Classical Liberalism Flashcards

Questions and Answers

What is liberalism?

A political and moral philosophy based on liberty, consent of the governed and equality before the law.

What does liberalism mainly focus on?

Individualism

Liberalism is the foundation of ________ societies.

Western

Where does classical liberalism lie on the economic spectrum?

Far-right because it is a form of laissez-faire capitalism where individuals are responsible for their own well-being. Signup and view all the answers

Where does modern liberalism lie on the economic spectrum?

Slightly right because it incorporates some collectivism. Signup and view all the answers

Where does democratic socialism lie on the economic spectrum?

Slightly left because the state is more in charge of society. Signup and view all the answers

Where does communism lie on the economic spectrum?

Far-left because the state has total power and collectivism overpowers individualism. Signup and view all the answers

What type of economic system does Communism have? What is an example?

Pure planned economy, an example of this is North Korea. Signup and view all the answers

What type of government do classical liberalists have and what is an example?

Pure free market, an example is the United States and Japan. Signup and view all the answers

What is scarcity?

Unlimited wants vs. limited resources Signup and view all the answers

What 3 questions do economists try to answer?

What should be produced? How much of it should be produced? Who should get what is produced? Signup and view all the answers

What is mercantilism?

Where the state tries to collect as much money as possible for the king or queen. Signup and view all the answers

Study Notes

Liberalism Overview

A political and moral philosophy centered on liberty, consent of the governed, and equality before the law.
Emphasizes individualism as a core principle.

Economic Spectrum Positions

Classical Liberalism: Positioned on the far-right; advocates for laissez-faire capitalism with minimal government intervention, emphasizing individual responsibility.
Modern Liberalism: Slightly right on the spectrum; includes some elements of collectivism and recognizes partial government responsibility for individual well-being.
Democratic Socialism: Slightly left; the state holds more significant responsibility for societal well-being, indicating more than half government intervention.
Communism: Far-left positioning; the state exerts total power over society, prioritizing collectivism and ensuring total government intervention.

Economic Systems

Communism: Operates under a pure planned economy; North Korea is an example.
Classical Liberalism: Functions within a pure free market; examples include the United States and Japan.

Economic Concepts

Scarcity: The conflict between unlimited wants and limited resources.
Economists' Key Questions: Inquiry into what should be produced, how much should be produced, and who benefits from what is produced.

Mercantilism

A system where the state aims to accumulate wealth for the monarchy through regulation and control of economic resources.

Description

Test your knowledge of classical liberalism with this quiz. Explore key concepts such as individualism, the importance of liberty, and the role of consent in governance. Perfect for students learning about political philosophies.