the struggle among 2 or more people or groups for an economic, social or political advantage.  Supporters of a free-market economy see competition as an incentive for individuals and groups to work harder and more efficiently. 

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​Competition

a political system in which the people have the power to make or influence government decisions directly or indirectly through such processes as free elections.

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​democracy

the ability of individuals to act freely as consumers and producers within an economic system.

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Economic Freedom

the rights associated with personal liberty, such as freedom of religion and of association, and the right to life, liberty and the security of the person; a key value of individualism and an important feature of liberal democracies. 

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​Individual Rights and Freedoms

material possessions, including land, that are owned by an individual or group.  The rights to private property and its protection are central values of liberalism. 

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​private property

an ideology based on the importance of individual liberty and the values of individualism (including individual rights and freedoms, self-interest, competition, economic freedom, rule of law and private property.

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Liberalism

the idea that the law itself, and not an individual, has the greatest power and that all individuals are equal before the law and subject to the same law.

​Rule of Law

one’s personal interest or advantage; seeking to satisfy one’s own needs. 

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self interest

an understanding (written or non-written) whereby each individual of a society agrees to be governed so that he or she may gain the benefits of living in that society (for example, by having access to protection and economic opportunities). 

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​social contract

The Rise of Individualism

In your notes....

Individualism = Liberalism

The fight for individual freedoms brought out liberal democracy

Complete Page 18

Page 18 In your Workbook

Political Aspects of Liberalism

• all members of society should enjoy the same rights and freedoms.​

• Participation in government (democracy) is one important right.

• Rights and freedoms should be guaranteed by law.

Economic Aspects of Liberalism

• Individuals should have the right to property, and government should not interfere in the economy (the market). ​

• The individual decisions of buyers and sellers should shape the economy, not the actions of government.

Social Aspects of Liberalism

• All members of society are equals and should be treated as such, regardless of individual differences.​

• All people should have the same access to society’s rights, freedoms, and quality of life.