World economy

Anarchism

• Rejects: Forced government and hierarchy.

• Promotes: Voluntary cooperation, self-rule, and mutual aid.

Authoritarian

• Power: Absolute control by one person or a small group.

• Status: Unelected and completely unaccountable to the public.

Democracy

• Derive their power from the people of the country, either by direct referdum or by means of elected representatives of the people

Full democracies

• Civil Liberties: Political freedoms and civil rights are fully respected.

• Political Culture: The society strongly supports democratic values.

• Governance: The government functions effectively.

• Free Media: The press is independent and offers diverse perspectives.

• Checks and Balances: Power is balanced properly to prevent abuse.

• Independent Justice: The legal system is independent, and court rulings are strictly enforced.

• Minimal Flaws: There are very few problems with how the democracy operates.

Flawed democracies

• Elections: Voting remains free and fair.

• Civil Liberties: Basic rights are respected, despite some issues (such as restricted media).

• Governance Flaws: There are notable problems in how the government operates.

• Political Culture: Democratic values and traditions are underdeveloped.

• Low Participation: Citizens are generally less involved in political processes.

Hybrid regimes

• Flawed Elections: Elections suffer from major irregularities and are rarely free or fair.

• Political Suppression: The government frequently pressures opposition candidates and parties.

• Systemic Weaknesses: There are severe flaws in governance, political culture, and public participation.

• Weak Rule of Law: Corruption is widespread, and civil society has little influence.

• Lack of Independence: The justice system is not independent, and journalists regularly face harassment.

Authoritarian regimes

• No Political Pluralism: Political opposition is entirely absent or strictly limited; many are outright dictatorships.

• Meaningless Institutions: Democratic structures (like elections) may exist in name, but they are never free or fair.

• Civil Rights Violations: The state routinely ignores and abuses basic human freedoms.

• Media Control and Censorship: The government controls the press and actively suppresses any criticism.

• No Judicial Independence: The legal and court systems are entirely controlled by the ruling regime.

How do governments intervene in trade?

• Tariffs

• Subsidies

• Import quotas and VER

• Currency controls

• Local content requirements

• Antidumping rules (dumping=selling product below market price to win market share)

• Export financing

• Free-trade zone

• Administratrive policies

What types of legal systems are there in the world

1. Civil law

2. Common law

3. Customary law

4. Religious law

5. Hybrid/mixed systems

Civil law system

• Source of Law: Driven primarily by statutory law (written by legislatures) rather than case law (judicial precedents).

• Judges actively investigate the facts of a case.

• The roles of prosecutors and defense lawyers are more limited than in other systems.

• Victim Rights: Victims can actively participate in the legal process, sometimes even filing the initial charges.

Common law systems

• The judge acts as an impartial referee between opposing parties.

• Juries typically determine the facts of a case, while the judge applies the relevant law.

• Both prosecutors and defense attorneys play highly active, central roles.

• Victims serve primarily as witnesses with limited participation rights, rather than formal parties in the case.

Customary law systems

• Customary law systems are based on patterns of behavior (or customs) that have come to be accepted as legal requirements or rules of conduct within a particular country.

• The laws of customary legal systems are usually unwritten and are often dispensed by elders, passed down through generations.

• Oftentimes, customary law practices can be found in mixed legal system jurisdictions, where they've combined with civil or common law

Religious legal systems

• Religious legal systems are systems where the law emanates from texts or traditions within a given religious tradition.

• Many Islamic nations have legal systems based in whole or in part on the Quran

Mixed legal system

• Mixed legal systems refer to legal systems where two or more of the above legal systems work together

Developed economy

• Also known as advanced economies, are characterized as postindustrial countries—typically with a high per capita income, competitive industries, transparent legal and regulatory environments, and well-developed commercial infrastructure.

• Developed countries also tend to have high human development index (HDI) rankings—long life expectancies, high-quality health care, equal access to education, and high incomes. In addition, these countries often have democratically elected governments.

• Canada, The United States, Western Europe, Nordic countries Japan, South Korea, Australia, and New Zealand

Developing economy

• The residents of these economies tend to have lower discretionary income to spend on nonessential goods (i.e., goods beyond food, housing, clothing, and other necessities).

• Many people, particularly those in developing countries, often find the classifications limiting or judgmental.

• Developing countries sometimes find that their economies improve and gradually they become emerging markets.

Emerging economy

A country that was once a developing country but has achieved rapid economic growth, modernization, and industrialization.