Ideology and Economic Systems Practice Flashcards

A comprehensive set of vocabulary flashcards covering political ideologies (Individualism vs. Collectivism), economic theories (Keynesianism, Marxism, Supply-Side), historical developments (Industrial Revolution, Cold War), and social movements as detailed in the lecture transcripts.

Individualism

The belief that individuals should be free to make their own choices and pursue personal goals.

Collectivism

The belief that the needs of the group should be prioritized over individual desires.

Social Contract

An agreement where people give up some freedoms in exchange for protection and order from government.

Rule of Law

The principle that everyone is subject to the law, including leaders, ensuring no person is above the law.

Protestant Reformation

A movement challenging the authority of the Roman Catholic Church that contributed to growing individualistic ideals.

Economic Freedom

The ability to make personal economic decisions, including buying what you want and selling your labour, idea, or product to whoever you want, with minimal government interference.

Invisible Hand

Adam Smith's concept that by working in their own self-interest, individuals inadvertently benefit all of society as the market solves basic economic questions.

Laissez-faire Economics

An economic policy where the government adopts a 'hands off' approach to economic decisions, derived from the French for 'leave people alone to do'.

Utopian Socialists

Humanitarians like Robert Owen who advocated for improved working conditions and education to peacefully eradicate the worst aspects of capitalism.

Marxism

A radical form of socialism, also called scientific socialism, that advocates for a workers' revolution to overthrow capitalism and abolish private property.

Proletariat

The working class who sell their labor for wages and, according to Marx, must replace the ruling class through revolution.

Bourgeoisie

The capitalist class who own the businesses and means of production.

Classical Conservatism

An ideology, supported by thinkers like Edmund Burke, that reacts against classical liberalism by advocating for a return to traditional social structures and hierarchies.

Haudenosaunee Confederacy

A group of Indigenous nations in North America whose Great Law of Peace influenced ideas of democracy and cooperation.

Enclosure Acts

Legislation in Great Britain between 1700 and 1801 that allowed landowners to enclose common lands, eliminating public access.

Keynesianism

An economic theory by John Maynard Keynes arguing that government intervention, such as adjusting taxes and spending, is necessary to manage 'boom' and 'bust' cycles.

Stagflation

An economic situation characterized by high inflation, slow economic growth, and high unemployment occurring simultaneously.

Monetary Policy

Government or central bank actions that control the money supply and interest rates to influence the economy.

Fiscal Policy

Government decisions regarding taxation and spending used to influence economic activity.

Supply-Side Economics

An economic theory, associated with 'trickledown economics', that focuses on reducing taxes for businesses and the wealthy to increase production and supply.

Illiberalism

An ideology or set of undemocratic actions opposed to the values of liberalism, often occurring within a democratic society during times of crisis.

Enfranchisement

The legal process of gaining the right to vote; in Canadian history, it also refered to the process of terminating one's Indian status to receive full citizenship.

War Measures Act

A 1914 Canadian statute that gave the government broad powers to maintain security during war, invasion, or insurrection, leading to the suspension of civil liberties.

Totalitarianism

A political system where the ruling party has absolute control over all aspects of life in the name of the state, often using fear, terror, and propaganda.

Brinkmanship

The Cold War practice of pushing a dangerous situation to the edge of war to force an opponent to back down, notably seen in the Cuban Missile Crisis.

Detente

A period of reduced tensions between the United States and the Soviet Union from the late 1960s until 1979.

Perestroika

Economic reforms introduced by Mikhail Gorbachev designed to increase productivity by introducing elements of market reform in the USSR.

Glasnost

A policy of political openness and transparency introduced by Mikhail Gorbachev to allow Soviet citizens more freedom of speech.

Civil Disobedience

The peaceful refusal to obey laws or government policies considered unjust, such as the bus boycotts during the U.S. Civil Rights Movement.

McCarthyism

The practice of making accusations of disloyalty or subversion without sufficient evidence, named after Senator Joseph McCarthy's anti-communist pursuits in the 1950s.