SOCIAL 30-1 FLASH CARDS

ADAM SMITH

Capitalism

Argued that the best economic system is capitalism

Market dictated what would be produced and the price of goods and services

Government shouldnt interfere, only when there is national threats

He also did the invisible hand where in if there is no leader, the economy will reorginize itself thru the peoples self-interests

Aherance to collective norms

When people follow unspoken rules

Laissez-Fair capitalism

Economic state asaciated with classical liberalism

Free market

Goods and services

limited goverrnment

let people do what they want

Term use dto describe newly wealthy class

Nouvea Riche

Authoritarianism

Enforcement of strict obedience to authority at the expense of personal freedom

Capitalism

Economic based system

Market based along with fair competition, and minimum government involvement

Classical Liberalism

Importance of human rationality

holding freedom to be the basic standard in economic

relying on individual choices people make in pursuit of their self interest yet under the law

Collectivism

Values the goal of the group and common good ovrr the goald of any individual

Communism

A system of society with property vested in the cimmunity abd each memeber working for the common benefit

Conformity

A form of social ibfluence that change the common belief or behavior of a person

Conservatism

Commutment to traditional values

Democracy

Power is vested on the people

Egalitarian

A political principle that ALL people should be treated properly, equally and have equal civil rights

Elitism

A notion that a groupkf specifix ppl are superior to the rest

Age of Englightenment

A time in the 17th and 18th century when europe was having a wave of classical liberalism that CHANGED the way people thought about religion, individual rights, reason and human reason

Fascim

All power is held by one ruler

Feudalism

Ranking system

Strong protect the poor/weam in return for their labor

Hobbes, Thomas

A philosopher who wrote the SOCIAL CONTRACT. People are selfish and greedy so they need a leader who can lead them

John Locke

Believed that every man had the right to live

He agrued that if the governement is not doing a good job, we should revolt and choose a better leader

Progressivism

Movment in 1920 in USA

Associated with Pres. Theodoe Roosevelt reacted to the abuse on laissez-Faine capitalism by larger companies

Wlfare capitalism

Initiatives by industrialization to provide workers with non-monetary rewards to head off the growing demand

Karl Marx

Communist

Best known for his critiques on Capitalism

Agrues that Capitalidm creates inequality and exploitation

The Proletariat would over throw the middle class at some point

Modern Liberalism

Builds on classical liberalism, but depends more on government assistance or activity.

Modern liberals suppkrt social welfsre programs, regulations to proect works and consumers

Jean -Jacuques Rousseau

Important figure in Age of Enlighthenment

Ideas on Social Contract

Believed that people are good but are corrupted by society

Government is needed to enforce social contract

Industrial Revolutiin

Industrialization and innovation

Late 17th and 18th

The witness a swicth from Hand production to machine production

Democratic socialism

Combines elements of socialism with dekmocratic political systems

Centrist

A person who stays in rhe middle

No extreme positions

Totalitarian

-Absolutr obedirncr to the state

Dictatorship

How does technological advancements impact cultural identity

Foeterinh cultural exchange

Biggest influencers in our life

Family

Progressive Taxation

Higher Income earners pay a higher tax rate

Welfare state

A capitalist economy with government policies to ensure basic standard living

socialist and socialism

socialist

• left wing

• believes that sharing ownership of the means of production equally among society would increase peoples quaility of life

socialism

• sharing ownership equally among society

proletariat

usually refer to factory workers.

in communist theybare the bulk of the workers

John Stuart Mill

Strong believer in individual freedom

but saw unequal treatment women and pokr laborers did not allow these grps the same opportunity

Physiocrats

A group of FRENCH 18 centuary economists who believed the wealth of nations was derived solely from agriculture. Advocated FREE trade

Renaissence

known as rebirth

the revival of classical art

literature and philosophy

14th to 17 centuary