Modern liberalism aims to balance the interests of individuals and society.
Karl Marx is not closely associated with liberalism.
One of the core principles of liberalism is the support for individual liberty.
Liberalism as a philosophical concept remains vague and undefined.
Hallowell’s ideas about liberalism emphasize the paramount responsibility of the state for the welfare of the individual.
Liberalism has contributed to the development of democratic ideas and the discouragement of feudal order.
Sorel is not associated with liberalism.
In Hallowell’s ideas about liberalism, the independence of the individual should be checked in social fields.
Negative aspects of liberalism developed during the 17th century.
MacGovern defined liberalism as a combination of democracy and individualism.
The main feature of liberalism is the opposition to blind faith and the emphasis on individual liberty.
Liberalism stands for constitutional government, faith in world peace, and the philosophy of live and let live.
Liberalism struggles for human freedom, supports constitutional government, and has faith in secularism.
Liberalism is not an antonym of conservatism, individualism, or democracy.
Laski described liberalism as “the expression less of a trend than of a temperament.”
Liberalism opposes artificial pressures on freedom, favors limited state activities, and supports the separation of powers.
Liberalism originated from the Latin word ‘liberalis.’
Liberalism arose as a reaction against feudalism, the Church, and the absolutism of the king in the 16th century.
Locke is often described as the father of liberal political philosophy.
Locke’s political views include supporting constitutional government, limiting state sovereignty, and considering individuals prior to the state.
17th-century liberalism emphasized the dignity of the individual, rationality, and the belief that freedom is the absence of restraints.
Liberalism advocates rights of the individual, free trade, the ideal of the secular state, and the right to national self-determination.
Positive liberalism developed by the end of the 19th century.
Positive liberalism became necessary due to the liberal philosophy of free trade.
Liberalism advocates individual liberty, equality among citizens, supports constitutional government, and upholds secularism.
Sartori defined liberalism as a compound of democracy and individualism.
Marx is not associated with the limiting of the functions of the state on an economic basis.
As a liberal, Bentham did not stand for the status quo in the educational system.
Karl Marx is not an advocate of liberal philosophy.
Liberalism wants changes through peaceful means, which is not possible according to this criticism.
Positive liberalism features the state as an instrument of general welfare and a moral institution.
Liberalism opposes artificial pressures on freedom, stands for free trade, and wants limited state activities.
Liberalism is a viewpoint, not a principle.
Dewey described contemporary liberalism as both an attitude and a program of action.
Contemporary liberalism laid more stress on social groups than on the individual.
As a liberal, Bentham believed that the individual can revolt against the state if natural rights are not protected.
Rousseau is not associated with the defense of liberalism on ethical grounds.
Ethical values of liberalism include the promotion of individual liberty, state minimization, and faith in constitutional government.
Laski is not associated with the defense of liberalism on an economic basis.
Herbert Spencer defended liberalism on the biological basis.
Individualists believe that the individual is the best judge to decide about his own welfare.
Individualists believe that the individual’s independence should be checked in political sphere.
Individualists believe that the state should protect and restrain.
Herbert Spencer supported individualism on ethical grounds.
Individualists theory was justified on the plea that it will create artificial barriers in trade.
Individualists’ theory of state functions is criticized for considering the state a necessary evil.
Individualists’ theory has been refuted because experience has proved it wrong.
Graham Wallas is associated with Fabianism.
According to New Individualism, the state shares its sovereignty with other associations.
New Individualism defines the state as one of many associations.
Modern individualists are in favor of decentralization of authority.
Modern individualists stand for decentralization of authority.
Modern individualists believe that majority party rule has failed.
New Individualism defines the state as an instrument of exploitation.
Modern Individualists favor concentration of authority in the hands of the state.
Liberalism is a philosophy that pleads for freedom from every form of social control except law.
The term ‘Liberalism’ originated from early Greek thinkers.
Liberalism developed as a definite theory or philosophy in the 19th century.
Liberalism flourished maximum in England due to its strong middle class.
The chief exponent of Liberalism in England was John Locke.
Bentham’s liberalism was narrower in scope than that of Locke.
MacGovern laid down the principle of Liberalism.
Laissez-faire is closely associated with economic liberalism.
Laissez-faire is based on the idea of minimal government intervention in economic affairs.
Laissez-faire opposes government interference in the market and supports free competition.
Laissez-faire emphasizes the self-regulating nature of the market.
Laissez-faire is often attributed to Adam Smith’s economic philosophy.
Adam Smith’s “The Wealth of Nations” laid the foundation for economic liberalism.
Economic liberals advocate for free trade and open markets.
Economic liberalism believes in the efficiency of market forces to allocate resources.
Economic liberalism supports the idea that individuals pursuing their own interests lead to collective prosperity.
Economic liberalism stands against protectionism and trade barriers.
Utilitarianism is associated with Jeremy Bentham’s moral and political philosophy.
Utilitarianism seeks the greatest good for the greatest number.
Bentham’s utilitarianism emphasizes the importance of quantifying pleasure and pain for ethical decision-making.
Utilitarianism evaluates actions based on their overall utility in maximizing happiness.
Bentham’s utilitarianism supports policies that result in the greatest overall happiness.
John Stuart Mill expanded on Bentham’s utilitarianism by introducing qualitative differences in pleasures.
Mill’s utilitarianism distinguishes between higher and lower pleasures.
Mill’s utilitarianism focuses on intellectual and moral pleasures as higher than physical ones.
The harm principle, advocated by Mill, suggests that individuals should be free to do as they wish as long as they don’t harm others.
Mill’s utilitarianism incorporates individual rights and freedoms as essential components.
Classical liberalism emphasizes limited government intervention in both economic and personal matters.
Classical liberalism supports the idea of negative freedom, which is freedom from external restraint.
Classical liberals believe that the role of the state should be minimal in order to preserve individual liberties.
Classical liberalism promotes the rule of law and equal protection of rights.
Modern liberalism differs from classical liberalism by advocating for a more active role of government in social and economic issues.
Modern liberalism supports positive freedom, which involves providing resources and opportunities for individuals to achieve their potential.
Modern liberals believe that government intervention can rectify social inequalities and promote individual well-being.
Rawls’ theory of justice proposes that inequalities are acceptable only if they benefit the least advantaged members of society.
Rawls’ theory of justice suggests that individuals should make decisions behind a “veil of ignorance” to ensure fairness.
Rawls’ theory of justice supports social and economic inequalities that improve the situation of the least well-off.
Social liberalism combines individual freedom with social equality and a commitment to address societal issues.
Social liberals advocate for social safety nets, healthcare, education, and other public services to reduce inequality.
Social liberals believe that a just society provides equal opportunities for all its members.
Neoclassical economics, influenced by liberalism, emphasizes rational decision-making by individuals in the marketplace.
Neoclassical economics assumes that individuals act in their self-interest to maximize utility.
Neoclassical economics asserts that market equilibrium is achieved through supply and demand interactions.
Neoclassical economics suggests that government intervention can lead to market inefficiencies and distortions.
The “invisible hand” concept, introduced by Adam Smith, describes how self-interested actions in a market can lead to positive outcomes for society.
Keynesian economics, named after John Maynard Keynes, advocates for government intervention during economic downturns to stimulate demand.
Keynesian economics suggests that government spending can boost economic activity and reduce unemployment.
Keynesian economics challenges the idea that markets will always self-adjust to full employment.
Monetarism, associated with Milton Friedman, emphasizes the importance of controlling the money supply to manage inflation and stabilize the economy.
Monetarists believe that excessive money supply growth leads to inflation, while a stable supply promotes economic stability.
Monetarism critiques Keynesian ideas and promotes a more limited role for government in the economy.
The Phillips Curve demonstrates an inverse relationship between unemployment and inflation in the short term.
The Phillips Curve suggests that policymakers face a trade-off between unemployment and inflation.
The Phillips Curve concept has been criticized for its applicability in the long term and in situations of stagflation.
Rational choice theory assumes that individuals make decisions based on a rational analysis of costs and benefits.
Rational choice theory is widely used in economics, political science, and other social sciences to explain individual behavior.
Rational choice theory suggests that individuals will choose the option that maximizes their utility or satisfaction.
Game theory analyzes strategic interactions between individuals or groups to predict their choices and outcomes.
Game theory models are used in various fields, including economics, political science, and biology.
Nash equilibrium, named after John Nash, occurs when each player’s strategy is optimal given the other players’ choices.
Nash equilibrium is a key solution concept in non-cooperative games.
Behavioral economics integrates psychology into economic theory to understand how individuals deviate from rational behavior.
Behavioral economics recognizes that individuals can be influenced by cognitive biases and social factors in decision-making.
Prospect theory, developed by Daniel Kahneman and Amos Tversky, explains how people make decisions involving risk and uncertainty.
Prospect theory suggests that individuals tend to avoid losses more than they seek equivalent gains, leading to risk aversion.
Public goods are non-excludable and non-rivalrous, posing challenges for market provision due to the free rider problem.
The tragedy of the commons occurs when individuals overuse a shared resource, leading to its depletion.
Coase theorem, formulated by Ronald Coase, suggests that if property rights are well-defined and transaction costs are low, private bargaining can resolve externalities.
The Coase theorem implies that even in the presence of externalities, efficient outcomes can be achieved through negotiations.
The Gini coefficient is a measure of income or wealth inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).
Human capital refers to the skills, knowledge, and abilities that individuals possess, contributing to their economic productivity.
The Gini coefficient is a measure of income or wealth inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).
The law of diminishing marginal returns states that as additional units of a variable input are added to a fixed input, the marginal product of the variable input will eventually decrease.
The term “capitalism” refers to an economic system where the means of production and distribution are privately owned and operated for profit.
Socialism advocates for collective ownership and control of the means of production, aiming to reduce inequality and promote social welfare.
Communism envisions a classless society where all property is collectively owned and each person contributes according to their abilities.
Inflation refers to the general increase in prices of goods and services in an economy over time.
Deflation is the decrease in the general price level of goods and services, often associated with economic downturns.
Stagflation is a rare economic phenomenon characterized by stagnant economic growth, high unemployment, and high inflation.
Hyperinflation is an extremely rapid and uncontrollable increase in prices, often leading to the breakdown of a country’s monetary system.
The Bretton Woods Agreement established a fixed exchange rate system and led to the creation of the International Monetary Fund (IMF) and World Bank.
Comparative advantage is the principle that countries should specialize in producing goods they can produce most efficiently with the lowest opportunity cost.
Absolute advantage occurs when a country can produce a good more efficiently than another country using the same amount of resources.
The World Trade Organization (WTO) is an international organization that promotes free trade and settles trade disputes among member countries.
Protectionism involves the use of trade barriers like tariffs and quotas to protect domestic industries from foreign competition.
Tariffs are taxes imposed on imported goods, making them more expensive and less competitive in the domestic market.
Quotas limit the quantity of a specific imported good, creating scarcity and potentially benefiting domestic producers.
Dumping is the practice of selling goods in a foreign market at prices lower than the production cost, often leading to anti-dumping measures.
Outsourcing involves contracting tasks or processes to external parties, often in other countries, to reduce costs or focus on core activities.
Offshoring refers to the relocation of business activities, particularly production and services, to foreign countries to leverage cost advantages.
The balance of payments is a record of all economic transactions between a country and the rest of the world over a specific period.
A current account surplus occurs when a country’s exports exceed its imports, leading to a positive balance in its current account.
A current account deficit occurs when a country’s imports exceed its exports, resulting in a negative balance in its current account.
Foreign direct investment (FDI) involves acquiring or establishing business operations in another country, reflecting a long-term interest in managerial control and potential profits.
