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Flashcards in Chapter 13 - Global Economy Deck (21):


private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention



public ownership of the means of production, the pursuit of collective goals, and centralized decision making, primary motivation is the collective good of all the citizens


Name the 4 features of ideal capitalism

private ownership of the means of production, pursuit of personal profit, competition, and lack of government intervention


mixed economy;

combines elements of a market economy and a command economy, considerable government involvement in rules, policies and objectives


Out of pre, mid and post industrial societies, which have the highest level of inequality?

inequality is higher in post-industrial societies where people are stratified based on the type of job they have


Why is Canada so dependent on the US for trade?

87% of our exports go there, 40% of our GDP comes from trade with them


Name a few of the negative effects of so called free trade

free trade agreements have resulted in losses of jobs in Canada, decrease in unionization rates


transnational corporation (TNC);

a large scale business organization that is headquartered in one country but operates in many countries, which has the legal power to enter into contracts, buy and sell property, and engage in other business activities


multinational corporation (MNC);

a corporate operation that is integrated into its host country in order to better market its products in the local culture


What are the ways TNCs turn their economic capital into power?

they determine what will be defined as news, which universities get funding, what technology will be developed and which political parties get funded


Going into the recession in 2007, how many Canadians were living in poverty?

more than 3 million, 1 in 5 Canadians


What percent of unemployed Canadians get help from EI?

approx 40%, almost 60% of the employed receive no help from EI



when a government's spending exceeds its revenues in a given year


What is the ratio of tax revenue contribution between Canadian citizens and businesses?

whereas in the 60s when citizens and businesses contributed to tax revenues 50-50, today citizens account for over 92% of tax revenues and business only 8%


corporate welfare;

when the government helps industries and private companies in their economic pursuits, ex. public subsidies and protection from competition


How does corporate welfare effect society?

around the world this doesn't promote economic growth or influence location choices, but rather just decreases revenues available to support government spending, creates politically driven investments, is unfair, and undermines Canada's faith in democracy


What are the 4 functions of the government? Functionalist

maintains law and order, plans society and coordinates other institutions, meets social needs, and handles international relations (ex. warfare)


corporate rich; Conflict

a ruling class, privileged people who wield power over political processes and serve capitalist interests


power elite; Conflict

composed of business leaders, the executive branch of the federal government, and the top of the military


elite model; Conflict

power in political systems is concentrated in the hands of a small group and the masses are relatively powerless, ex. public policy reflects the views of the elite, not everyday people


pluralist model; Functionalist

power is widely dispersed throughout many competing interest groups within our government