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Flashcards in Ch2: National Differences in Political Economy Deck (38)
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1

political systems

-the system of government in action
- collectivism vs. individualism
- democratic or totalitarian

2

collectivism

refers to a political system that stress the primacy of collective goals over individual goals

3

socialism

major industries are owned and controlled by the government rather than by individual people and companies

4

communists

believed that socialism could be achieved only through violent revolution and totalitarian dictatorship

5

social democrats

committed themselves to achieving socialism by democratic means

6

individualism

refers to a philosophy that an individual should have freedom in his or her economic and political pursuits

7

Democracy

refers to a political system in which government is by the people, exercised either directly or through elected representatives

8

Representative democracy

citizens periodically elect individuals to represent them

9

Totalitarianism

is a form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties.

10

Theocratic Totalitarianism

is found in states where a party, group, or individual that governs according to religious principles monopolizes political power

11

Communist totalitarianism

found in states where the communist party monopolizes power

12

Tribal totalitarianism

found in states where a political party that represents the interests of a particular tribe monopolizes power

13

Right-wing totalitarianism

permits some individual economic freedom, but restricts individual political freedom

14

Market economy

all productive activities are privately owned, as opposed to being owned by the state

15

command economy

the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold

16

mixed economy

certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning

17

Common Law

- based on tradition, precedent, and custom
- flexibility that other systems lack

18

civil law

based on a detailed set of laws organized into codes

19

Theocratic Law

one in which the law is based on religious teachings

20

property

a resource over which an individual or business holds a legal title

21

property rights

the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource

22

Private Action

- refers to theft, piracy, blackmail, and the like by private individuals or groups

23

Public Action

to violate property rights occurs when public officials, such as politicians and government bureaucrats, extort income, resources, or the property itself from property holders

24

Intellectual property:

refers to property that is the product of intellectual activity

25

patent

grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention

26

copyrights

are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit

27

trademarks

are designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products

28

product safety laws

set certain safety standards to which a product must adhere

29

product liability

involves holding a firm and its officers responsible when a product causes injury, death, or damage

30

Gross National Income (GNI

per person measures the total annual income received by residents of a nation