Term
Adam Smith is most associated with which of the following:
a. Socialism
b. Capitalism
c. Progressivism
d. Humanism |
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Definition
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Term
The law of _____ is associated with increased productivity.
a. diminishing returns
b. supply and demand
c. monetarism
d. division of labor |
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Definition
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Term
According to Smith, a market where the supply of a good or service is greater than the demand:
a. Is a natural phenomenon and will persist over time
b. Normally will only persist for a short time as supply will increase to meet demand
c. Is not possible in a market economy
d. Is a reason to support government control of markets |
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Definition
| b. Normally will only persist for a short time as supply will increase to meet demand |
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Term
Smith believed that education was only of value to workers in high-skilled operations.
True or false? |
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Definition
| False. He believed that all should have access to education to further their own situation. |
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Term
An accurate reading of Smith would conclude that he favors single-owner shops to large companies.
True or false? |
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Definition
| False. He liked the infrastructure that large companies brought and the massive amount of money that they brought with them. |
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Term
What is an important value of division of labor?
a. Reduces start-up time for conducting various stages of labor necessary for completion of a final product.
b. Provides each worker with a greater sense of pride for his/her contribution to the final product
c. Protects small family-owned firms from being forced out of business by large manufacturing companies.
d. Prevents workers in traditional occupations from being replaced by machines. |
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Definition
| a. Reduces start-up time for conducting various stages of labor necessary for completion of a final product. |
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Term
Smith believed in an "inherent value" of a commodity independent of the amount of labor required to product the commodity.
True or false? |
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Definition
| False. He believed that each product's price should be determined by the amount of work required to produce it. |
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Term
Which of the following represents something emphasized more by Smith than by Locke?
a. Importance of government
b. Social contract
c. Humans in a state of nature
d. Money |
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Definition
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Term
Smith believes that owners of industry are so rich and powerful that they can force ordinary workers to work at any wage they want, even if the wage is less than necessary for the worker to survive.
True or false? |
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Definition
| False. Smith believed that each should be paid enough to live at least. |
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Term
An accurate reading of Smith would conclude that he favors a high level of government regulation of the economy.
True or false? |
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Definition
| False. LOCKE believed that any government was better than no government, but Smith believed that the state of nature was one with no government intervention. |
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Term
The subject area that most interests Karl Marx is:
a. Relations between citizens and government
b. Property rights
c. Individual rights
d. Economic relations |
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Definition
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Term
Marx believes that capitalism is a very inefficient system of economic production.
True or false? |
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Definition
| False. Marx was a poster child for socialism and communism, but he had many respects for the power of capitalism. |
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Term
According to Marx, when the worker becomes alienated from his labor, his labor becomes _____.
a. A commodity
b. more valuable to him
c. only an abstraction
d. less specialized |
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Definition
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Term
According to Marx, capitalism leads to _____ division of labor.
a. less
b. more
c. neither more nor less
d. disruption in the |
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Definition
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Term
Which of the following words is the most associated with Nozick's conception of justice?
a. Equality
b. Fairness
c. Holdings
d. Redistribution |
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Definition
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Term
Marx believed that the interests of the working and capital classes were:
a. aligned
b. antagonistic
c. of little importance
d. getting closer as economies became more industrialized |
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Definition
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Term
Which of the following words is the most associated with Nozick's concept of justice?
a. Acquisition
b. Welfare
c. Surplus value
d. Reparations |
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Definition
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Term
According to Marx, the greater the division of labor in an industry, the more skilled the workers become.
True or false? |
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Definition
| False. He thought that the workers became more dumb and would just be used to push buttons on machines that required no skill from the operator. |
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Term
Nozick's conception of justice is closest to which of the following persons?
a. Marx
b. Rawls
c. Hobbes
d. Hayek |
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Definition
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Term
Under capitalism, according to Marx, wages of workers _____ .
a. tend to increase substantially as the economy grows
b. trend toward subsistence levels
c. are transformed into monthly salaries
d. become less important to workers |
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Definition
| b. trend toward subsistence levels |
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Term
Nozick's conception of justice argues for a minimally intrusive state.
a. True
b. False |
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Definition
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Term
Nozick believes that a distribution is just if it arises for another just distribution of legitimate means.
a. True
b. False |
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Definition
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Term
The capitalist system, according to Marx, leads to _____ competition between workers.
a. less
b. more |
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Definition
| b. more. There are more workers in the specific field and everyone is trying to find the best man for the job. |
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Term
As capitalism develops, it _____ opportunities for small industrialists to grow and prosper.
a. increases
b. decreases
c. has little effect on
d. causes workers to join with the |
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Definition
| b. decreases. He thought that it would be so expensive to enter a field where a giant was already ruling the market and make a profit that most small businesses would be run out. |
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Term
Nozick's conception of distributive justice is closest to the following: To each according to...
a. His/her need
b. his/her moral merit
c. His/her effort
d. The extent that he/she is chosen |
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Definition
| d. the extent that he/she is chosen |
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Term
Nozick seems to " " capitalism
a. Favor
b. Disfavor |
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Definition
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Term
According to Marx, profits and wages _____ .
a. are in inverse proportion to the other
b. complement the other
c. increase at the same rate as capital increases
d. become stagnated as capital increases |
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Definition
| a. are in inverse proportion to the other. The big-wigs know that they more they pay their employees, the less they get to keep in their pockets. |
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Term
According to Nozick's idea of distributive justice, the "from" in distribution can be conceived separately form the "to"
a. True
b. False |
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Definition
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Term
According to Marx and Engels, class struggle is a new concept unique to developed capitalism.
True or false? |
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Definition
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Term
Nozick believed that Wilt Chamberland was paid too much for his services as a basketball player
a. True
b. False |
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Definition
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Term
Nozick believed in minimal regulation of acquisition of wealth but high-level regulation of transfer of wealth.
a. True
b. False |
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Definition
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Term
According to Marx and Engels, the bourgeoisie historically have been reactionary and not themselves revolutionary in any sense.
True or false? |
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Definition
| False! He believed that the bourgeoisie had to start what they had from the bottom with hard work, some talent, and a lot of luck. |
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Term
Which of the following viewpoints is closest to Nozick's conception of justice?
a. Libertarian
b. social conservative
c. Modern Liberal/progressive
d. Socialist |
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Definition
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Term
Which of the following best describes something emphasized more in the Communist Manifesto as compared to the other works of Mar we took up in earlier class sessions?
a. Antagonisms of class
b. Destructive power of capitalism
c. Plight of the working class
d. Global reach of capitalism |
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Definition
| d. Global reach of capitalism. |
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Term
In the original position of Rawls, humans " " take into consideration the interests of others in society.
a. Do
b. Do not |
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Definition
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Term
According to Marx and Engels, crowding workers close together in factories tends to _____ the power of the working class to revolt against the capitalist class.
a. Increase
b. Decrease |
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Definition
| a. Increase. They will become much more angry with their situation and eventually it will boil over. |
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Term
Which of the following seems to apply to Marx and Engels?
a. German nationalists
b. Social reformers
c. Proletariat's
d. Internationalists |
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Definition
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Term
the "veil of ignorance" of Rawls, occurs " " the original position.
a. During (within)
b. After (outside) |
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Definition
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Term
An indispensable component of Rawls's concept of justice is:
a. Equality in everything
b. Market economics
c. Redistribution of incomes
d. Fairness |
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Definition
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Term
According to Marx and Engels, abolition of private property tends to:
a. increase its price
b. decrease its price
c. hurt the working class
d. eliminate its class character |
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Definition
| d. eliminate its class character |
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Term
A fair reading of Marx and Engels would conclude that they admire petty bourgeoisie socialism.
True or false? |
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Definition
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Term
In the original position, what motivates people to adopt rules that are just?
a. Desire that everyone have an opportunity to obtain riches
b. Empathy towards others
c. Calculation that just rules will lead to the greatest good for all
d. Desire to avoid being destitute |
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Definition
| d. Desire to avoid being destitute |
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Term
At what stage do Marx and Engels seem to argue would be the best point for the proletariat to rise up in revolution?
a. During feudalism, even before the bourgeoisie have a chance to emerge
b. If and only when liberal reformers have been unable to transform capitalist peacefully
c. After the emergence of the bourgeoisie and capitalism
d. Never, because they are in favor of peaceful reform, not revolution |
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Definition
| c. After the emergence of the bourgeoisie and capitalism |
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Term
Marx and Engels were skeptical of the Communists of their day because they were intellectuals and Marx and Engels that the workers alone, without help from any others, needed to take up their cause against the capitalists.
True or false? |
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Definition
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Term
In the original position, each person:
a. Knows his position in society, but not the position of anyone else
b. Does not know his position in society or the position of anyone else
c. Thinks he knows his position in society, but really does not
d. Thinks he knows the position in society of everyone else, but really does not |
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Definition
| b. Does not know his position in society or the position of anyone else |
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Term
As envisioned by Marx and Engels, immediately after a successful revolt by the government by the proletariat, society would be transformed into a classless form of communism that did not require the state (government)
True or false? |
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Definition
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Term
The best way of thinking of the original position is as a:
a. Constitutional convention
b. a forum for the exchange of ideas
c. a hypothetical situation that helps us conceive of justice
d. Something that every society should convene |
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Definition
| c. a hypothetical situation that helps us conceive of justice |
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Term
The society envisioned by Rawls is likely to have more equality of incomes than a utilitarian society
a. True
b. False |
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Definition
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Term
| What is Adam Smith's supposed "title"? |
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Definition
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Term
Basic rights that are part of the "first principal" can, according to Rawls, be compromised whenever necessary to obtain greater social and economic advantage for society
a. True
b. False |
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Definition
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Term
| What is the division of labor? |
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Definition
| Bring all the workers to the same place and give them a certain part of the labor process. They can innovate and get better by repitition. |
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Term
| What is Comparative Advantage? |
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Definition
| Whoever is better at a subject should do what he/she can do best so as to focus on that subject. |
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Term
| How are Marx and Locke similar? |
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Definition
| They are both interested in PROPERTY. |
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Term
The "difference principal" has to do with:
a. Equality of political rights
b. Equal opportunity to succeed in life
c. Redress of inequalities
d. Bring about racial harmony |
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Definition
| c. Redress of inequalities |
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Term
Rawls believes that society is best governed where natural talent is all kinds is rewarded to the maximum
a. True
b. False |
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Definition
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Term
| How are Marx and Smith different in attitude? |
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Definition
| Marx = Pessimist, Locke = Optimist in regards to capitalism. Marx looks at division of labor as bad for the workers, while Smith looks at it as a positive for the economy and an owner. |
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Term
| Supply and Demand shows what? |
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Definition
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Term
| On what does Marx do his unitive analysis? |
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Definition
| CLASS. He divides the working class from those who have "capital". He assumes that capitalism is causing problems for the workers. |
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Term
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Definition
| People should focus on their best skill set in order to offer the most |
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Term
| Piecemeal (the worker is selling:) |
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Definition
- Labor
- Hours of labor (time) |
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Term
| Why does Marx think that "small industrialists" are bad for workers? |
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Definition
| Because they cannot meet the low price of the conglomerations and they do not have as much concentrate capital and cannot pay the airlines more money! |
|
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Term
| depreciation of the worker |
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Definition
| workers will need to be replaced because of old age and other things (Marx) |
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Term
| The 4 uses for political philosophy? |
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Definition
1) A way to resolve deep and sharp conflict to find reasoned common ground for agreement
2) Legitimacy
3) Reconciliation
4) Utopian argument |
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Term
| What is the cruel dilemma? |
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Definition
| Leaders in developing countries have to choose to focus on the short term, or to create suffering in the short term so that in the long term all may gain. |
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Term
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Definition
Veil of Ignorance
-social conditions are taken off the table |
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Term
| How is Hobbes similar to Milton? |
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Definition
| They both believe that we need the enforcement of laws to prevent the "state of nature" and to prevent potential problems. Locke is also similar, he was concerned with protecting rights to property. |
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Term
| How is Milton Friedman characterized? |
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Definition
| As a LIBERTARIAN. However, he is an ECONOMIC LIBERTARIAN, not a social libertarian. |
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Term
| Nozick's view on Acquisition? |
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Definition
| Interested in how you obtained something, was it by legitimate means or not (Historical) |
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Term
| What is an economic libertarian? |
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Definition
| It is someone who believes that when we make our own choices regarding income and economic freedom, the market determines the balance. |
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Term
| Historical vs Current Slice? |
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Definition
Historical - Focused on how wealth was obtained
Current Slice - Focused on the distribution of wealth |
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Term
| Which two kinds of people are exceptions to rules of the state and require intervention, according to Milton? |
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Definition
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Term
| What type of government does Milton support? |
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Definition
| He supports the government as an "enforcer" and an "umpire". |
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Term
| What is the difference between a classical liberal and a modern liberal? |
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Definition
A classical liberal is a libertarian like J.S. Mills, concerned with markets and economies.
A modern liberal, or a "progessive" is the "left" , more often worried about social issues than the economy. |
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Term
| What is "market failure"? |
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Definition
| When the government builds a park or a something similar and it is not captured in the market because the houses bordering the parks did not pay for the improvement. |
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Term
| With regards to the stratification of classes in Marx's time, has there been a change or is it the same? |
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Definition
| It has most definitely changed! There is an immensely large amount of classes and numerous career paths that cannot be determined the way that they were in the past. |
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Term
| What are the two avenues to escape proletariat-ism? |
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Definition
1. Fortune and good luck
2. Become a petty bourgeoisie (shopkeeper) |
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Term
| How are Locke and Rawls similar? |
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Definition
Rawls was about liberty and equality, and Locke was about liberty and rights.
Rawls' equality can be broken into "opportunity" and "outcome" such as welfare, etc |
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