| Term | Definition |
|---|
| a system of normative beliefts shared by members of some social group | ideology |
| the right to life, liberty and property | lockean rights |
| The process by which economic and social systems of countries are connected together by the free movement of goods, services, capital and knowledge between countries, Characterized by open borders, free trade and international institutions | globlization |
| An economic system based primarily on private individuals making the main decisions about what they will produce | market economy |
| An economic system based on a government authority making the economic decision as to what is produced, who will produce it, and who will get it | command economy |
| Natural Right' to liberty and private property State of nature Each person owns his body and labor Government's role: preservation of natural rights by consent | john locke theory |
| Do individuals really have "natural rights"? Why should negative rights take precedence over positive rights? Rights and justice: Free markets create inequalities, and without government intervention, inequalities will increase Individual first and community later? | critics of locke |
| Free market to trade/bargain | adam smith |
| Price fixing - monopoly and oligopoly Payment for resources pollution, public goods, welfare, etc. Rational self-interested economic man Some degree of social planning is desirable | critics of adam smith |
| "In the long run, we are all dead" Free market is not necessarily efficient Government should act to ensure full employment in the economy Cutting interest rates Investing in infrastructure Tax policy | keynesian criticism |
| Globalization of Adam Smith's concept Benefits of global trade and specialization Free trade is beneficial if both parties have either absolute or comparative advantage | ricardo |
| Only two countries making only two products Immobility of resources – but MNCs can easily move resources Constant employment Constant costs International bodies (World Bank, WTO) | criticism of ricardo |
| Labour exploitation during Industrial Revolution Capitalist system has two classes: Owners of means of production (bourgeoisie) Owners of labour (workers/proletariat) Private property is the reason behind the unjust society The role of government historically has been to protect the interest of the ruling economic class (the owners of property) | critics of karl marx on free trade |
| In capitalist societies, the products that the worker produces by his or her labor are taken away by the capitalist employer and used for purposes that are antagonistic to the workerIn capitalist societies, the products that the worker produces by his or her labor are taken away by the capitalist employer and used for purposes that are antagonistic to the worker's own interests. Capitalism forces people into work that they find dissatisfying, unfulfilling, and that is controlled by someone else. Capitalism alienates people from themselves by instilling in them false views of what their real human needs and desires are. Capitalist societies alienate human beings from each other by separating them into antagonistic and unequal social classes that break down community | major injustices by karl marx |
| Does justice mean equality/ equal distribution? The benefits of private ownership and free markets outweigh the costs of inequality Government should not interfere in the business relationships of people | criticism of marx |
Combine with other sets
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