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Questions and Answers
Which policy is most consistent with a socialist approach to managing the economy?
Which policy is most consistent with a socialist approach to managing the economy?
- Implementing strict regulations to prevent monopolies and promote fair competition.
- Minimizing government intervention to allow market forces to dictate economic outcomes.
- Eliminating all forms of taxation to allow for greater individual economic freedom.
- Nationalizing key industries to ensure equitable distribution of resources. (correct)
Which of the following best exemplifies the 'invisible hand' theory as advocated by Adam Smith?
Which of the following best exemplifies the 'invisible hand' theory as advocated by Adam Smith?
- A competitive market where individual self-interest leads to overall economic benefit. (correct)
- A central bank setting interest rates to control inflation and stimulate economic growth.
- Government subsidies directed towards renewable energy companies to promote sustainability.
- Regulations requiring companies to disclose environmental impacts to encourage responsible practices.
Which concept is a core tenet of classical liberalism during the period of 1870's-1930's?
Which concept is a core tenet of classical liberalism during the period of 1870's-1930's?
- Minimal government interference in the economy and strong protection of private property rights. (correct)
- Extensive government regulation of industries to ensure worker safety and fair wages.
- Significant public ownership of businesses to provide essential services to all citizens.
- Progressive taxation policies to redistribute wealth and reduce income inequality.
According to Marxist theory, what is the primary source of conflict in a capitalist society?
According to Marxist theory, what is the primary source of conflict in a capitalist society?
How does Montesquieu's concept of the separation of powers aim to limit governmental overreach?
How does Montesquieu's concept of the separation of powers aim to limit governmental overreach?
Which characteristic is most indicative of a 'cradle to the grave' social program, often associated with socialist ideologies?
Which characteristic is most indicative of a 'cradle to the grave' social program, often associated with socialist ideologies?
John Stuart Mill's classical liberal theory is most closely aligned with which of the following?
John Stuart Mill's classical liberal theory is most closely aligned with which of the following?
Which of these figures would most likely advocate for minimal government intervention in the economy?
Which of these figures would most likely advocate for minimal government intervention in the economy?
Flashcards
Socialism
Socialism
A political ideology advocating for a steering role in the economy, common ownership, equality, and comprehensive welfare programs.
Liberalism
Liberalism
A political ideology emphasizing personal freedoms, individual equality, and limited government intervention.
Separation of Powers
Separation of Powers
The idea that governmental power should be divided into separate branches to prevent any one branch from becoming too powerful.
Invisible Hand Theory
Invisible Hand Theory
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Classical Liberalism
Classical Liberalism
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Class Struggle (Marxism)
Class Struggle (Marxism)
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Bourgeoisie
Bourgeoisie
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Proletariat
Proletariat
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Study Notes
- Political spectrum (from left to right): Communism, Socialism, Liberalism, Conservatism, Fascism.
Socialism
- Planning involves government having a steering role in the economy.
- Common ownership is a feature.
- Strives for equality of right and opportunity.
- Aims to provide comprehensive support via government programs "from cradle to grave".
Liberalism
- Emphasizes personal freedoms.
- Focuses on equality of individuals.
- Advocates for limited government intervention.
People on the Political Spectrum
- John Locke
- Montesquieu
- Proposed the theory of separation of powers.
- Advocated that the different branches of government should be independent with checks on each other.
- Adam Smith
- Favored free markets.
- Developed the invisible hand theory, where market forces guide the economy with minimal government involvement.
- John Stuart Mill
- Advocated for equitable wealth distribution.
- A liberal who supported limited state intervention to maximize individual freedom.
- Thomas Hobbes
Classical Liberalism (1870s-1930s)
- Advocated freedom from government interference.
- Promoted free markets with no publicly owned businesses and minimal regulation.
- Supported limited government with private order, trade facilitation, minimal economic regulation and government activity.
Marxism
- Political and economic theory developed by Karl Marx.
- Posits capitalism creates class struggle between the bourgeoisie (wealthy elite) and the proletariat (working class).
- Views capitalism as exploitative and worker alienation.
- Predicts the downfall of capitalism.
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Description
Overview of the political spectrum, including socialism and liberalism. Examines the role of government in planned economies, common ownership, and equality. Highlights the emphasis on personal freedoms and limited government intervention.
