comp test 2 vocab

capitalism

capitalism

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