PHL265H1 Study Guide - Final Guide: Wilt Chamberlain, John Rawls, Lockean Proviso
Document Summary
Capitalism: the economic system based on private ownership of property and private enterprise. Under this system all, or a major proportion of, economic activity is undertaken by private profit-seeking individuals or organizations, and land and other material means of production are largely privately owned. Under capitalism parts of the economy may be in public ownership. The free market: a market in which people buy and sell voluntarily, without legal compulsion. Libertarianism: theory of equality: in order to be free, we need self ownership, because scope/nature of freedom is function of self ownership. Libertarianism: redistributive taxation is inherently wrong, a violation of rights: people dispose of holdings as seen fit, interference is a violation of basic moral rights (not just efficiency, as per utilitarianism, defend market freedoms, oppose redistributive taxation schemes. Nozick"s entitlement theory: assume: everyone entitled to goods/holdings. State: minimal, limited to protection against force/theft/fraud: ambition sensitive, not endowment sensitive.
