Key Terms:
1. Bretton Woods- A system of monetary management whish established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. This system was the first example of a fully negotiated monetary order intended to govern monetary relations among the independent nation states.
2. Capitalism- An economic system driven by profit, private ownership and supply and demand.
3. Classical liberalism- A political belief in which the principal emphasis is placed on securing the freedom of the individual by limiting the power that the state has. These belief also include having respect for free markets and private property.
4. Democracy- liberal states.
5. Direct democracy- A form of government in which people make decisions for themselves instead of having representatives making decisions.
6. Divine right- The doctrine in which a monarch derives his or her power directly from God.
7. Economic liberalism- An economic philosophy that promotes and support laissez-faire economics and private property in the means of production.
8.elite theory- A theory that insists that most democracies are controlled by a ruling class.
9. Feudalism- A hierarchical system in which most people own little and re subservient to an aristocracy that controls most of the land and political power.
10. Group theory- Belief that democracy should be seen not so much in individual terms as in group terms.
11. Industrial revolution- A period where major changes in manufacturing, agriculture, mining, transportation and technology had an extremely effect on the socioeconomic and cultural conditions of the time.
12. Industry- Commercial production and sale of goods.
13. Liberalism- A political ideology that supports limited government, individual freedom, social toleration and redistribution of resources.
14. Limited government- a form of government in which sovereign power is limited by law.
15. Nationalism- a political ideology that involves a strong identification of a group of individuals with a specific political entity.
16 Pax Brittanica- A period of relative peace in Europe when the British Empire controlled most of the key maritime trade routes and enjoyed unchallenged sea power.
17. Polyarchy- government by many rulers.
18. Postindustrialism- The economy undergoes a transition from the production of goods to the provision of services.
19. Representative democracy- a form of government founded on the principle of elected individuals representing the people.
20. Rule of law- In a democracy, the principle that legal rules rather than arbitrary and personal decisions determine what happens.
22. Social contract- An intellectual device intended to explain the appropriate relationship between individuals and their governments.
Key People:
1. Thomas Hobbes- An English philosopher. His book “Leviathan” established the foundation for most of Western political philosophy from the perspective of social contract theory.
2. John Locke- English philosopher who believed that all knowledge is derived from sensory experience.
3. Martin Luther- German theologian who led the Reformation. He believed that salvation is granted on the basis of faith rather than deeds.
4. Jean-Jacques Rosseau- French philosopher and writer who believed hat the natural goodness of man was falsify by society.
5. Adam Smith- Scottish economist who advocated private enterprise and free trade.
6. John Stuart Mill- English philosopher and economist who is most likely remembered for his interpretations of empiricism and utilitarianism.
7. Plato- Greek philosopher. A follower of Socrates, he presented his ideas through dramatic dialogues, in the most celebrated of which the interlocutors advocate a utopian society ruled by philosophers trained in Platonic metaphysics.
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