Evolution of Economic Liberalism in Social Studies 30

Individualism

Emphasizes personal freedom and self-interest.

Collectivism

Prioritizes common good over individual desires.

Economic Freedom

Ability to make economic choices without restriction.

Competition

Rivalry among businesses to attract customers.

Private Property

Ownership of resources by individuals or companies.

Self Interest

Individuals act to benefit themselves.

Individual Responsibility

Accountability for one's actions and decisions.

Economic Equality

Equal distribution of wealth and resources.

Cooperation

Working together for mutual benefit.

Public Property

Resources owned collectively by society.

Collective Interest

Focus on benefits for the group as a whole.

Collective Responsibility

Shared accountability among group members.

Scarcity

Limited resources to meet unlimited desires.

Market Economy

Economy based on supply and demand.

Adam Smith

Father of capitalism and laissez-faire economics.

Invisible Hand

Self-interest leads to societal benefits.

Laissez-Faire

Minimal government intervention in the economy.

Industrial Revolution

Transition to industrial and capitalist economies.

Utopian Socialism

Idealistic approach to improve working conditions.

Robert Owen

Advocated for socialism without revolution but through philanthropy of factory owners.

Marxism

Radical socialism advocating for class struggle.

Karl Marx

Father of communism, promoted class equality.

Proletariat

Working class in a capitalist society.

Bourgeoisie

Upper class owning means of production.

Class Consciousness

Awareness of exploitation among the proletariat.

Progressive Era

Period of social activism and political reform.

Modern Liberalism

Economic shift to more government involvement in economic decisions.

Stock Market Crash 1929

Major financial collapse triggering the Great Depression.

Great Depression

Severe economic downturn from 1929 to 1939.

New Deal

FDR's programs aimed at economic recovery.

Alphabet Agencies

New Deal programs named by acronyms (e.g., AAA).

Social Security

Government program providing financial support to the elderly.

Franklin D. Roosevelt

President who implemented the New Deal in the 1930s

Fiscal Policies

Government spending and tax collection strategies.

Monetary Policies

Regulation of money supply and interest rates.

Neo-conservatism

Political ideology reacting against modern liberalism.

Milton Friedman

Economist advocating for minimal government intervention.

Reaganomics

Economic policy emphasizing tax cuts and deregulation.

Trickle-Down Economics

Theory that benefits for the wealthy will help all.

2008 Financial Crisis

Severe global economic downturn following housing bubble burst.

Free Market Economies

Economic systems with minimal government intervention.

Welfare State

Government system providing social services to citizens.

Economic Safety Net

Programs designed to prevent poverty and economic hardship.

Command Economies

Government completely controls the economy without private property.

Communism

A society without social class or economic inequality.

Mixed Economies

Combines free market with welfare programs for balance.

Examples of Mixed Economies

Examples include Canada, Denmark, and Sweden.

Mercantilism

Complete government control, focused on empire building.

Capitalism

Economic freedom characterized by free markets and competition.

The Square Deal (Progressive Era)

Theodore Roosevelt's program for consumer protection and competition.

Sherman Anti-trust Act

Prohibits monopolistic practices and promotes competition.

Bolshevik Communist Revolution

1917 uprising leading to the rise of communism in Russia.

GOSPLAN

Stalin's centralized planning agency for the Soviet economy.

Collectivization

Combining individual farms into large, collectively worked farms.

Nazism and Economy

Nazi policies stimulated industry while suppressing individual rights.

Keynesian Economics

Demand-side economics focusing on fiscal and monetary policies.

Deficit Financing

Spend more during recessions, tax less to stimulate economy.

Welfare Capitalism

Businesses provide welfare services, often supported by government.

Democratic Socialism

Government organizes social services, ensuring citizen welfare.

Government Budget Deficit

Spending exceeds tax revenue, leading to debt.

Stagflation

Inflation during a recession due to supply restrictions.

Inflation

Rate of increase in cost of living.

Demand-side Economics

Focuses on consumer demand to stimulate economy.

Supply-side Economics

Encourages production by reducing taxes and regulations.

Neo-Conservative Economic Policies

Reduce government role to stimulate market entry.

Friedrich Von Hayek

Economist advocating minimal government intervention.

Thatcherism

Economic policies of Prime Minister Margaret Thatcher.

Privatization

Transfer of services from public to private sector.

Globalization

Increased interdependence of global economies.

Covid-economy

Economic impact from lockdowns and trade restrictions.

Supply-chain Issues

Disruptions in the flow of goods and services.

1970s OPEC Energy Crisis

Supply pressures from geopolitical conflicts and policies.

Income Inequality

Disparity in wealth distribution among populations.

Balanced Budget

Government expenditures equal to its revenues.

social safety net

any form of government assistance for those with financial needs