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25 Cards in this Set
- Front
- Back
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Communism
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(1) A political-economic system in which all wealth and property are shared so as to eliminate exploitation, oppression, and, ultimately, the need for political institutions such as the state. (2) A political ideology that advocates such a system.
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Politburo
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The top policy-making and executive body of a communist party.
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Central committee
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The legislature-like body of a communist party.
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Party State
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A political system in which power flows directly from the ruling political party (usually a communist party) to the state, bypassing government structures.
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Central Planning
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A communist economic system in which the state explicitly allocates resources by planning what should be produced and in what amounts, the final prices of goods, and where they should be sold.
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Glasnost
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Literally, openness. The policy of political liberalization implemented in the Soviet Union in the late 1980s.
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Perestroika
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Literally, restructuring. The policy of political and economic liberalization implemented in the Soviet Union in the late 1980s.
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Shock Therapy
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A process of rapid marketization.
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Newly industrializing country (NIC)
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An historically less-developed country that has experienced significant economic growth and democratization.
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Less developed country (LDC)
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A country that lacks significant economic development, political institutionalization, or both.
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Empire
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A single political authority that has under its sovereignty a large number of external regions or territories and different peoples.
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Imperialism
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A system in which a state extends its power to directly control territory, resources, and people beyond its borders.
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Colonialism
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An imperialist system of physically occupying a foreign territory using military force, businesses, or settlers.
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Neocolonialism
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An indirect form of imperialism in which powerful countries overly influence the economies of less-developed countries.
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Import Substitution
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A mercantilist strategy for economic growth in which a country restricts imports in order to spur demand for locally produced goods.
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Export- oriented industrialization
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A mercantilist strategy for economic growth in which a country seeks out technologies and develops industries focused specifically on the export market.
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Structural Adjustment Period
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A policy of economic liberalization adopted in exchange for financial support from liberal international organizations; typically includes privatizing state-run firms, ending subsidies, reducing tariff barriers, shrinking the size of the state, and welcoming foreign investment.
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Informal economy
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A segment of the economy that is not regulated or taxed by the state.
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Micro credit
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A system in which small loans are channeled to the poor through borrowing groups whose members jointly take responsibility for repayment.
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Micro finance
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A system in which small loans are channeled to the poor through borrowing groups whose members jointly take responsibility for repayment.
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Globalization
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The process of expanding and intensifying linkages between states, societies, and economies.
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Multinational Corporation (MNC)
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Firm that produces, distributes, and markets its goods or services in more than one country.
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Nongovernmental Organization (NGO)
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A national or international group, independent of any state, that pursues policy objectives and fosters public participation.
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Intergovernmental Organization (IGO)
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Group created by states to serve certain policy ends.
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Foreign Direct Investment
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The purchase of assets in a country by a foreign firm.
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