Markets, Morality, and Liberalism Exam Review

Comprehensive vocabulary flashcards covering the ethical frameworks, political theories, and modern economic arguments from the course study guide.

Market System (Lindblom)

A human-made method of social coordination through mutual adjustment among millions of people, rather than through central command.

Deontology

An ethical framework organized around duties and valid rules, asserting that right actions must be done regardless of the outcome.

Categorical Imperative (Kant)

A deontological principle stating that human beings must always be treated as ends in themselves, never merely as means.

Divine Command Theory

A religious version of deontology asserting that an act is right specifically because God commands it (e.g., the Ten Commandments).

Consequentialism / Utilitarianism

An ethical framework holding that the right action is the one that produces the best outcome by maximizing the most good (happiness, welfare) for the most people.

Virtue Ethics

An ethical framework centered on character, asking what kind of person one should be and guiding action according to virtues such as courage, justice, temperance, and wisdom.

Theological Virtues (Aquinas)

The virtues of faith, hope, and love added by Thomas Aquinas to classical virtue ethics, orienting human life toward God as the highest good.

Euthyphro Dilemma

Plato's philosophical dilemma asking whether something is morally good because God commands it, or whether God commands it because it is already good.

Ancient Liberty (Constant)

A form of freedom centered on a direct, collective share in political decision-making, where the individual is sovereign in public life but has little private independence.

Modern Liberty (Constant)

A form of freedom centered on individual independence and the peaceful enjoyment of private pursuits, commerce, religion, and opinion, accompanied by representative government.

Sympathy (Smith)

The capacity to imagine ourselves in the situations of others, forming the foundation of morality in Adam Smith's The Theory of Moral Sentiments.

Impartial Spectator (Smith)

Adam Smith's concept of an internalized conscience that evaluates moral choices and actions.

Division of Labor (Smith)

Work specialization (illustrated by the pin factory) that increases productivity via worker dexterity, saved switching time, and machine innovation.

"Adam Smith Problem"

The mistaken view among 19th-century German scholars that Smith's emphasis on moral sympathy in The Theory of Moral Sentiments contradicts his reliance on self-interest in The Wealth of Nations.

Beating Heart Metaphor (Nelson)

Julie Nelson's alternative metaphor for the economy, describing it as living, made of human relationships, and dependent on care, in contrast to the amoral machine model.

Name, Image, and Likeness / NIL (Collins)

The legal right permitting collegiate athletes to earn commercial profit, which commercializes amateur athletes and reshapes college sports culture.

Commodification of Profiles (Frank & Klincewicz)

The ethical issue in modern dating apps where individuals are reduced to browsable digital profiles and treated merely as consumable options.

AI Companionship (Oyler)

The technological trend highlighted in "My AI Boyfriend" concerning what happens when human intimacy is turned into a commercial product.

Paid Care Work Parity (Bruenig)

The policy argument that if society compensates outside daycare workers to care for children, it should similarly provide financial support to parents caring for their own children.

Harm Principle (Mill)

The classical liberal principle stating that individual freedom and liberty should only be limited to prevent harm to others.