Untitled Flashcards Set

Economic Development

Sustained increase in the standard of living of a country's population, resulting from changes and improvements in wealth, education, infrastructure, and technology.

Market Failure

Occurs when the economy fails to produce or distribute necessary goods or services.

Increasing Returns to Scale

The average cost per unit decreases as a firm produces more goods, often leading to monopolies.

Monopoly

A market structure where larger companies have significant advantages over smaller ones, often requiring government intervention to break up.

Externality

An action by an individual or organization that affects the welfare of others, which can be negative (pollution) or positive.

Democracy and Development

Democracy allows citizens to demand resources from the state and fosters accountability, leading to economic development.

Interventionist State

A state where the central government allocates resources, makes investment decisions, and owns many profitable industries.

Economic Liberalism

An approach advocating minimal state involvement in the economy, emphasizing individual freedom of choice.

Social Democracy

A political ideology balancing capitalist markets with greater state intervention to alleviate economic inequalities.

State-Led Development

A strategy where the government coordinates private sector investments and encourages savings to boost national economic benefit.

Resource Curse

The phenomenon where resource-rich countries experience lower economic growth and poorer development outcomes.

Gini Coefficient

A measure of income inequality within a population, with high values indicating greater inequality.

Palmer Ratio

A measure focusing on middle-class income distribution, representing the top 10%, bottom 40%, and middle 50%.

Relative Mobility

The ability to move in economic status compared to others within your generation or peer group.

Absolute Mobility

The ability to move economically compared to oneself over time, reflecting upward or downward changes.

Welfare State

Government spending on programs like pensions, disability, health care, and unemployment support aimed at promoting citizens' welfare.

Progressive Taxation

A tax system where the tax rate increases as the taxpayer's income increases, used to fund public services.

Labor Unions

Organizations that advocate for workers' rights, often employing tactics like strikes and negotiations to influence labor policies.

Intersectionality

The interconnected nature of social categorizations like race, class, and gender, which can create overlapping systems of discrimination.

Illiberal Democracy

A political system where elections exist but are not free or fair, often characterized by restrictions on civil liberties.

Comparative Politics

The systematic study and comparison of political systems and behaviors across different countries and regions.

First World, Second World, Third World

Outdated terms used to categorize countries based on their economic development and political systems.

Human Development

A multi-dimensional approach recognizing the value of health, education, and standard of living beyond mere economic measures.

Economic Inequality

The unequal distribution of income and opportunity between different individuals or groups within society.

Civil Society

The collective of non-governmental organizations and institutions that manifest the interests and will of citizens.

State Intervention

Government activities intended to influence economic activity, which can vary from minimal to extensive involvement.

Political Accountability

The obligation of government officials to be answerable for their actions and decisions to the electorate.

Collective Actions

Group efforts by individuals, often associated with unions, aimed at achieving common goals through coordinated efforts.

Political Economy

The study of how political institutions and the economy interact and influence each other.

Market Economy

An economic system where prices are determined by supply and demand rather than central planning.

Universal Basic Income (UBI)

A model of social security in which all citizens receive a regular, unconditional sum of money from the government.

Civil Rights

The rights of citizens to political and social freedom and equality.

Globalization

The process by which businesses and other organizations develop international influence or operate on an international scale.

Fiscal Policy

The use of government spending and taxation to influence the economy.

Debt-to-GDP Ratio

A measure of a country's debt in comparison to its gross domestic product; used to gauge economic health.

Social Mobility

The ability of individuals or families to move up or down the social ladder in terms of income, education, and occupation.

Public Goods

Commodities or services that are made available to all members of society, often funded by the state.

Fundamentalism

A form of a religion that upholds belief in the strict, literal interpretation of scripture.

Authoritarianism

A governing system characterized by strong central power and limited political freedoms.

Libertarianism

A political philosophy that emphasizes freedom, individual rights, and minimal state intervention.

Transnationalism

The process by which immigrants forge and sustain multi-layered social relations that link their societies of origin with their communities of settlement.

Civic Engagement

Participation in public life and governance, often through activities like voting, volunteering, or activism.