Define Collectivism and Categories (PACCCE)
- Mindset that values interests of the collective and common good.
1. Public Property
2. Adherence to Collective Norms
3. Collective Responsibility
4. Collective interest
5. Cooperation
6. Economic Equaltiy
Define Individualism and Categories (PRICES)
- Social theory favoring self-interest and prioritizes the needs of individuals (less gov.)
1. Private property
2. Rule of law
3. Individual rights and freedoms
4. Competition
5. Economic Freedom
6. Self-interest
Economic Equality
- Larger incomes, pay more tax
- Equal wages for similar work
- Guaranteed Annual income (GAI)
- Ppl should share in wealth of country or world
- Ppl own means of production collectively
- Everything should be free, no private property
Cooperation
- Members of a collective work together to achieve a common goal
Public property
- Anything owned by the gov, state or community.
- Managed based on bets interests of community
Collective Interest
- Common interests of a collective
- Foundation for social movements
Collective Responsibility
- A collective is responsible for the actions of an individual
Adherence to Collective Norms
- Standards that must be met to be part of the group
- norms can relate to conduct, values, or appearance
Rule of Law
Nobody is at an advantage in the eyes of the court, none is above the law
Private Property
Applies to three types of property owned by an individual: real estate, physical possessions and intellectual property.
Individual Rights and Freedoms
- Freedom of religion
- Freedom of association
- Right to life
- Liberty
- Right to security
Economic Freedom
Power to decide what you wish, as a consumer, to purchase and what a company decides to sell
Competition/Self-interest
- Link to economic freedom: encourage competition
- Free markets cater to self-interest
- supply and demand in market work to benefit majority
Define free markets
Consumers and markets have free choice to buy, sell, or trade w/o gov. interference.
