Classical Thinkers
Who is John Locke?
We hold these truths to be self-evident, that all men are created equal...
What is the Declaration of Independence?
The division of a society into different classes of people, usually based on income or wealth.
What is the Class System?
The freedom to buy or sell whatever you want from/to whomever you like.
What is Economic Freedom?
An example of this is people with larger income pay higher taxes.
What is Economic Equality?
The interests of a single individual can risk the security of the majority.
Who is Thomas Hobbes?
Technical term coined during the Industrial Revolution representing a shift from manual labour to machinery.
What is the Mechanization of Labour?
The stage of economic development during which the application of technology results in mass production and mass consumption within a country. This is accompanied by urbanization and changes in national living standards.
What is Industrialization?
When people act in this way they are in contention with others which benefits all in the society (supply and demand).
What is Self-Interest and Competition?
The means through which members of a group or a collective achieve their common goals.
What is Cooperation?
The only limitations that should be placed on the individual were those that would protect others.
Who is John Stuart Mill?
Deregulated mercantilist system caused a free-trade approach to the economy which provided more capital for the Industrial Revolution to occur and spread.
What is Effects of the Enclosure Movement?
A market that operates with limited government intervention. Questions regarding production and marketing of goods and services are decided through the free interaction of producers and consumers.
What is a Free Market Economy?
Every individual is equal before the __________ and all citizens are subject to the __________.
What is the Rule of Law?
Labour Unions.
What is Collective Interest?
Wanted humans to go back to natural, good characteristics.
Who is Jean-Jacques Rousseau?
Men are born free and remain free and equal in rights. Social distinctions may be founded only upon the general good.
What is the Declaration of the Rights of Man and of the Citizen?
Non-interference or non-intervention. Economic theory supports free markets and an individual’s right to own private property.
What is Laissez-Faire Economics?
Freedom of religion, speech, security, liberty, etc.
What are Individual Rights and Freedoms?
Holding the whole group accountable for the actions of individuals (or individual groups) within the group.
What is Collective Responsibility?
Disagreed with the existing mercantilist system, which increased the wealth of the state but not the wealth of most of the people within that state.
Who is Adam Smith?
The most far-reaching, influential transformation of human culture since the advent of agriculture eight or ten thousand years ago…
What is Effects of the Industrial Revolution?
An intellectual movement of the 17th and 18th centuries when classical liberalism spread through Europe and changed some people’s beliefs about religions, reason, nature, and human beings; also called the Age of Reason.
What is Enlightenment?
IP - writing, artwork, music, etc.
What is Private Property?
Standards imposed upon members as condition of membership in a group.
What is Adherence to Collective Norms?