Enlightenment Thinkers, Government, amd Markets + Vocab

Social Studies Unit 1

Thomas Hobbes

English philosopher known for his social contract theory and the assertion that humans are intrinsically selfish, necessitating strong centralized authority.

John Locke

English philosopher who asserted that individuals have natural rights to life, liberty, and property, and that government should be established to protect these rights.

Voltaire

French Enlightenment writer and philosopher known for his advocacy of civil liberties, including freedom of speech and religion, and his criticism of established authority.

Jean-Jaques Rousseau

French philosopher who believed in the social contract and the idea that government should be based on the general will of the people.

Mary Wollstonecraft

An English writer and advocate for women's rights, she argued that women should have access to education and the same rights as men, emphasizing equality and the importance of reason.

Adam Smith

Scottish economist and philosopher known as the father of modern economics, who promoted the idea of a free market and laissez-faire economic policies.

Karl Marx

Philosopher and economist known for his theories on socialism and communism, notably outlined in The Communist Manifesto, arguing that capitalism leads to class struggles.

Social Contract Theory

A political theory that posits an agreement among individuals to form a society and government, emphasizing the rights and duties of citizens and the authority of the state.

Command Economy

An economic system where the government makes all decisions regarding the production and distribution of goods and services, often contrasting with market economies.

Market Economy

An economic system where supply and demand dictate production and pricing, with minimal government intervention.

Mixed Economy

An economic system that combines elements of both command and market economies, where both the government and private sector play a role in economic decision-making.

Market Failures

Occurrences where the allocation of goods and services is not efficient, leading to a net loss in social welfare. Common examples include monopolies, externalities, and public goods.

Government Failures

situations where government interventions lead to inefficiencies in the market, often resulting in a loss of economic welfare. Examples include excessive regulation or misallocation of resources.

Externalities

Cost or benefit incurred by third parties not directly involved in a transaction.

Public Goods

Economic goods that are non-excludable and non-rivalrous, meaning that one person's use does not diminish another's ability to use them, such as clean air and national defense.

Tragedy of the Commons

a situation in which individuals acting in their own self-interest deplete shared resources, leading to overall harm to the community.

Natural Rights

The rights that individuals inherently possess, including life, liberty, and property, which are considered fundamental and should not be violated by governments.

Individual Rights

The liberties and entitlements that belong to each person, allowing them to act freely and make choices without interference from others or the government.

Ideals

that guarantee personal freedoms and protect citizens from government abuse.

Laissez Faire

An economic theory advocating minimal government intervention in markets and allowing individuals to operate freely.

Invisible Hand

A metaphor introduced by economist Adam Smith to describe the self-regulating nature of the marketplace, suggesting that individual self-interest leads to economic well-being.

Mercantilism

An economic theory that emphasizes the role of the state in managing the economy, promoting exports, and accumulating precious metals, often at the expense of free trade.

Capitalism

An economic system where private ownership and free markets are emphasized, allowing for profit-driven business activities.

Socialism

An economic system where the means of production and distribution are owned or regulated by the community as a whole, aiming for equal distribution of wealth and resources.