unit 2

Question 1

socialism

Answer 1

basically collectivism but economic. cooperation and workers own companies and economic equality

Question 2

capitalism

Answer 2

individualism but economic. self interest and self reliance and privately owned companies

Question 3

john stuart mill

Answer 3

• set foundation for liberal political ideas
• believed that people should have their own liberties and minorities should be recognized

Question 4

adam smith

Answer 4

• set foundation for liberal economy
• believed in progressive taxation, welfare, laissez faire

Question 5

laissez faire

Answer 5

• meaning “do as you want”
• economically means to leave the economy as it is which is an individualistic thing

Question 6

classical vs modern liberalism

Answer 6

classical
- less government intervention, most basic rights
- they didn’t care if it was a dictatorship, they just wanted a free market and basic rights

modern
- more government intervention and more niche? rights