of those of the minority.

Utilitarianism

The idea that the "right" choice is the one that results in the greatest good for the greatest number of people.

Urbanization

An increase in the number of people residing in cities and an extension of urban boundaries to include areas that were previously rural.

Welfare state

A society in which government plays a large role in providing for the needs of its citizens through social programs, based on the principles of equality of opportunity and equitable distribution of wealth.

Winnipeg General Strike (1919)

For six weeks, from May 15 to June 26, more than 30,000 strikers brought economic activity to a standstill by walking out on a general strike in Winnipeg, Manitoba.