Development of Liberalism SBA PREP

The Bourgeoisie were a wealthy social class that profited from the __.

Means of production (factories, land, and business)

The __ is a poor working class who would sell their labor for wages.

Proletariat

__ is a social, political, and economic theory developed by Karl Marx during the Industrial Revolution.

Marxism (Communism/Scientific Socialism)

__ promotes an economy governed through democratic principles rather than by a central authority.

Democratic Socialism

Utopian Socialism aims to create a perfect and fair society through __ and shared wealth.

Cooperation

The Law of Demand states that as price goes up, __ goes down.

Demand

The __ is the amount of a good or service that producers are willing to offer for sale at different prices.

Supply

A __ economy is where the government makes all decisions regarding production and distribution of goods.

Command/Planned Economy

In a __ economy, decisions about production are made by individuals and businesses through supply and demand.

Market Economy

The __ is an economic policy where the government should interfere only to protect property rights and maintain law and order.

Laissez-Faire

The term __ coined by Adam Smith describes the self-regulating nature of the marketplace.

Invisible Hand

The __ law of wages suggests that if wages rise, it will lead to more workers and eventually lower wages.

Iron

__ stresses the importance of the individual over the group or society.

Individualism

Collectivism emphasizes the importance of the __ over the individual.

Group

__ suggests that competition ensures only the fittest will survive and thrive in society.

Social Darwinism

__ is the theory that suggests the best action creates the greatest good for the greatest number of people.

Utilitarianism

__ is an economic system combining capitalism with social welfare policies.

Welfare Capitalism

A __ state enacts too many policies that interfere with personal choices.

Nanny

The Industrial Revolution was characterized by a period of major __, technological, and social change.

Industrialization

Luddites protested against the changes during the Industrial Revolution, seeing technology as a __ to their way of life.

Threat

The Great Depression was a severe worldwide economic hardship where many struggled with __ and unemployment.

Poverty

Adam Smith is known as the __ of Capitalism for advocating laissez-faire economics.

Father

The __ of Capitalism includes profit motive, competition, freedom to buy and sell, private property, and laissez-faire.

5 Pillars

Thomas Malthus believed that population growth outpaces the ability to produce __.

Food

Karl Marx argued for a __ society where workers share everything equally.

Classless

Robert Owen, known as the Father of British Socialism, aimed to create __ communities to eliminate poverty.

Cooperative

The New Deal was a Keynesian economic plan aiming to pull the USA out of the __.

Great Depression

The goals of the New Deal are referred to as the 3 R’s: Relief, Recovery, and __.

Reform