SOSC 1000 Study Guide - Midterm Guide: Liquidity Trap, Competitive Equilibrium, Business Cycle

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Two of the following four questions will appear on the exam. You will be asked to answer one of them: outline the content, origin and evolution of conservative, liberal and socialist ideology. A political ideology is a belief system that explains and justifies a preferred economic and governmental order for society, offers strategies for its maintenance or attainment and helps give meaning to public events, personalities and policies. The content, origin and evolution of liberal, socialist and conservative ideology will be outlined. The beginning of free market, scientific development and other big changes in early modern times in europe led to new ideologies. One of the most significant one"s was liberalism, which grew in england in the 17th century. It developed on ideas of responsibilities of an individual and on the relationship to the society and the individual. As liberalism was the dominant ideology during the french revolution, conservatism arose as a counter ideology during that time.

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