Government and Economic Systems

Flashcards reviewing key concepts from a lecture on government, economic systems, capitalism, and democracy.

What is the fundamental role of government in a society?

To organize itself, allocate authority to achieve goals, and provide necessary benefits.

Name three primary goals often pursued by governments.

Achieving economic prosperity, securing national borders, and ensuring the safety and wellbeing of citizens.

What is the main focus of politics?

How decisions are made, specifically regarding power distribution and resource allocation.

Why are governmental and economic systems often mistaken for each other?

Because they often develop together and are closely interconnected.

What is the relationship between capitalism and democracy, as mentioned in the notes?

Capitalism developed alongside democracy.

Who was John Locke and what were his key beliefs?

An English philosopher who believed all people have natural rights to life, liberty, and property.

Who was Adam Smith and what were his key beliefs?

A Scottish philosopher who believed people should have rights to property and keep profits; he also believed competition is good for keeping prices low and eliminating faulty goods.

What is the significance of Adam Smith's 'The Wealth of Nations'?

It formed the basis for understanding the principles of capitalism.

Define Individualism as it relates to democracy.

Freedom to act as one chooses instead of being controlled.

What are the potential negative consequences of democracy regarding wealth distribution?

It can lead to wealth gaps, where higher wealth gives a small minority great influence.

What influence do successful capitalists prefer to have in political systems?

Influence to maintain liberty over government.

How does money relate to power, according to the provided notes?

Less money equals less power; more money equals more power.