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40 Cards in this Set
- Front
- Back
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Political Economy |
The political, economic and legal systems of a country |
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Political System |
System of government in a nation |
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Collectivism |
Apolitical system that emphasizes collective goals as opposed to individual goals |
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Socialist |
Someone who believes in public ownership of the means of production for the common good of society |
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Communists |
Those who believe socialism can be achieved only through revolution and totalitarian dictatorship |
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Social Democrats |
Those committed to achieving socialism by democratic means |
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Privatization |
The sale of state-owned enterprises to private investors |
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Individualism |
an emphasis on the importance of guaranteeing individual freedom and self-expression |
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Democracy |
Political system in which government is by the people, exercised either directly or through elected representatives |
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Totalitarianism |
Form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited |
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Representative Democracy |
A political system in which citizens periodically elect individuals to represent them in government |
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Communist Totalitarianism (1st form) |
A version of collectivism advocating that socialism can be achieved only through a totalitarian dictatorship |
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Theocratic Totalitarianism (2nd form) |
A political system in which political power is monopolized by a party, group or individual that governs according to religious principles |
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Tribal Totalitarianism |
A political system in which a party, group or individual that represents the interests of a particular ethnic group monopolizes power |
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Right Wing Totalitarianism |
A political system in which political power is monopolized by a party, group, or individual that generally permits individual economic freedom but restricts individual political freedom, including free speech, often on the grounds that it would lead to the rise of communism. |
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Pseudo Democracies |
Lie between pure democracies and complete totalitarianism authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil liberties |
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Three broad types of economic systems |
Market economy Command Economy Mixed economy |
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Market Economy |
An economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced Supply must not be restricted; monopoly Government should encourage vigorous free and fair competition between private producers. Private ownership ensures vigorous competition and economic efficiency |
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Command Economy |
An economic system where the allocation of resources, including determination of what goods and services should be produced and in what quantity, is planned by the government Collective good through government ownership No individual or corporate incentives to lower costs and produce more efficiently |
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Mixed Economy |
Middle ground between market based and command based Certain levels of command such as public private bailouts |
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Different Legal Systems |
Common Law Civil Law Theocratic Law |
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Common Law |
A system based on tradition, precedent and custom; when law courts interpret common law, they do so with regard to those characteristics Degree of flexibility Judges can interpret the law |
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Civil Law |
A system of law based on very detailed set of written laws and codes Germany, France, Japan and Russia Judges only have power to apply law |
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Theocratic Law |
A system of law based on religious teachings Pakistan, Egypt, Malaysia and Iran |
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Contracts |
A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved |
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Contract law |
The body of law that governs contract enforcement |
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Two types of contract |
Detailed for common law Less so for civil law |
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UN Convention on Contracts for the international sale of goods Un CIGS |
A set of governing certain aspects of the making and performance of commercial contracts between sellers and buyers who have their places of businesses in different nations. |
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Property Rights |
Bundle of legal rights over the use to which a resource is put and over use made of any income that may be derived from that resource Can be violated through private or public action |
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Private action |
The left, piracy, blackmail, and the like by private individuals or groups |
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Public action and corruption |
The extortion of income ore resources of property holders by public officials, such as politicians and government bureaucrats |
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Foreign corrupt practices act |
US law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions Allowed corruption - greasing to perform governmental function faster |
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Intellectual Property |
Products of the mind, intellectual property can be protected by patents, copyrights and trademarks Are important for innovation, violations cost companies and firms a lot of money |
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Patent |
Grants to the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention |
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Copyright |
The exclusive legal rights of authors, composers, playwrights, artists and publishers to publish and disperse their work as they see fit |
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Trademarks |
The designs and names often officially registered by which merchants or manufacturers designate and differentiate their products |
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World Intellectual Property Organization |
An international organization whose members sign treaties to agree to protect intellectual property |
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Paris Convention for the protection of industrial property |
International agreement to protect intellectual property from 1800's |
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Product Safety Laws |
Certain safety standards to which a product must adhere |
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Product liability |
Involves holding a firm and its officers responsible when a product causes injury, death or damage |
