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Flashcards in Chapter 3 Deck (26)
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1
Q

Political economy

A

Political, economic and legal systems of a country are interdependent: they interact with and influence each other, and in doing so, they affect the level economic well being.

2
Q

Political system

A

The system of government in a nation.

3
Q

Collectivism

A

A political system that stresses the primacy of collective goals over individual goals.

4
Q

Communist

A

They believe that socialism could be achieved only through violent revolution and totalitarian dictatorship.

5
Q

Social democrats

A

They have committed themselves to achieving socialism by democratic means, turning their backs in violent revolutions and dictatorship.

6
Q

Privatization

A

State-owned enterprises being sold to private enterprises.

7
Q

Individualism

A

This refers to the philosophy that an individual should have freedom in his or her economic and political pursuit.

8
Q

Democracy

A

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

9
Q

Totalitarianism

A

This 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
Q

Representative democracy

A

Citizens periodically elect individuals to represent them.

11
Q

Theocratic totalitarianism

A

This is found in states where political power is monopolized by a party. (The highest power like the pope or Islamic principles)

12
Q

Tribal totalitarianism

A

This occurs when a political party that represents the interests of a particular tribe (not always the majority tribe) monopolizes power.

13
Q

Right-wing totalitarianism

A

This generally permits some individual economic freedom but restricts individual political freedom, frequently on the grounds that it would lead to the rise of communism.

14
Q

Market economy

A

All productive activities are privately owned, as opposed to being owned by the state. Production is determined by supply and demand.

15
Q

Command economy

A

The government plans the goods and services that the country produces, and the prices at which they are sold. All businesses are state-owned. Historically found in communist economies

16
Q

Legal system

A

This refers to the rules or laws that regulate behaviour along with the processed by which the laws are enforced and through which redress for grievances is obtained.

17
Q

Common law

A

This is based on traditions, precedents and customs ( For example Great Britain)

18
Q

Civil law system

A

This is based on a details set on laws organized into codes

19
Q

Theocratic law system

A

This based on religious teachings. ( Islamic laws id the most widely practised theoretical legal system in the most modern world)

20
Q

Contract

A

This is a document that specifies the conditions under the exchange that occurs and details the rights and obligations of the parties involved.

21
Q

Contract law

A

This is the body of law when one party feels the other has violated either the letter of the spirit of an agreement.

22
Q

United Nations Convention on Contract for the International Sale of Goods (CISG)

A

The CISG established a uniform set of rules governing certain aspects of the making and performance of everyday commercial contract between sellers and buyers who have their places of business in different nations.

23
Q

Property Rights

A

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

24
Q

Private action

A

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

25
Q

Public action

A

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

26
Q

Foreign Corrupt Practices Act (FCPA)

A

Following the revelations that U.S companies bribed the government in foreign countries in an attempt to win lucrative contracts, the FCPA was passed. ( This law make this illegal to bribe a foreign government official to obtain or maintain business over which that foreign official has authority.