Evolution of Economic Philosophy: From Smith to Keynes
Adam Smith and Economic Liberalism
Scientists and philosophers have long sought to identify the characteristics of a natural order applicable to human thought and politics. Adam Smith posited that this natural order manifests as economic liberalism.
Key Principles of Adam Smith’s Economic Liberalism
- Inner Order (Small State): Smith advocated for a limited state with four primary functions:
- Defense
- Justice
- Foreign Policy
- Public Administration
Distinctive Features of the UK Constitution
A constitution establishes the fundamental principles upon which the government of a state is organized and defines the relationship between its people and the government. The Constitution of the United Kingdom is unique in nature and stands as one of the oldest in the world.
The following are the salient features of the UK Constitution:
Unwritten Nature
The British Constitution is largely unwritten, meaning it has not been codified into a single document. However, this does not imply that all its
Read MoreKey Economic and Social Development Terms
Essential Economic and Social Terminology
Official Development Assistance (ODA)
Financial contributions from governments designed to promote development. It is often insufficient, not always directed to the poor, and usually provided in the form of loans.
Quality of Life
Assessed by indicators of social well-being such as food, health, education, employment, housing, leisure, consumption, freedom, and the environment.
Social Charter
Adopted in 1989, this text recognizes a series of fundamental rights
The 1876 Spanish Constitution: Monarchy, Dynastic Parties, and Governance
The 1876 Constitution
This is a legal text, specifically the Constitution of 1876. Drafted by the courts and King Alfonso XII, it was enacted in 1876 with the intention of serving all Spaniards.
Historical Context: The Restoration
Following the reign of Isabella II, Spain experienced two distinct political shifts: an attempt at a democratic monarchy under Amadeo I, and a subsequent republic. In response to this instability, the decision was made to restore the monarchy. This led to the ascension of
Read MoreIndian Constitution: Features, Drafting, and Governance Structure
Key Features of the Indian Constitution
The Indian Constitution is renowned for its comprehensive nature and unique characteristics. Here are its salient features:
- Length and Detail: It is the longest written constitution in the world, comprising 395 articles (now expanded to 448) spread across 22 parts and 12 schedules.
- Sovereign, Socialist, Secular, and Democratic Republic: The Preamble declares India a sovereign entity, where socialism ensures equality and secularism guarantees freedom of religion.
The 1855 Spanish Railroad Act: Development and Impact
Introduction to the 1855 Railroad Law
This document provides a fragment of a legal text for citizens, explaining the construction of the railroad following the acceptance of the corresponding law. It also highlights advantages for investors. Drafted by the Cortes with the support of Queen Isabella II on June 3, 1855, the law was officially published in the Gaceta de Madrid three days later.
Spain’s Political Landscape Under Isabella II
Upon Isabella II’s ascension to the throne, the Spanish government
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