SOC 202 Study Guide - Quiz Guide: Naomi Klein, Classical Liberalism, Invisible Hand
Document Summary
Argued free unregulated economic competition would maximize pro ts, boost quality and innovation, and make prices reasonable. Referred to as an invisible hand - kept economy stable without external designers (government) Too much government intervention would negatively in uence markets. Greed is good and out for our own gain. Economy is separate from rest of society. Dominant economic model in the early days of capitalism. Created chaos like monopolies which reduced competition. Period of growth and security from 1940s to 1970s. Unemployment, minimum wage, and cap on hours. Destroyed model of capitalism in place from 1940s to 1970s. Reduced the scope of government broadly (cuts into social spending) Privatization, views the individual as hyper-rational actors in the pursuit to maximize self- interest. Hyper-rational actors in the pursuit to maximize self-interest. Must rely on oneself to make the right choices in a volatile, and ever-changing, economic environment. Education, health, etc are now governed by the same rules as economic markets.
