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47 Cards in this Set
- Front
- Back
why are nations weak or strong
1. 2. 3. 4. 5. 6. |
1. dependency theory
2. natural resources 3. education and technology 4. climate 5. modern private market 6. law and legal system |
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dependency theory
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economically strong countries exploit the resources and labor of weaker nations
some nations grow and flourish at the expense of keeping others economically poor |
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natural resources
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nations are economically strong as a result of possessing large quantities of natural resources
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education and technology
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economically strong nations have an abundance of excellent schools and education systems
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climate
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economically strong nations have a climate advantage
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law and legal system
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an adequately enforced legal system with equally applied laws is increasingly regarded as the single most important element to the foundation of wealthy nations
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what does rule of law create
1) 2) 3) |
1) predictability
2) social stability 3) order |
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Law
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set of rules established by the state and backed up by enforcement
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rule of law nations
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adopt laws supporting private marketplace
law applies to lawmakers as well as rest of society this is in everyone's interest |
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property
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legal right to exclude or keep others from interfering with what you own
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ways to apply the exclusionary rights
1) 2) 3) |
1) public property
2) private property 3) common property |
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how do you acquire property
1) 2) 3) 4) 5) 6) |
1) gift
2) exchange 3) accession (changing from raw materials into finished goods) 4) confusion (owning a portion of an undivided mass) 5) first possession 6) adverse possession (openly occupying land owned by someone else) |
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jurisprudence
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philosophies that explain origin, justification, meaning, and essence of law
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classifications of law
1) 2) 3) 4) |
1) civil law - common law
2) public law - private law 3) civil law - criminal law 4) substantive law - procedural law |
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civil law
(civil law vs. common law) |
law based on statutory codification of law
Romano-Germanic |
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common law
(civil law vs. common law) |
law based on written judicial decisions that establish precedent
Anglo-American |
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public law
(public law vs. private law) |
law dealing with regulation of society
constitutional law administrative law criminal law |
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private law
(public law vs. private law) |
law dealing with issues that concern private resource relationships
property law contract law tort law |
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civil law
(civil law vs. criminal law) |
law dealing with private rights between people
torts and contracts damages punishments |
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criminal law
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law dealing with offenses against society at large
prosecuted by government results in punishment |
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substantive law
(substantive law vs. procedural law) |
part of the law creating, defining and regulating rights, duties and power
the what |
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procedural law
(substantive law vs. procedural law) |
the part of the law telling the methods/means for having rights or duties enforced
the how |
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sources of law
1. 2. 3. 4. |
1. constitutions
2. legislation 3. administrative regulation 4. judicial decisions or case law |
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sources of law
constitutions |
set forth fundamental rights
describe and empower government set forth limitations on power U.S. Constitution and individual state constitutions hierarchy-- federal constitution is supreme |
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sources of law
legislation |
laws by Congress or state legislature and local ordinances
uniformity federal law preempts state states adopt single law interpretation general language courts must interpret statutory construction |
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sources of law
administrative regulation |
rules or order by federal, state or local regulatory agencies
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sources of law
judicial decisions or case law |
decisions by courts that interpret and enforce laws or the common law
opinions - reasons precedents stare decisis precedent and dicta conflict of laws |
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case law
advantages |
stare decisis
judges follow precedents give certainty and predictability |
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case law
disadvantages |
volume of cases
conflicting precedents conflicts of law |
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legal sanctions
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encourage/force compliance
prevention benefit of society punishment |
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jurisprudence
natural law |
theory that the law contains universal moral principles which can be observed in nature
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jurisprudence
positive law |
the law is simply the commands of the state
the most simple form of morality |
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jurisprudence
historical law |
theory that contemporary law should be based on principles that have withstood the best of time
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_______, ____________ and __________ provide a necessary foundation for successful modern business and establish maximum conditions for generating “wealth of nations”
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the Law
the rule of law property |
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private market
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many economists maintain that the single most important reason for a strong national economy is the private market
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Law is significant because it can _______
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bind together diverse groups
religion customs economics |
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public property
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property owned by the government for public use and enjoyment
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private property
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resources that you would own as an individual
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common property
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resources that may be owned by more than one individual- jointly
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jurisprudence
natural law |
theory that the law contains universal moral principles which can be observed in nature
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jurisprudence
positive law |
law is simply the commands of the state
most simple form of morality |
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jurisprudence
historical law |
theory that contemporary law should be based on principles that have withstood the test of time
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jurisprudence
sociological |
theory that the law should change to meet new developments in society
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jurisprudence
legal realism |
going beyond the mere words of law to see what is actually being done as the laws are enforced
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crime
public wrong court punishes on behalf of society consequences |
death
imprisonment fine removal disqualification |
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breach of contract
private wrong failure to perform consequences |
damages (money)
compensatory consequential rescission specific performance |
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tort
civil wrong (other than breach of contract) intentional negligence strict liability remedies |
compensatory damages (money)
punitive damages (exemplary damages) |