Studied by 91 peoplecapitalism
a system of production based on private property and free markets
central bank
the state institution that controls how much money is flowing through the economy, as well as how much it costs to borrow money in that economy
Comparative Advantage
the ability of one country to produce a particular good or service more efficiently relative to the other countries’ efficiency in producing the same thing
deflation
a period of falling prices and values for goods, services, investments, and wages
economic liberalization
changes (that are consistent with a liberal ideology) that aim to limit the power of the state and increase the power of the market and private property in an economy
gini index
a statistical formula that measures the amount of inequality in a society; its scale ranges from 0 to 100 where 0 is perfect equality and 100 is perfect inequality
gross domestic product (gdp)
the total market value of all goods and services produced by a country over a period of one year
human development index (hdi)
statistical tool that attempts to evaluate the overall wealth, health, and knowledge of a country’s people
hyperflation
inflation of more than 50% for a month for more than two months in a row
inflation
an outstripping of supply by demand, resulting in an increase in the general price of goods and services and making the loss of value in a country’s currency
laissez-faire
the principle that the economy should be “allowed to do: what it wishes”; a liberal system of minimal state interference in the economy
market
the interaction between the forces of supply and demand that allocates resources
Mercantilism
a political-economic system in which national economic power is paramount and the domestic economy is viewed as an instrument that exists to primarily serve the needs of the state
monopoly
a single producer that dominates the market for a good or service without effective competition
Non-tariff regulatory barriers
policies and regulations used to limit imports through methods other than taxation
Parastatal
industry partially owned by the state
political-economic system
the relation between political and economic institutions in a particular country and the policies and outcomes they create
property
goods or services that are owned by an individual or group, privately or publicly
public goods
goods, provided or secured by the state, available to society, and which no private person or organization can own
purchasing power parity (ppp)
a statistical tool that attempts to estimate the buying power of income across different countries by using prices in the US as a benchmark
quota
a non-tariff barrier that limits the quantity of a good that may be imported into a country
regulation
a rule or an order that sets the boundaries of a given procedure
social expenditures
state provisions of public benefits, such as education, health care, and transportation
tariff
a tax on imported goods
guerilla war
a conflict whereby nonstate combatants who largely abide by the rules of war target the state
ideational
having to do with ideas
nihilism
belief that all institutions and values are essentially meaningless and that the only redeeming value is violence
political violence
violence outside of state control that is politically motivated
relative deprivation model
model that predicts revolution when public expectations outpace the rate of domestic change
revolution
public seizure of the state in order to overturn the existing government and regime
state-sponsored terrorism
terrorism supported directly by a state as an instrument of foreign policy
terrorism
the use of violence by nonstate actors against civilians in order to achieve a political goal
abstract review
judicial review that allows the constitutional court to rule on questions that do not arise from actual legal disputes
bicameral legislation
a political system in which the legislature comprises two houses
Bureaucracy
a large and complex system of administration consisting of appointed officials
civil liberties
individual rights regarding freedom that are created by the constitution and the political regime
civil rights
individual rights regarding equality that are created by the constitution and the political regime
civil society
organizations outside of the state that help people define and advance their own interests
code law
a legal system inspired by Roman law in which the primary feature are that laws are written into a collection, codified, and not determined by judges
common law
legal system based on custom and precedent rather than formal legal code
concrete review
judicial review that has the constitutional court to ruling on the basis of actual legal disputes before it
constituency
a geographical area that an elected official represents
constitutional court
the highest judicial body in a political system that decides whether laws and policies violate the constitution
democracy
a political system in which political power is exercised either directly or indirectly by the people
electoral system
a set of rules that decide how votes are cast, counted, and translated into seats in a legislature
executive
the branch of government that carries out the laws and policies of a state
first past the post (fptp)/smd plurality
an electoral system in which individual candidates compete in single-member districts; voters choose between candidates, and the candidate with the largest share of the vote wins the seat
head of government
the executive role that deals with the everyday tasks of running the state, such as formulating and executing policy
head of state
the executive role that symbolizes and represents the people both nationally and internationally
initiative
a national vote called by members of the public to address a specific proposal
judicial review
the mechanism by which courts can review the actions of government and overturn those that violate the constitution
legislature
the branch of government charged with making the laws
liberal democracy
a political system that promotes participation, competition, and liberty and emphasizes individual freedom and civil rights
mixed electoral system
an electoral system that uses a combination of 2 or more electoral procedures like SMD, PR, AV, or lists
multimember district (mmd)
an electoral district with more than one seat
parliamentary system
a political system where the legislative and executive bodies are fused or where the legislature selects the prime minister
presidential system
a political system in which the roles of head of state and head of government are combined in one executive office
proportional representation (pr)
an electoral system in which political parties compete in multimember districts; voters chose between parties, and the seats in the district are awarded proportionally according to the results of the votes
referendum
a national vote called by a government to address a specific proposal, often a change to the constitution
republicanism
indirect democracy that emphasizes the separation of powers within a state and the representation of the public through elected officials
rule of law
a system in which all individuals and group, including those in the government, are subject to the law, irrespective of their power or authority
semi-presidential system
an executive system that divides power between two strong executives, a president and a prime minister
Separation of powers
the clear division of power among different branches of government and the provision that specific branches may check the power of the other branches
single member district (smd)
an electoral district with one seat
unicameral system
a political system in which the legislature comprises one house
vote of no confidence
vote taken by a legislature as to whether its members continue to support the current prime minister which; depending on the country, a vote of no confidence can force the resignation of the prime minister and/or lead to new parliamentary elections
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