Understanding Liberalism and Economic Policies

These flashcards cover key concepts related to liberalism, social support, economic policies, and the implications of political ideologies.

Laissez faire

An economic system where there is minimal government intervention in the economy.

Social Support

Government policies designed to provide assistance and welfare to individuals in need.

Equality of Opportunity

The idea that all individuals should have an equal chance to succeed regardless of their background.

Milton Friedman

American economist known for his strong belief in free-market capitalism and limited government.

John Locke

17th-century philosopher regarded as the father of liberalism who emphasized individual rights and government by consent.

Illiberal Democracy

A governing system where elections occur but civil liberties and political rights are not fully upheld.

Crony Capitalism

An economic system characterized by close relationships between business leaders and government officials that benefit specific individuals at the expense of others.

Authoritarianism

A governing system that concentrates power in a single entity or party, restricting individual freedoms and suppressing opposition.

Political Equality

The principle that all individuals have equal rights and opportunities in political processes.

Nicolas Kristof

An American journalist and NY Times columnist known for his social commentary and views on societal issues.

Economic Mobility

The ability of an individual or family to improve (or lower) their economic status, particularly in terms of income.

Civil Liberties

Individual rights protected by law from unjust governmental interference.

Moral Hazard

A situation in which one party engages in risky behavior because they do not bear the consequences of that risk.

Externalities

Costs or benefits of economic transactions that affect third parties who did not choose to be involved in that transaction.