1
Q
Adam Smith
A
Introduced principles of Laissez-Faire classical economics
“Father of Discipline”
2
Q
Capitalism
A
An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
3
Q
Class system
A
System of ordering a society in which people are divided into sets based on perceived social or economic status
4
Q
Distribution of wealth
A
A comparison of the wealth of various members or groups in a society
- looks at the economic distribution of ownership of the assets in a society
5
Q
Standard of living
A
The degree of wealth and material comfort available to a person or community.
6
Q
Cost of living
A
The level of prices relating to a range of everyday items.
7
Q
Equal opportunity
A
The policy of treating employees and others without discrimination, especially on the basis of their sex, race, or age.
8
Q
Equality of Condition
A
seeks to reduce or eliminate differences in material condition between individuals or households in a society.
9
Q
Universal Suffrage
A
The right to vote for ALL adult citizens
10
Q
Enfranchisement
A
The right to vote
11
Q
Stagflation
A
Stagnation and inflation occurring at the same time
12
Q
Suffragettes
A
A woman seeking the right to vote through organized protest. (early 1900s)
13
Q
Feminism
A
The advocacy of women’s rights on the basis of the equality of the sexes.
14
Q
Inflation
A
A general increase in prices and fall in the purchasing value of money.
15
Q
Deflation
A
Reduction of the general level of prices in an economy.
16
Q
Deregulation
A
The removal of regulations or restrictions, especially in a particular industry.
17
Q
Flat tax
A
A tax system with a constant marginal rate, usually applied to individual or corporate income.
18
Q
Direct tax
A
A tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services.
19
Q
Indirect tax
A
A tax collected by an intermediary from the person who bears the ultimate economic burden of the tax.
20
Q
Human rights
A
A right that is believed to belong justifiably to every person.
21
Q
Command economy
A
An economy in which production, investment, prices, and incomes are determined centrally by a government.
22
Q
Mixed economy
A
An economic system combining private and public enterprise.
23
Q
Progressivism
A
Support for or advocacy of social reform.
24
Q
Affirmative Action
A
The practice or policy of favoring individuals belonging to groups known to have been discriminated against previously.
25
Democratic Socialism
Belief that both the economy and society should be run democratically—to meet public needs, not to make profits for a few.
26
Scientific Socialism
Socialism associated chiefly with Marxians and based principally upon a belief that historical forces (as economic determinism and the class struggle) determine usually by violent means the achievement of socialist goals
27
Radical Socialism
A socialist system with no tolerance for capitalism.
28
Transfer Payments
A payment made or income received in which no goods or services are being paid for, such as a benefit payment or subsidy.
29
Free Market Economy
A system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces in supply and demand are free from gov't intervention.
30
Laissez-Faire Capitalism
The gov't leaves the people alone regarding all economic activities; The separation of the economy and the state
31
Mercantilism
The economic theory that trade generates wealth & is stimulated by the accumulation of profitable balances, which a gov't should encourage by means of protectionism
32
Liberalism
The holding of liberal views
33
October Crisis
Began with the kidnapping of James Cross by the FLQ, and later the kidnapping of Pierre Laporte
34
FLQ
Front de Liberation du Quebec; a separatist & Marxist-Lenist paramilitary group in Quebec
- Part of the Quebec sovereignty movement
35
Progressive Taxation
A tax in which the average tax rate increases as the taxable amount increases.
36
Welfare Capitalism
Initiatives by industrialists to provide workers with non-monetary rewards to head off the growing demand for labour unions; also refers to gov't programs that would provide social safety nets for workers
37
Welfare State
A state in which the economy is capitalist, but the gov't uses policies that directly/indirectly modify the market forces in order to ensure economic stability and a basic standard of living for its citizens, usually through social programs
38
Trickle-Down Economics (aka supply-side economics)
Gov't economic policies that include
- Reduced income & business taxes
- Reduced regulation
- Increased gov't spending on military
- Generally favour the industry; if industry prospers, the wealth "trickles down" to the rest of society
39
Rule of Law
Every individual is equal before the law and all citizens are subject to the law
40
Socialism
An ideology that contains the belief that resources should be controlled by the public for the benefit of -everyone- in society
41
Stagnation
A period of slow economic growth
42
Classical Liberalism
- Emphasis on securing freedoms of the individual
- Values political freedom & a free market economy that has limited gov't intervention within the economy; less gov't intervention in the economy
43
Modern Liberalism
Advocates for a greater role for the state in society; gov't intervention in economy
44
Monopoly
The exclusive possession or control of the supply of or trade in a commodity or service
45
Luddites
Skilled textile workers who were being replaced by machinery
- Would break into factories to destroy machines
- i.e. Walmart employees being replaced by self-checkout
46
Chartists
Followers in the working class movement Britain that focused on political and social reform
47
New Deal
- FDR's agencies
- Gave gov't a more significant role in the regulation of the economy and in providing social safety net programs
- Provided emergency relief, reformed the banking system, & tried to invigorate agriculture and the economy
48
Utopian Socialists
Humanitarians who advocated an end to the appalling conditions of the average workers in the industrial capitalist countries at the time
49
Marxism
aka sceintific socialism/capitalism
- Only way to overthrow capitalism was by means of a class struggle between the proletariat and the bourgeoisie
- Economics = foundation of society & means of production needed to be in the workers hands
50
Labour Union
An organized association of workers formed to protect & further their rights and interests
51
Square Deal
```
A series of domestic programs; both labour + capital must be treated fairly
3 main goals:
- Control of corporations
- Consumer protections
- Conservatism of natural resources
```
52
Keynesian Regulation
Gov't must invest money t get money in order to get the cycles moving again
53
Dissent
The political act of disagreeing
54
Communism
A system of society with property vested in the community& each member working for the common benefit according to his/her capacity & receiving according to his/her needs.
55
Fascism
An extreme, right-wing, anti-democratic nationalist movement, in the past leading to totalitarian forms of gov't
56
Collectivization
An economic policy where all land is taken away from private owners & combined in large, collectively worked farms
57
Nationalism
Identification with one's own nation & support for its interests, especially to the exclusion or detriment of the interests of other nations.
58
Principles of Laissez-Faire
- Capital 1
- Capital 2
- Land
- Self-interests
- Labour
- Invisible Hand (fate)
- Markets (i.e. stock market)
59
Principles of Marxism (Marx's beliefs)
- Private ownership is theft
- Work is a human nature need
- Workers are the sole engine of an economy, NOT the owners
- Class structures are what give rise to class struggles and wars
60
Withering Away
Marx's belief that communism will wither away the gov't; things will fall into place
61
Boom and Bust cycle
A process of economic expansion and contraction that occurs repeatedly
62
Demand-Side economics
Theory that economic growth is most effectively created by high demand for products and services
63
Fiscal Policy
When a gov't adjusts its spending levels & tax rates to monitor & influence a nations economy (ex. tax cuts and increased gov't spending)
64
Monetary Policy
The process by which the monetary authority of a country controls either the cost of short-term borrowing or the money supply. Targets inflation or interest rate to ensure price stability.
- Expansionary and contractionary
65
Monetarism
The theory or practice of controlling the supply of money as the chief method of stabilizing the economy.
66
Thatcherism
- Margaret Thatcher; Policies advocating for the privatization of nationalized industries and trade union legislation.
- attempts to promote low inflation, the small state and free markets through tight control of the money supply, privatisation and constraints on the labour movement.
67
Liberal democracy
Representative democracy operates under the principles of classical liberalism
68
Limited Government
A governing or controlling body whose power exists only within pre-defined limits that are established by a constitution or other source of authority. (ex. gov't officials cannot search your home without a warrant)
69
Traditional Economy
Economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. ; often rural and farm based
70
Meritocracy
Government or the holding of power by people selected on the basis of their ability.(merit; the smart rule)
71
Supply and Demand
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
72
Social Safety Net
A collection of services provided by the state or other institutions such as friendly societies.
73
Labor Standards/Laws
Mediates the relationship between workers/employers, trade unions, and gov't
74
Collective Labor Laws
Relates to the relationship between worker, employer, and union
75
Individual Labor Law
Concerns workers rights
76
Employment Standards
Social norms and the minimum socially acceptable conditions under which workers or contractors are allowed to work
77
Classical Conservatism
- Stability of society, law and order, and customs and traditions are most important
- Skeptical of plans to remodel human society after an ideological model.
- Proposes that elites have a right to rule but are responsible for the welfare of others.
78
Industrial Revolution
The transition to new manufacturing processes in Europe, starting in the UK.
79
Reaganomics
Ronald Reagan; advocated reduction of taxes and the promotion of unrestricted free-market activity.
80
Great Depression
the financial and industrial slump of 1929 and subsequent years; a long and severe recession in an economy or market.
81
Dollar Voting
Refers to the impact of consumer choice on producers' actions through the flow of consumer payments to producers for their goods and services.
(I.e. I vote for Tim Hortons by buying their tea rather than paying for tea at McDonalds)
82
Factory Acts
Series of UK labour law Acts created to regulate the conditions of industrial employment.
Included requirements on ventilation, sanitation, and guarding of machinery
83
Nouveau Riche
People who have recently acquired wealth, typically those perceived as ostentatious or lacking in good taste
"The new rich"
84
Robber Barons
A person who has become rich through ruthless and unscrupulous business practices (originally with reference to prominent US businessmen in the late 19th century).
85
Captains of Industry
A business leader whose means of amassing a personal fortune contributed positively to the country in some way.
86
Invisible Hand
The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium
- Theory by Adam Smith
87
"Cradle to grave"
Marketing to youngins in attempt to create loyal consumers
88
Great Law of Peace
The oral constitution of the Iroquois Confederacy; states laws and traditions
- Symbolized by wampum belts
89
Haudenosaunee Confederacy
aka Iroquois - a historically powerful northeast Native American confederacy.
Confederacy unites to live in a common goal of harmony
90
John Stuart Mill
- "Actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness"
- Happiness is pleasure and the absence of pain
91
Robert Owen
Known for his efforts to improve the working conditions of factory workers and his promotion of experimental socialist communities
Better working conditions = greater productivity
92
Karl Marx
His communist beliefs - the state would whither away; radical
- Didn't start marxism, marxism created based off his beliefs
93
Milton Friedman
Free market economy with minimal intervention (aka trickle down)
94
FDR
Created New Deal; brought back energy and optimism in USA after the stock market crash
Social 30-1 (CHC)
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Decks in class (1)
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