what is political economy? correct answers seeks to explain how political power shapes the economic outcomes and how economic forces influence political actions
classical mercantilism correct answers the economy should serve the political state by maximizing its wealth and power
-dominated 17th...
ISS 315 Exam 1 – Hussain || All Correct.
what is political economy? correct answers seeks to explain how political power shapes the
economic outcomes and how economic forces influence political actions
classical mercantilism correct answers the economy should serve the political state by
maximizing its wealth and power
-dominated 17th century during colonialism
2 major goals of classical mercantilism correct answers -maximize the total wealth of state
(GIVE MONEY TO ROYALS)
-increase power of the state
mean features of classical mercantilism correct answers -Strong state will lead to strong
economy
-Strong economy will further strengthen the government and this cycle will continue
-A nation should build strong army and conquer other nations
-Gold and silver should be accumulated by the state also known as Bullionism
-Establish colonies for raw materials
-Grant legal monopolies to businesses that produce goods for export
-Prohibit or restrict imports
-Export manufactured goods
-Economic oppression of workers to maximize production
-Create a large pool of working class people
-Large population is good for economy
classic liberalism correct answers redefined political economy and rejected the ideas promoted
by classical mercantilism
-liberation of market
-make rich richer
mean features of classic liberalism correct answers -Limited government
-Constitutionalism
-Rule of law
-Freedom of religion, speech, press
-Free market
-No distribution of wealth
adam smith disagreed with what? correct answers mercantilism
adam smith introduced what? correct answers three freedoms
freedom to compete correct answers reasonable in prices
good quality product
freedom to own property correct answers in capitalist society, everyone has this right
, freedom from government interference correct answers governments should stay away from
businesses
david ricardo promoted what? correct answers negative effects of agriculture on the businesses
and manufacturing
landlords gain was the industrialists ______ correct answers loss
iron laws of wages correct answers A law passed in British parliament that should pay so little to
the worker that they can barely survive
comparative advantage correct answers Economies should be based on this; should buy/sell
things based on where you get it cheaper
-main goal is profit
where did karl marx settle? correct answers London
where did marx die? correct answers on a desk in a British museum
major theories of karl marx correct answers -evolution of society
-capitalism
-forces of production
-mode of production
-classes in society
-class conflict
-class consciousness
-religion
-alienation
evolution of society correct answers pre-class
asiatic
ancient
feudal
capitalist
pre-class society correct answers There were only 2 occupations so the division of labor was not
caused by conflict
-natural socialism
asiatic society correct answers new occupations introduced (farming)
-people get their own property, creating inequality
ancient society correct answers only wanted to help/focus on the royal families
(egyptian civilizations)
-very brutal
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