(1723 – 1790) Scottish philosopher and economist who wrote The Wealth of Nations. He is considered the father of modern economics.
No one person (or group) maintains absolute power. Characterized by mass disorder caused by failure to agree on a common course of action; part of the human predicament cycle.
Greek term for human virtue, the backbone of republican morality. Striving for excellence.
Rule based on distinguished or wise ancestors and heritage.
One of the four alternative forms of government; sees people as children in need of a carefully controlled environment provided by government.
The philosophy of a free market economy in which the gov serves only to create and acceptable environment in which to make exchanges.
(1451-1506) Genoese mariner who discovered the Americas while searching for a new trade route to India.
"City Upon a Hill"
Biblical ideal, invoked by Johm winthrop, or a society governed by civil liberty (where the people did only that which was just and good) that would be an example to the world.
According to John Winthrop, "Where men were free to do only that which is good, just, and honest."
One of thee four alternative forms of government; sees people (and gov) as mostly good but corruptible so gov should have restricted powere and try to encourage a good moral climate.
Coincidence of Wants
When towo parties each possess something desired by the other, promoting and exchange.
Law that is considered to be from natural law principles framed in precedents set by earlier courts. It was the primary form of law in England.
The idea that the "Country Party" had the best strategy and opportunity to preserve liberty aagins the "court party."
When there are sufficient buyers and sellers in the market so that no single seller or buyer has a significant influence on price.
Rule of law principle that states laws must be generally acceptable to those who must live by them.
A body of representatives from the British North American colonies who met to respond to Englan's Intolerable Acts. They declared independence in July 1776 and later drafted the Articles of Confederation.
Colonial settlements est. for economic or financial purposes by various companies. Although usually chartered by the Crown, their remote circumstances helped foster the idea and practice of self-governance.
English opposition to the "Court Party" that consisted of commonwealth men (everyday citizens). The Country party was considered morally independent with pure motives.
English royal court and the center of British political power; AKA the "Tories" and characterized by corruption and subversion.
Settlements based on religious or moral values, mostly interested in being an example to Europe or living according to their own moral liberty.
As the price of a particular good or service rises, individuals will buy less of that good or service
Divine Right of Kings
Political theory that royal lines are established by God and that kings rule by divine decree.
Rule of law principle that states when laws are applied they must be administered inpartially.
The price at which the quantity demanded is equal to the quantity supplied.
Trade between two parties.
Rule of law principle that states when laws are made they must apply to broad categories of people and must not single out individuals or groups for special treatment.
(1732 - 1799) Known as the "Father of His Country," General Washington led the Continental Army to victory during the Revolutionary War, presided over the Constitutional Convention, and was elected as the 1st president of the USA.
1688 bloodless English revolution against the King, making the King subject to Parliament; considered a true founding of government.
From John Calvin's predestination theology, the doctrine that God has already chosen those who will be saved. These elect people are to build a holy community as an example.
Reasonably stable and prosperous society without an oppressive tyranny. Usually includes peace, respect, vibrant culture, and personal freedom to live the way one chooses.
The fundamental disposistion of humans that determines their behavior.
The cycle from tyranny to anarchy, to shich sovereign powere and its ill effects give rise.
Land owners would pay the passage of those willing to come to the coloinies in exchange for an agreed-upon term of service, after which the indentured servant was released from his obligation and was then free to seek his own fortune.
(1509-1564) A French theologian during the Protestant Reformation who greatly influenced Puritan beliefs. He taught that the Bible was the final authority for matters of faith and that salvation came through grace only (not works). He also taught the doctrine of predestination.
(1632-1704) English philosopher whose Treatises of Government espousing natural rights, consent of the governed, and social conpact greatly influenced the Founding Fathers.
(c. 1585-1622) Virginia colonist who pioneered the cultivation of tobacco as a profitable agricultural enterprise. Rolfe also married Pocahontas in 1614.
(1587-1649) Governor of the Massachusetts Bay Colony, Winthrop is known for his sermon "a Model of Christian Charity," in which he stated that the Puritan colony would be a "city upon a hill."
Policy in which there is little or no interference with exchange, trade, or market prices by the government.
One of the four alternative forms of gov; sees people in the most favorable light, but institutions or other influences can corrupt them, so gov is necessary to protect them from such corruption.
One of the four alternative forms fo gov; sees the most important value as individual freedom and holds that governmennt should only protect that freedom and nothing more.
An economy model advanced by Adam Smith in which the forces of individual self-interest regulate the economy. This self-regulation eliminates the need for most government interventions.
An economic theory that emphasized the importance of stockpiling gold and silver to the economic power of a nation. Mercantilists regulated the economy by encouraging exports and restricting imports.
Puritan ideal that all must live a righteous life largely on their own, with each man being responsible for his own actions and those of his family--with an eye on his neighbor as well.
Law that classical Greeks believed resided in the human heart and reflected our innate sense of right and wrong.
Where men are free to do what they please, without regard for the moral value of their actions.
– Economic regulations passed by British parliament to enforce trade regulations in the colonies: all trade had to go through british or colonial merchants and be shipped in british or colonial ships with the end goal to generate large exports from England, with few imports, so that gold and silver would flow into the motherland.
(1736-1799) Best known for his famous "Give me liberty, or give me death" speech in the Virginia House of Burgesses, Henry was an Anti-Federalist who pushed for a bill of rights to be added to the Constitution after its ratification.
Small congregation of separatists seeking to distance themselves, physically and spiritually, from the Church of England by emigrating to New England.
(c. 427-347 BC) Greek philosopher and author of The Republic, which extolled civic virtue and the necessity of arete.
Ruling by a sanction higher than stark necessity; sanction may stem from divine right, wisdom, or consent, etc.
Rule of law principle that states laws must apply to future action and not past action.
British religious emigrants who wanted to reform the Church of England rather than sever all ties with it; their beliefs in the Christian Calling, Moral Self-Governance, and in being God's Elect would help shape the Founding and American national character.
A means of removing tryanny from power; part of the human predicament cycle.
(1550-1630) Writer and proponent of the Separatist movement that demanded separation from the Church of England. His writings inspired groups such as the Pilgrims to emigrate to America for religious freedom.
Role of Money $
Money facilitates exchange by eliminating the necessity for a "coincidence of wants," functioning as a generally acceptable medium for exchange.
Role of Prices
In a market economy, prices determine the quantity of goods supplied.
Role of Profits
In a market economy, as profits increase, the number of suppliers and resources for making that good will increase.
Rule of Law
A set of metalegal principles developed by the English legal system as a way of distinguishing whether a particular law supported freedom or not.
When the amount demanded is greater than the amount supplied.
The social concept of a group of autonomous individuals living in a state of nature, making a common agreement about the sort of political world they want to live in.
Ultimate political power - having the final say.
The economic practice of focusing resources on production of one or a few goods.
State of Nature
Hypothetical condition assumed to exist in the absence of government wqhere human bgeings live in "complete" freedom and general equality.
As the price of a particular good or service rises, suppliers will produce more of that good or service.
When the amount supplied is greater than the amount demanded
Taxation without Representation
Rallying cry of the colonists during the Revolutionary period because of the taxes placed on them by a parliament in which they had no representation.
The Christian Calling
From the theology of John Calvin--people should pursue a "calling" in some sort of worldly work where they are to rise early in the morning, work hard, save their money, and invest it wisely. Prosperity indicates God's approval.
The Invisible Hand
Adam Smith’s term for the natural self-regulation of a market economy driven by self-interest and efficiency.
Divinely inspired rule, or rule by religion.
(1745-1829) Third president of the U.S., Jefferson was the principal author of the Declaration of Independence and an influential Founding Father of the U.S. HE founded the Demoratic-Republican Party and promoted the idea of a small federal government.
(1737-1809) Author of Common Sense and the American Crisis papers, which helped convince many Americans of the need for independence.
English royal court and the center of British political power, AKA the "Court Party" and characterized by corruption and subversion.
Absolute power centralized in one person (or small group); part of the human predicament cycle.
England's first political party, organized in political opposition of the King; Ameicans later formed their own Whig party during the Jacksonian democracy era, but the two parties did not hold the same ideology.