Principles of Individualism (6)
Principles of Individualism
1. The Rule of Law
Every individual is equal before the law
Principles of Individualism
2. Individual Rights and Freedoms
An important feature of liberal democracies including freedom of religion, freedom of association and right to life, liberty and security
Principles of Individualism
3. Private Property
Something owned by an individual, a house, clothes etc
Principles of Individualism
4. Economic Freedom
The freedom to buy what you want and to sell your labour, product or idea to whomever you wish
Principles of Individualism
5. Self-Interest
One’s personal interest or advantage
Principles of Individualism
6. Competition
The act of competing with others (many different companies selling different things)
What is free market?
An economic system with limited government intervention. Individuals make choices in their own self-interest
What are the principles of Classical Liberalism? (6)
What were the enclosure acts and what did they result in?
Forced farmers to build fences around their property, resulting in the elimination of many small farms
What is Laissez-faire?
Letting things take their own course. “Leave it alone” government doesn’t interfere in free market
What was the Industrial Revolution?
Transition in Britain from an agricultural and mercantile society to a modern industrial society
Define Capital
Money
Define Nouveau Riche
Newly wealthy
What were the ideas of Thomas Hobbes?
Believed a strong central authority was needed to help keep people in line; without it, life (not people) would be “nasty, brutish and short”
Ideas of John Locke on why people should form the government:
He believed people had the right to use their reason and logic to make decisions for themselves. People don’t need to rely on others to make decisions they can make for themselves
Ideas of Montesquieu on his reason for 3 branches of government: (4)
Ideas of John Stuart Mill on the limitations that he thought should be placed on individuals (2)
3 factors that led to the Industrial Revolution
Ideas of Adam Smith (2)
What was the “Wealth of Nations”
Adam Smith’s book that described the invisible hand theory and how it would benefit society
Smith’s Invisible Hand
The theory of the invisible hand: by having every individual look after his/her own best interest, he/she unwittingly ends up helping everyone else by providing jobs and cheaper products
Causes of the French Revolution (3)
Ideas of the Declaration of the Rights of Man and of the Citizen (5)