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Economics Test

IR and Economics Test

QuestionAnswer
Command vs market economies A command economy is designed and overseen by government leaders whereas as a market economy is driven by the choices of individuals and businesses.
19th century Capitalism/laissez-faire A system that allows individuals to freely carry out their own economic affairs without economic intervention. Important principles are private ownership, competition, free trade, self-interest, and the laws of supply and demand.
Adam Smith He was an advocate for Laissez-Faire capitalism; governments should let businesses make their own decisions about products and workers. Wrote the Wealth of Nations and invented the 'invisible hand" principle.
Thomas Malthus Population growth theory: People have more children than they feed = famine. Wages Theory: Increasing salaries = more children = environment damage. Workers small salaries since they wouldn't use higher wages to improve lives. Wrote Essay on Population.
David Ricardo Early advocate of free trade, a principle of Laissez. Had the idea of comparative advantage: The idea that nations focus on industries that could easily compete in the market & only trade with other countries to gain products not available nationally.
Communism (then and now) An ideology created by Karl Marx, was a way of thought to help improve the living conditions of the poor/workers. In order to do this, everything should be fair, wealthy should give to the poor and private prop. is public prop.
Karl Marx Created Marxism which founded the basis for communism. Wrote the Communist Manifesto.
Friedrich Engels Created Marxism which founded the basis for communism. Wrote the Communist Manifesto.
Utopian Socialism in 1800s A leftist idea of how industries should be rebuilt to avoid abuse by society and instead create communities that support mutual cooperation.
Robert Owen Founder of utopian socialism.
Anarchism in 1800s and early 1900s A socio-economic system that gives complete power to the people, without a structured government. Principles: no rulers, mutual aid, and solidarity - using empathy to prevent crime.
Emma Goldman Late 1800s to early 1900s anarchist: Joined the German anarchist movement. Was an advocate for workers, women, freedom of sexuality: used violence and attempted assassination to get rid of the state.
Modern Capitalism Factors of production are privately owned, free operation of markets, distributes goods and services based on supply and demand. Doesn't encourage quotas or refugees, ignores external costs like climate change or pollution.
Socialism vs Social Democracy vs Democratic Socialism S: is a socioeconomic system based on the public ownership of production. SD: political ideology, promotes the direct intervention of the state; capitalist. DS: Democracy and abolish capitalism, provides basic needs for all people (health care/education)
John Maynard Keynes Founder of Keynesian economics. Says that demand drives supply and that healthy economies spend or invest more than they save. Said that government should increase spending to increase jobs and consumer buying power during recession.
Anarcho-capitalism and modern Libertarianism Anti-state philosophy: rejects the intervention of the state in anytime. A free market with voluntary trade of private property and consumer goods. Complete deregulation. Private and public property, no taxation, relies on people controlling themselves.
Utilitarianism as an ethical framework The choice that produces the best outcomes for the most people is the correct choice. Everyone's interests count. Can be applied to everything, produces happiness. Sometimes ignores human rights, debatable: ie death penalty.
Modern Utopian Socialism/Intentional communities Small communities where like-minded people live with busy yet simple lives: helping each other within the community. Protected from societal dangers, sustainable environment, similar ideas. Less productivity, no pressure from society.
Invisible hand principle There is an unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically.
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