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62 Cards in this Set
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Landism |
An est. preference for land over capital & labor. The pref. must be supported by Gov. policy to prevail. Such pref. for land & those who controlled it was est/ by the feudal system. |
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Landism (cont.) |
Was the central in the economy as well as the Gov. In terms of factors of production, the system might have been called landism Most men not only tilled & lived upon & off the land, but were more/less bound to it Political power was based on control of the land |
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Serfs |
Were attached to the land, in the sense that they could not ordinarily move away from it out of their own will, nor could the land lord ordinarily move them off the land.
Owed work to the lord of the manor & entitled to the land that he works and that which he lives |
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Feudal System |
The system of gov. that emerged during the earlier middle ages in western europe |
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What are the 3 classes (estates)? |
1. The Nobility 2. The Clergy 3. The Serf (peasents)
A man was born into his position (except the church)
Equality was neither the aim nor goal |
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Feuds |
Wars b/t feudal lords were common - consumed much of the wealth of Europe, particularly in the 10th & 11th Century - the wars & the prep consumed much of the wealth |
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The Manor |
An estate of a size & wealth reckoned to be sufficient to maintain a mounted warrior & household -consisted of the land, manor house, mills, shots, huts. The serf basically belonged Self- Sufficiency resided here-> all could receive what was grown Serfs had little incentive to work-> taxed up to 70% Forced labor Greatest deterrent of trade: lack of effective central gov. to maintain the peace. |
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Merchants |
A buyer & seller of commodities for profit - 12th & 13th c., strong monarch gained power & begun to consolidate their kingdoms w/ authority covering larger areas becoming stronger, the local feudal lords were somewhat restrained. - The greatest promoters of trade |
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Guilds |
Groups of merchants that took on permanent organizations - sought to get roads approved and sought to make safer travel - tended towards laborism - attitudes toward technology was decidedly anti-capitalistic - fought hard to strangle off competition |
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Fairs |
Organized by merchants & were places where merchants assembled to display, trade, & sell goods. -highly organized featuring partic. goods on display & sale during partic. periods - operated under their own partic. rules and had their own special courts to settle disputes
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Trade Laws vs. Feudal Laws |
Laws that hold sway |
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Towns |
Merchants were a class apart in medical europe - not nobles, clergy men or serfs - they were free men; came & went @ will-> neither vassal nor overlord - owned property in their goods- as the must sell & trade them - Became the instruments of freedom in europe-> the device by which they achieved what they did mainly in the town |
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Merchantilism |
A politico-economic system that's natioinalistic, usually involved an alliance in effect b/t the rulers and the merchants Seeks favorable balance of trade & tends to operate on the principle that a nations wealth consists of its holdings in precious metals. -Rep. the beginning of early modern period Institutions of trade made an appearance |
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Bullionism |
Maintained that a nations wealth consisted of its holdings of precious metals |
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Theory of merchantilism |
A theory of using the power of gov. to direct economic efforts so as to increase the wealth of a nation |
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Favorable Balance of Trade |
Merchantilist gov. preferred that their nation would sell more in goods to other nations thant they brought in return.
The diff. would be paid in gold & by their reconning it would increase the wealth of the nation |
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Nationalistic |
Mercantilism was clearly nationalistic not individualistic. It was concerned with the wealth of the nation rather than of individuals It pits one nation against all others-> one nations gain is viewed as another nations lost. |
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Planned Economy |
An idea associated with overall gov planning for & control over an economy. The best/worst examples= Stalin's 5 year plan the idea was misleading |
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Mercantilist Focus |
Was the focused used of GOP to direct & plan the economy. It is the forerunner of modern day economic planning favored by many social reformers |
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Monopolies |
This was the key to British Merchantilism - almost all trade & commerce, foreign or domestic, was in the hands of someone or the group of these
The king could charge for these Domestic consumers-> it drove to price of goods up |
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Lassiez Faire |
The french physiocrats belief that GOP must keep their hand off & leave people to their own peaceful pursuits - Adam Smith subscribed to this as a "natural law" view of natural liberty. |
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Natural Order & Natural Liberty |
The idea of this was used as a basis for a sustain assult on mercantilist practices |
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Why is liberty difficult to implement in practice? |
B/c social man is not by nature content merely w/ managing his own affairs. When people gain power over others, the spirit of the busybody becomes oppressive |
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Busybody |
Over-reacher's Don't want 100% liberty by if GOP gets introduced a little, they'll stat to but in.
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Economic Freedom |
Essentially free enterprise |
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Free Enterprise |
Entails the freedom of persons to use their minds, faculties, & materials to produce & dispose as they will or choose, subject only to such obligations, responsibilities, duties & restraints as they may have contracted or as are inherent in their undertaking Even moderate degrees of this were rare, The linkages to wealth & power makes the economy especially an attractive target of the GOP |
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Private Property |
W/o this, there can be no free market. Restraints on the use of property are restrains upon enterprise. ex: zoning Licensing |
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Free Enterprise is.... |
Is characterized by the laws of scarcity -things that are scarce are used less: things that are plentiful are used more ... is highly productive-> possibly the most productive means of mustering the ingenuity, skills, & labor or a people People must be basically responsible for their own well being-> freedom carries with it responsibility |
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Evolututionary Socialism |
Also known as gradualism, democratic socialism, & progressivism. A movement towards socialism by gradual means w/in a democratic framework w/o radically altering the existing political framework |
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Revolutionary Socialism |
Also known as communism, nacism, & facism More revolutionary in character |
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Collectivist |
The dominant economic feature of all the present-day politico-economic systems |
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What do corporatists aim to control? |
In both communist & non-communist portions of the world, they aim to control the economy by the regulation or capturing control over the capitol resources in it |
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Capitalism |
An est. preference for capital over the other elements of production, or the ideology which justifies such a preference -must be made by the GOP if it is to have any significance Private= when investments are privately made & the instruments of production are privately owned. When the state is the owner it should be changed to state |
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Crony Capitalism |
Where certain buisness interests are given preferential treatment Much different than free enterprise Referred to as corporatism |
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Private & State Corporatism |
Capital property are at least technically privately owned Capital & productive property is owned by GOP GOP aid tends to follow if it is not accompanied by GOP control |
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Example of Corporatism in the US |
Pacific Railway Act of 1862: Builders were given land & low rate construction loans. Results=bad quality & more track than necessary New Deal: the GOP control over the econ was greatly expanded during the brief period of the Ntl. Reconstruction Admin until it was declared unconstitutional in 1935 "Rent Seeking": using scarce resources to promote policies & prog. that redistribute tax $$ towards select & private interest.->economic loss Industrial Parks: Provided by municipalities w/ federal & state aid |
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Imbalances |
1. Indebtness 2. Unemployment 3. When the GOP inflates to create $$ for investment, it takes the value of new $$ from that which that already in circulation 4. Whatever the purpose behind GOP est. preferences, the result will be unwanted economic consequences |
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State corportism exists when... |
When the GOP(or state) owns, controls, & directs the use of capital or where there is no significant private ownership of means of production-> usually socialism or communism It is a monopoly over the economy |
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Bolsheviks |
Seized power in Russia in 1917 & took the nake of communism & set it up the their seat of power as the center of international communism Led to: chaos, starvation, & total breakdown of a civilization |
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Marxist- Lennist Doctrine |
Taught that communism could only be achieved in industrialize countries & the communist used the full power of the state to press industrialization |
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What is the difference b/t state & private corporatism? |
Private: the desires of the consumer are still generally saved
State: gives no priority to general consumers; no profits are involved & good that are produced are produced for no official reasons of state authorities & not b/c of the demand of consumers |
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Social Justice |
The face that welfarism wears as a politico-economic system
It has its roots in socialism |
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Welfarism |
Concerned primarily with the distribution or re-distribution of goods, services, & not their production
ex: politicians are expected to gain office by promises of a better distribution of wealth & favors & reward their followers by a larger scale of the pie |
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Collectivists |
Socialists are generally opposed to private property & wished to see the institution abolished |
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Laborism |
Laborism is to socialism as landism was to feudalism
holds that labor, particular manual work is the source of economic value hence of economic production |
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Labor Theory of Value |
The relative values of commodities are determined by the respective quantities or amounts of labor, worked up, realized, fixed in them |
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Socialism in Great Brittan |
A. Fabian Society B. Labour Party C. Nationalism of major industries D. Socialism was a dismal failure. The country has not been able to restore its previous position amongst developed nations |
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Socialism in the US |
Est. w/ the New Deal Social Security Act of 1935-> the s.s program is a collectivist & redistributionist plan Entitlement programs Tendency in most western countries has been to leave productive property in private hands |
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The Non Sequitur of the Dependence Effect |
"The Dependency Effecy"-> the fact that a great part of the unsatisfied wants in modern society are not wants which would be exposed spontaneously by the individual if left to himseld but are wants created by which they are satisfied- has abso nothing @ all to do w/ where these wants are urgent or important ex: appearence of wealth/success/etc may appeal more important Few needs are "absolte in the sense of social individualism |
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Communism |
An ideology that has been about as throughly disc. in theory in practice as an ideology could |
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Anti-Market |
Communism is profoundly this |
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Private Property |
Attitude toward the market follows quite naturally from the attitude toward private property under communism W/o this there can be no valid market |
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Revolution |
For Marx it was necessary & the first thing was for control over the factors of production |
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Economic Determinism/Dialectic Materialism |
Presumes that reality is entirely made up of matter & rejects the view that man has a threefold nature: spirit, mind, & matter. As a result, power resided in the hands of those who control matter |
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Utopia |
For Marx: if the capitalist (bourgeoisie) are overturned by the workers (Proletariat) then a new society could/would be ushered in Unfortunately: Revolution brings out the worst in man & thus communism exaggerates the worst feature of revolution |
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Stalin & his cohorts viewed competition as wasteful? |
Implemented 3 interations of a 5 year plan to totally industrialize the Soviet Union & have them surpass the western nations
Industrial Farms Vs. Collective Farms ex: the industrialization of agriculture |
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The Production of Goods |
Was an intractable problem for soviet communists Once in power, they discovered that they were confronted with a very large problem-> producing enough to supply the minimal needs of the population The problem of production was inherent in the communist approach-> the task of planning an entire economy insurmountable |
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What happened to the Soviet Union |
They were plagued throughout its 70 yr history w/ shortages-> contrast centralized planning w/ a free economy where the markey signals a demand & free men, seeing a change for gain, figure out how to supply it. |
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Command Economy |
The GOP commands the production of goods, determines price, & determined where it will be sold. This req. force & force is NOT good for production ex. Slave Labor |
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Beareaucracies |
Notoriously slow to act timid & unproductive |
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Who distributed the goods in the Soviet Union? |
The STATE: acc. to priorities of the rulers
Communist wanted to get rid of $$$ all together! In practice it only served as a minimal reward for labor Communism was supposed to be classless but in the S.U a whole new class system emerged (Animal Farm) |
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Communist Manifesto |
Marx & Engels |
