Examlex
Explain how the religious revivals of the Second Great Awakening popularized the outlook known as perfectionism, which held that both individuals and society at large were capable of indefinite improvement. How did this idea of perfectionism relate to the various reform movements that arose in the antebellum period?
Laissez-Faire
An economic theory from the 18th century that is strongly against the government interfering in the marketplace.
Invisible-Hand
A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interest inadvertently benefits society at large.
Command Economy
An economic system where the government or central authority makes all decisions regarding the production and distribution of goods and services.
Centralized Authority
A system of organization where decision-making and power are concentrated at a single point or in a single group within the organization.
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