Social 30

Isherwood

Chapter 2: Vocabulary
Liberalism: an ideology based on
individualism. It values liberty,
individual rights and freedoms, selfinterest, competition, rule of law, &
private property.
Political Expressions of Individualism:
expressing individualism politically
through ideas such as rule of law &
social contract.
Economic Expressions of Individualism:
freedom to buy whatever you want and
to sell your labour as you please.
Social Expressions of Individualism:
everyones right to education despite
any physical or mental challenges.
Mercantilism: political and economic
control where Europeans harvested
resources from colonies, took it back to
Europe for manufacturing, and then sold

Social 30

Isherwood

it back to the colonies. $$$$$$$$$$$$

$
Rule of Law: idea that law itself and not
an individual has the greatest power.
Eg) Think of many famous ppl. who get
community service instead of jail time,
while a normal person would have to go to
jail. This goes against the rule of law!
Social Contract: an understanding
whereby each individual in a society
agrees to be governed so that they may
gain the benefits of living in that society.
Supply & Demand: forces in a freemarket economy whereby producers
determine what and how much to
produce (supply) to meet consumers
demands; also how the price of goods is
determined in a free market economy.

Social 30

Isherwood

Laissez-faire: a type of capitalism where

there is no government interference.
(Adam Smith & the invisible hand)
Self-interest: ones personal interest or
advantage; seeking to satisfy ones own
needs

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Complete chart in your booklet.