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Ib Chapter 2

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Chapter 2 1. Political Economy: The political, economic and legal system of a country 2. Political system: he system of government in a nation 3. Political systems can be assessed according to two dimensions. The first is the degree to which they emphasize collectivism as opposed to individualism. The second is the degree to which they are democratic or totalitarian. (collectivismtotalitarian; individualismdemocratic) 4. Collectivism: Collectivism refers to a political system that stresses the primacy of collective goals over individual goals. (socialism, communism, social democracy)
1. Socialist: Someone who believes in public ownership of the means of production for the common good of society.
2. Communist: The communists believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. (eg: china, cuba, north korea)
3. Social democrats: committed themselves to achieving socialism by democratic means, turning their backs on violent revolution and dictatorship. 5. Individualism: individualism refers to a philosophy that an individual should have freedom in his or her economic and political pursuits.(freedom of expressions, economic self-interest) 6. Democracy vs Totalitarianism (communist, theocratic, tribal, right-wing) 1. Democracy: Political system in which government is by the people, exercised either directly or through elected representatives. 2. Totalitarianism: Form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited. A. Communist Totalitarianism: A version of collectivism advocating that socialism can be achieved only through a totalitarian dictatorship. B. Theocratic Totalitarianism: A political system in which political power is monopolized by a party, group, or individual that governs according to religious principles. C. Tribal Totalitarianism: A political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power. D. Right-Wing Totalitarianism: A political system in which political power is monopolized by a party, group, or individual that generally permits individual economic freedom but restricts individual political freedom, including free speech, often on the grounds that it would lead to the rise of communism. 7. Economic systems have 3 types: market economy (free enterprise), command economy (central planning), mixed economy (state intervention). A. Market Economy: An economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced. B. Command Economy: An economic system where the allocation of resources, including determination of what goods and services should be produced, and in what quantity, is planned by the government. C. Mixed Economy 8. Three cheers or no cheers for capitalism? 9. Where is the world to be an entrepreneur 10. Botswana 11. Legal system: common law, civil law, theocratic law-Islamic banking 1. The legal system of a country refers to the rules, or laws, that regulate behavior along with the processes by which the laws are enforced and through which redress for grievances is obtained. (Tradition refers to a country’s legal history, precedent to cases that have come before the courts in the past, and custom to the ways in which laws are applied in specific situations.) 2. The common law system evolved in England over hundreds of years. It is now found in most of Great Britain’s former colonies, including the United States. Common law is based on tradition, precedent, and custom. 3. Civil law: A system of law based on a very detailed set of written laws and codes. 4. Theocratic Law System: A system of law based on religious teachings. 12. Property Rights Bundle of 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. 13. Counterfeiting 14. Economic System has three types: Market, command and mixed 15. GNI: total annual income received by residents of a nation (per capita) 16. PPP( purchasing power parity): GNI adjusted for cost of living compared to US

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