POS 229 Term List

Constrained Vision

A view that human nature is flawed and limited, requiring free markets, laws, and traditions to manage trade-offs.

Unconstrained Vision

A view that human nature is highly perfectible, relying on active government planning and experts to redesign society.

Capitalism

An economic system where wealth is best created by free people, leaning towards liberty and dispersed power.

Socialism

An economic system that regulates and controls activity through central authorities, leaning towards order and centralized power.

Scarcity

Finite resources where there is never enough to satisfy all human needs and wants.

Surplus

Extra resources; more than what is needed.

Subsistence

Survival; having just what is needed.

Virtuous Circle

A self-reinforcing chain of events where one positive occurrence triggers another, leading to continuous growth.

Populists

The people's party; anti-big and anti-concentrated economic power.

Progressives

Urban, elite, and highly educated groups who wanted concentrated government economic power.

Relief

Immediate economic aid (one of the Three Rs of the New Deal).

Reform

Short-term economic restoration (one of the Three Rs of the New Deal).

Recovery

Long-term structural changes to the economy (one of the Three Rs of the New Deal).

Rationalization

Replacing traditional customs with structured, rule-based systems to maximize efficiency and predictability.

Enlightened Administration

A governing body guided by reason, empirical knowledge, tolerance, and public welfare rather than dogmatic control.

Social Security

Government support funded by taxes to take care of retired individuals.

Freedman's Bank

An independent, federally chartered bank for basic financing that eventually switched from saving to speculation.

Self-Interest

Working for one's own benefit, which can unintentionally benefit others and the greater economy.

Reconstruction Amendments

13th (abolished slavery), 14th (birthright citizenship and due process), and 15th (voting rights regardless of race).

Adam Smith

Father of economics with a constrained view; author of Wealth of Nations and the Invisible Hand theory.

Tocqueville

Constrained view thinker who argued enlightened self-interest aids society, but noted Americans are never satisfied.

Douglas (Self-Made Man)

Argued the self-made man's success should be measured by where he started compared to where he is now.

Wilson (New Freedom)

Viewed the government as a living organism and argued the middle class was being squeezed out.

Franklin Roosevelt

Formed the New Deal and the AAA.

Henry Hazlitt

Popularizer who studied how the price system and the invisible supply-and-demand system regulate the economy.

Beecher

Discussed coverture, budgeting, money management, and wise spending within the home.

Federalist 11

Argues that united states benefit the economy, trade, mutual protection, and push back against European superpowers.

Federalist 12

Argues that the Articles of Confederation failed because they could not generate revenue through taxes.

Connections to Unit 1

Power and liberty (capitalism and socialism), human nature, power of the purse, amendments 5 and 14 (due process), inter-state relations (article 4), fed 10 (factions pursue self-interest), and fed 12 (revenue - taxes)