economic unit

What is progressive tax?

The more income you make, the more tax you pay

What is the Magna Carta of 1215 about?

In the old times, protection of church rights, protection from barons and access to justice

Where did the social contract start?

With the magna carta of 1215, making sure by kings can't take everything

In the current age, what wing is classical liberalism?

Its right wing, wanting freedom over equality

What are some key traits of classical liberalism?

Max freedom, economic freedom, rule of law, no government in economics

Key definition for economics?

The concern with production, consumption and transfer of wealth

How does mercantilism connect to Adam smith?

Before him and his ideology- monarchs control all, exports more than inputs

What also defines capitalism?

Free enterprise, free market, laissez-faire

How does the free market run?

From self interest, wants freedom and competition if awarded

Why does Adam smith want some government in trade?

Taxes benefit to society's well being, no government means tyranny

What does Jean Jacques Rousseau believe in?

Individuals have to give up their interests to follow society's collective will

What is collective interest defined as?

A goal of a group that benefits all members as a whole

Collective responsibility's is defined as

Everyone is responsible for everyone, individual + group

What is a welfare state?

A society where a government plays a larger role in providing for its citizens

What's some examples of a welfare state?

Publically funded programs, old person pensions, education, healthcare

What is the welfare state based on?

The principal of equality of opportunity and equitable distribute of $$$

What did Robert owen's say about worker benefits?

He is a factory owner- introduced the benefits and childcare by treating workers well

What is utopia socialism?

Socialism being achieved by moral persuasion of capitalist to surrender mea - to people ns of production peacefully

What is the general idea of welfare capitalism?

Happy workers = more money

What is the Sherman anti-trust act?

What is extreme socialism?

Fully left wing, communism

Who is associated with extreme socialism?

Karl Marx - gain power through violent revolution, only one party state

What is demo socialism?

Your power via election, multi-party democracy

What does a communist believe in?

Full state control, classless society, equality over freedom

What is the philosophies of Marxism?