INTB Chapter 2: Political Economy

Collectivism

A political system that prioritizes the needs of the society over individual freedoms

Individualism

A political system that lets people pursue self-interests for the overall good of society

Socialism

A political system where the government owns and controls major businesses, so everyone has access to basic needs

Communists

Those who believe socialism can only be achieved through violence and totalitarian dictatorship

Social democrats

Those who want the economy to be mostly capitalist, but with strong safety nets to ensure everyone gets a fair shot

Democracy

A political system where people have the power to make decisions by voting for leaders and laws

Totalitarianism

A political system where one person or party has complete control over all aspects of human life

Communist totalitarianism

Form of totalitarianism that wants socialism through dictatorship

Theocratic totalitarianism

Form of totalitarianism when one person or party governs based on religious principles

Tribal totalitarianism

Form of totalitarianism where a political party representing a tribe and monopolizes power

Right-wing totalitarianism

A form of totalitarianism where individuals have economic freedom but no political freedom to avoid communism

Common law

A legal system based on traditions and customs

Civil law

A legal system based on written codes and statutes

Theocratic law

A legal system based on religious teachings

Property rights

Legal rights to control who owns something and what they can do with it

Market economy

An economic system where businesses and people decide what goods and services are produced, not the government

Command economy

An economic system where the government controls production, prices, and businesses

Mixed economy

An economic system where both government and private businesses share control over what is made, sold, and priced

Intellectual property

Property that is the product of intellectual activity

Patents

Rights given to inventors to manufacture, use, or sell their inventions

Copyright

Legal rights of authors, composers, etc., to publish or dispose of their work

Trademarks

Symbols, names, or logos that legally protect a brand so others can't copy them

Private action

Type of corruption when individuals/groups commit theft, piracy, or blackmail

Public action

Type of corruption when public officials extort income from property owners

Foreign Corrupt Practices Act (FCPA)

US law making it illegal for American companies or individuals to bribe government officials for business deals

Common law

Which legal system evolved in England over hundreds of years?

The political, economic, and legal systems are collectively referred to as __.

Political economy

Socialists advocate for __ ownership for the means of production.

Public

Communists believed socialism could only be achieved through __.

Violent revolution

The United Nations Convention on Contracts for the International Sales of Goods establishes rules for __

commercial contracts

Intellectual property includes patents, copyrights, and __.

Trademarks

Foreign Corrupt Practices Act prohibits __ foreign government officials.

Bribing

In countries with high levels of corruption, there are __ in foreign direct investment.

reductions

Product liability holds a firm responsible when a product causes __, death, or damage.

Injury