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1
Q

Globalization

A

the process by which the economies of different countries, peoples, and corporations become intertwined.

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2
Q

Advantages to developing countries

A

direct investments and competitive advantage labor costs

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3
Q

Advantage to developed countries

A

bigger markets and resources

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4
Q

Declining costs of trade from__

A

technological advancements

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5
Q

Has there been an increase in multi-national corporations?

A

Yes in 1970 there were 7,000 and now there are 65,000 2010.

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6
Q

What is Social Darwinism and who though of it?

A

Natural selection- survival of the fittest economical. Herbert Spencer.

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7
Q

Who wrote the “The protestant Ethic and The Spirit of Capitalism?”

A

Max Weber

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8
Q

Stages of Economic Development

A
  1. Hunter-Gatherer
  2. Agricultural
  3. Feudalism: 9th-15th
  4. Mercantilism: 16th-18th
  5. Capitalism: 19th
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9
Q

What is Feudalism?

A

Land in exchange for labor; 9th to 15th century.

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10
Q

What is Mercantilism?

A

Trading based economy; 16th to 18th century.

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11
Q

Laissez-faire capitalism

A

means that the government leaves the people alone regarding all economic activities. It is the separation of economy and state.

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12
Q

Welfare capitalism

A

Welfare capitalism is capitalism that is concerned with the social welfare of the worker, and includes such policies as social security, universal healthcare, collective bargaining, and industrial safety codes.

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13
Q

State capitalism

A

usually described as an economic system in which commercial (i.e. for-profit) economic activity is undertaken by the state, where the means of production are organized and managed as business enterprises, including the processes of capital accumulation, wage labor, and centralized management.

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14
Q

Crony capitalism

A

describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of state interventionism.

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15
Q

Corporation capitalism

A

describe a capitalist marketplace characterized by the dominance of hierarchical, bureaucratic corporations. A large proportion of the economy of the United States and its labour market falls within corporate control.

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16
Q

Mixed economics

A

An economic system that features characteristics of both capitalism and socialism. A mixed economic system allows a level of private economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. This type of economic system is less efficient than capitalism, but more efficient than socialism.

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17
Q

Economy of Scale

A

the greater the quantity of a good produced, the lower the per-unit fixed cost because these costs are shared over a larger number of goods.

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18
Q

Mass Production

A

is the production of large amounts of standardized products, including and especially on assembly lines.

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19
Q

Externalities

A

A consequence of an economic activity that is experienced by unrelated third parties. An externality can be either positive or negative.

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20
Q

Market Economy

A

An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country’s citizens and businesses and there is little government intervention or central planning.

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21
Q

Division of Labor

A

he assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

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22
Q

Pump priming

A

Government action taken to stimulate the economy, as spending money in the commercial sector, cutting taxes, or reducing interest rates.

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23
Q

Fiscal policy

A

means by which a government adjusts its spending levels and tax rates to monitor and influence a nation’s economy.

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24
Q

Monetary policy

A

is the actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates.

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25
Adam Smith
- 1723-1790 Scottish - An inquiry into the Nature & Causes of the“Wealth of Nations” - Father of economics - laissez- faire capitalism - “Free Market System”- Supply and demand - Self interest as opposed to selfishness - State to refrain from interfering in Market System but maintain balance- an umpire
26
Thomas Malthus
- English, Known by students as “Pop” for population - Population grows exponentially while food supply grows arithmetically - Shouldn’t interfere with natural checks on population growth; sickness, poverty, etc. - Recommended abstinence for lower classes - Majority of Humanity fated to subsistence level
27
John Stewart Mills
- British Political Philosopher - Classic liberalism - Child prodigy Greek at 3, Latin at 8/ nervous breakdown at 21 - Utilitarianism from Godfather Bentham - The “no harm” principle/ theory of liberty - Free exchange of ideas as an obligation - Advocate of woman’s rights.
28
Robert Owen
- Welsh - Believed in communal or cooperative movement - philanthropist - People are formed by nature and early experiences - Utopian socialism - New Harmony in Indiana
29
Karl Marx
- German - “Das Kapital” “Communist Manifesto” - thesis, anti-thesis and synthesis; every system contains seeds of its own destruction - History is the story of Class struggle - Philosopher, sociologist, economist and activist - Laws of society- Product of forces/ inevitability/economic Darwinism
30
John Maynard Keynes
- Advocated using fiscal and monetary policies to mitigate effect of recessions- government intervention - Policy of pump priming - Thought by some as the savior of capitalism
31
John Kenneth Galbraith
Canadian born and educated Taught at Harvard; part of FDR brain trust; advisor to Kennedy Proponent of American liberalism and progressivism Favored big government to balance big business and big unions Advocated public spending to offset private spending- opposed “private wealth and public squalor”
32
Milton Friedman
- Economist- “the most influential economist of the second half of the 20th century…possibly of all of it." - advocated minimizing the role of government in a free market as a means of creating political and social freedom…including developing countries. - Libertarian in approach- Favored school vouchers, privatization, legalization of marijuana, prostitution, etc.
33
Populations of: US, China, India, Russia, World
``` World- 7.34b China- 1.4b US-325m India- 1.28b Russia-142m ```
34
Sole proprietership
is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.
35
Partnership
A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
36
Corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
37
Trust
A fiduciary relationship in which one party, known as a truster, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
38
The world's top ___ corporations account for over __% of economic activity on the globe;
The world's top 200 corporations account for over 25% of economic activity on the globe;
39
Of the 100 largest economies approximately __% are corporations and __% are countries.
Of the 100 largest economies approximately 51% are corporations and 49% are countries.
40
What are some issues relating to multi-national corporations
- Jurisdiction - Choice of law - Enforcement foreign judgment - Taxes - Regulations
41
Pluralism
is the theory that a multitude of groups, not the people as a whole, govern the United States.
42
Pros and Cons of Pluralism
``` Pros - Checks & balances - Maximum Freedom - Culturally rich - Fosters creativity Cons - Fosters conflict - Inefficient - Special Interests as opposes to common interest - Tendency to throw away baby with bathwater. ```
43
Business
commercial or mercantile activity engaged in as means of livelihood
44
"a pluralistic society"
wide decentralization and diversity of power concentration.
45
Some Corporate Issues
``` Constitutional rights of Personhood Corporate Social Responsibility Corporate Taxes CEO salaries Employment at Will ```
46
Whats the McCain Feingold Act?
Prohibits unions and corporations from broadcasting "electioneering communications".
47
Milton Friedman's view on Social Responsibility?
There sole responsibility is to make money for their shareholders.
48
What are the exceptions to Employment at Will?
``` Express Contractual Implied Contractual Union Contracts Public Policy Exception Whistle blowing exception Anti-Discrimination acts- age, race, religion, gender, handicap, union activity ```
49
Stakeholders
Those person or groups who effect or are affected by business decisions; interested parties
50
What is a regulation?
A rule or order having the force of law issued by a government authority”.
51
Purposes of Regulation
controlling natural monopolies controlling negative externalities achieving social goals miscellaneous
52
Why Regulatory Agencies
Economy too big for Congress to regulate on its own Need for expertise Need for specialization Need for multi-functions such as executive and judicial
53
Aspects of Economy
Production Distribution Financing Consumption
54
Regulatory Agencies
Established by legislative act “enabling statutes” sets and enforces standards for an industry Operates solely in the private sector of the economy Enforce the standards Commission of experts
55
Powers of Regulatory
Executive Legislative Judicial
56
Legislative power of regulatories
Filing proposal, hearings, and promulgating
57
Judicial power of regulatories
Administrative Law Judges Administrative Procedure Act Technical rules of evidence (such as hearsay) not applicable
58
Executive power of regulatories
Monitoring and investigating and prosecuting
59
Freedom of Information Act
Non-privileged documents from Agencies | Can appeal refusal to Federal District Courts
60
Sunshine Act of 1976( open meetings law)
Open for public observation except Deals with litigation or future rule making Issues of personnel

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