Ms. Kadri's Classroom Pensieve
Economic Liberalism UnitVideo 1 - Introduction to Classical Economic Liberalism Economics is how a society organizes its _________________________ Humans are greedy and our wants are never satisfied but the planet has limited resources. This creates __________________; an economic system helps to deal with this. The three economic questions in any society are________ to produce________ to produce________ gets the products (how to distribute) Market economy answers to the questionsWhat to produce – consumer ___________How to produce - _______ of the product decidesWho gets it – price system and ________ Planned economy answers to the questionsWhat to produce - ___________How to produce - ___________Who gets it - ___________ Canada wants to incorporate ideas from both the market and planned economy – this is a _________ economy After the videoComplete this chart A B C D E F Row A – right, left, centerRow B – public direction, private directionRow C - laissez-faire, planned economy, command economy, free enterprise, centrally planned economy, invisible handRow D – socialism, welfare capitalism, communism, capitalismRow E – interventionist, individualistRow F – common good, individual initiative, social welfare, collectivism, individualismVideo 2 - Introduction to Classical Economic Liberalism (aka Capitalism, Market Economy) 1. The ideas of capitalism grew out of the Enlightenment and are therefore considered to be _____________ liberalism2. Before the Enlightenment most economies were controlled by the monarchy and was known as ________________________ (an example is the Hudson’s Bay Company)3. Adam Smith wrote the “Wealth of Nations” where he talked about the term _______________________ which means leave it alone, in other words the government should not be controlling the economy = more freedom = liberalism4. Adam Smith would want taxes to be _______ because while the government needs funds to keep the country safe (you can’t have a strong economy if you are at war, and you need courts to enforce the laws) he didn’t want the government in charge of other aspects of our lives5. When people pursue their own self-interests, businesses will succeed. Smith called this the __________________________ because the control of the economy is not seen, it just happens through the forces of supply and demand.6. List the key characteristics of a classical liberal economy 7. What are three reasons why people support this economy? 8. Two extreme ideas came from Thomas ___________ and David ______________. After the videoWhich characteristic do you think is most important to a liberal economy and why? What do you think is the best reason to support this economy (see #7) and why? Video 3 - Cons of Capitalism and the Utopian Socialist SolutionGive one reason why capitalism is a superior economic system. During the Industrial Revolution, with the middle class was benefiting, the workers were treated terribly. Today we call these laissez-faire factories _____________________Another problem with a free market economy is that it is ____________________ - the business cycle goes up and down.Shark fins are an example of resources being wasted, clear cutting a ____________ is another exampleThose who saw the injustice to the working class developed a new ideology known as _______________ which focuses more on the people (or society) than individual profitsSocialists say that you can’t be free or compete when someone is taking advantage of you – they saw the need for government ____________________________________ socialists believed that some government intervention would create a more perfect society. They did NOT want ________ government control but instead intervention in areas like labor laws, public education and social programs.These ideas are very similar to the ________________ liberal ideas of today.One of the more famous utopian socialists was Robert _________ who built the factory community of New LanarkUnions are a socialist idea as they are a way for employees to work _________________. This gives them some power over their boss to ensure that working conditions are favorable (the most extreme action they can take is going on strike)Sweden has even more social programs than Canada and is known as a ______________ to _______________ economyIn Sweden the government, employers and employees come together to make economic plans – this is called ___________________ planningHow are the three economic questions answered by democratic socialists? Video 4- The pros of Communism1. The most extreme form of socialism is communism, also known as a __________________ _______________ economy2. Communists believe that state control of all industries and an emphasis on equality would prevent __________________________3. The motive to work in a communist society is not for your selfish needs, but for the good of the _________________________4. Eventually there would be no need for a strong central government because everyone would be ___________________ with each other.5. Karl ________ is the best known supporter of communist ideas (which is why some refer to it as Marxism)6. Marx looked at the history of mankind and saw that there always seemed to be a _____________ between the bourgeoisie (______________) and the proletariat (___________________)7. Marx’s steps to a communist societya. Encourage the _________________ to rise up and overthrow the Bourgeoisie. b. Proletariat would then set up a ___________________ dictatorship until everything gets organized, but eventually you would create a society where everyone owns all of the business, and you all share the resources of the country.c. All private property would become ____________. d. In this society you would be trained to be the best at something you were skilled at, and all of your needs, like food and shelter, would be taken care of. “From each according to ___________, to each according to __________”.8. Communism can fix the problems of the capitalist system likea. Resources being ______________ (government controls the resources and ensures there is no waste)b. Suffering from the ___________________ cycle (the government controls the economy so you won’t have inflation or recession)c. Poverty (communism eliminates _________________)9. With communism, you can quickly _________________ your nation, improving the economy (eg. The USSR versus Great Britain) After the videoIf you lived in a communist society where you were trained to do something you are really good at, what would you want to be trained in (what job would you hope to have)? How would this job help the community?Video 5 – The cons of communism 1. In 1917, Lenin overthrew the government by leading a revolution with the motto ____________ __________ and ____________2. A civil war meant that Lenin could not bring in full communism. Eventually Lenin sees that he cannot create a pure communist society and establishes the ______ - the New Economic Policy. 3. The NEP takes the economy slightly to the ______________4. When Stalin takes over he cancels the NEP and implements ____ year plans that were organized by the government agency _________________5. This was different from Sweden’s 5 year indicative planning because Stalin’s government didn’t just indicate where the economy would go – Stalin __________ it6. These 5 year plans focused on _________________ (to protect them against future invasion)7. Stalin was able to justify the rejection of classical liberalism in favor of communism by pointing to the results – his nation _________________ in a tenth of the time it took many European nations to industrialize.8. Gosplan, the planning agency, had to take into account all of the items required to create a product, and could not predict things like natural disasters, or what would be in demand years from now. Therefore resources were ____________, and even worse, workers were often subject to __________ working conditions, peasants were forced off the land as farms were __________________ and turned into state-owned industries, a rebellion in the Ukrainian wheat-belt led to a famine that many consider to be a genocide. 9. The government employed spies and encouraged people to rat on each other in order to maintain _________________. And the threat of imprisonment was always lurking. This was not the society Marx had envisioned, but Stalin told the people this hardship was just _____________.10. Another problem that came with USSR’s focus on industrialization meant that the government planners ignored ______________ goods – which can spur economic growth11. Gorbachev saw the need to introduce a few aspects of __________________ into the communist economy in order to make communism more success. His ideas were called perestroika and glasnost12. Yeltsin’s massive turn to right-wing economics led to economic ____________ After the videoWhat does perestroika mean? What does glasnost mean? In the previous video worksheet you were asked what job you would want to have to contribute to society; how would training you just for that specific job not be beneficial to you or the community? Why have countries like China and Cuba turned away from their communist economic policies? What kind of “economic parent” would you be – lenient or strict? Why?Video 6 - Liberal Responses to the Growing Support for Socialism1. The increasing rejection of liberal economic ideas through the support for extreme ______________ ideas led liberals to rethink their ideology.2. Freedom FROM government encouraged laissez-faire policies which led to the abuse of workers. Liberals started to want more government intervention to prevent this, so they moved from a negative freedom (from government) to a ___________ freedom (to have freedom in a protective atmosphere)3. ___________________ were very successful businessmen who had used the capitalist system to their advantage, often abusing their workers4. Modern liberal supporters said that the opportunities for competition and profit motive should be for everyone and the only way to ensure this would be to provide _______________ to everyone (paying for this through taxation = some sacrifice for a stronger economy)5. Theodore Roosevelt introduced a “__________________” where he allowed for some protection of unions and anti-trust laws (to prevent monopolies).6. _________ capitalism grew in popularity at this time (which is a system that is right of center, with a focus on market economic forces but also includes some social programs).7. Some say modern liberalism didn’t grow out of a concern for the less fortunate, but a way to prevent the _____________________ that were gaining support8. Another Roosevelt, Franklin, was president during the Great Depression. He supported the ideas of John Maynard Keynes and introduced the ________________9. The New Deal applied Keynesian economic ideas which say that the government should interfere in order to protect capitalism through fiscal and monetary policies.10. Fiscal policy is the use of ________ and government ___________ to help control the business cycle11. Monetary policy is where the government influences private bank’s __________________ and controls the amount of money being printed.12. One major problem that comes with these ideas is if the government decreases taxes and increases spending this will create a ____________ After the video1. Why are Keynesian economic ideas also known as “demand-side” economics? 2. Explain how monetary and fiscal policy are used during a recession 3. Explain how monetary and fiscal policy are used to control inflation Video 7 - Canada’s mixed economy 1. All economies are somewhat mixed, but a mixed economy focuses on trying to balance both ____________ and _______________ economies.2. Some of the ways you can identify a mixed economy includesa. ___________ and ____________ ownership of propertyb. government controls and _______________c. social programs to help the less fortunate3. The goal of these programs is to promote ___________ without resorting to absolute government control4. Many mixed economies use _________________ taxation where the more you make, the higher percentage of taxes you pay. Supporters say this is fair because the poor have a hard time paying taxes5. Opponents of progressive taxation say you are punishing successful people by making them pay more, so we should have a _______ tax instead (where everyone pays the same percentage)6. The _________________ is all of the workers needed to help the government do their job After the videoGive an example of public property in CanadaGive an example of private property in CanadaGive an example of a subsidyGive an example of a social programDo you prefer progressive taxation or flat rate taxes? Defend your answer.What do you think would be the best health care system – public, private or two-tier. Defend your answer. Video 8 - Neo-Conservative Reaction1. Economic systems are often developed in reaction to the problems of another economic system. So…- capitalism was developed as a reaction to _____________- _____________ developed as a reaction to capitalism- ________________ adopted some ideas of socialism to protect capitalism- neo-conservatives want to return to the values of capitalism (_______________ liberalism)2. Neo-conservatives don’t like having the people be so dependent on the government. They feel the best way the government can support the economic is to let capitalist entrepreneurs work without having all of the government controls like ____________ _____, environmental regulations or corporate ______________3. Ronald Reagan ran for president on the platform that he would fix the stagflation by rejecting Keynes’ ____________-side economic policies, and instead following the ideas of Milton Friedman with ___________-side economics.4. Fredrich Von Hayek argued that whenever we allow the government to provide services, we are that much closer to becoming a _____________. 5. Both Reagan and Thatcher found that their programs did work in some areas, but it also left a negative legacy – for example the increasing ___________ led to increased gang crime in the ghettos as people felt helpless in the capitalist society that was leaving them behind.6. We also saw some aspects of this neo-conservative reaction here in Alberta. In the 1990s, under the leadership of ___________________ After the videoHow are supply-side and demand side economics different? Complete the diagram Supply-side economic ideas in a recession Demand-side economics in a recession Fiscal policy – taxes ___ Fiscal policy – taxes ___ spending ___ spending ___ Monetary policy – interest rates ___ Monetary policy – interest rates ___ money supply ___ money supply ___ Supply-side economic ideas to reduce inflation Demand-side economics to reduce inflation Fiscal policy – taxes ___ Fiscal policy – taxes ___ spending ___ spending ___ Monetary policy – interest rates ___ Monetary policy – interest rates ___ money supply ___ money supply ___ Why is this system known as “trickle-down economics”? What are the pros and cons of supply-side economics? Pros Cons ................
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