Studied by 28 peopleMarxism
Theory that encourages elimination of social class by forbidding private property to encourage equality and cooperation. The basis for communism.
Bourgeoisie
Marxist term to describe the capitalist elite class.
Democratic Centralism
The theory that egalitarianism must be put into place by a small group of leaders.
Nomenklatura
Appointment of trusted and loyal people into key positions in government.
Proletariat
Marxist term for the working class.
Bolsheviks
People who backed Lenin's ideals of democratic centralism
Politburo
Generic term used to describe the decision makers within communist parties.
Oligarch
Business and political leaders with massive influence in 1990s Russia.
Shock Therapy
Economic shift from Command economies to Market economies as quick as possible.
Federation Council
Upper House of the Russian Parliament
Five-Year Plan
Economic policies that develop within communist states.
Duma
Lower House of the Russian Parliament
Special Economic Zone
Areas in China were foreign companies were first allowed to invest.
Near Abroad
Term given to the former states that used to comprise the Soviet Union.
Economic system
The structure of methods/principles a society uses to produce/distribute goods/services
Vladimir Putin
President of Russia
Mikhail Mishustin
Prime Minister of Russia
FSB
Security police whose major job is to protect the Russian regime from its critics
General Secretary
The formal title of the head of a Communist Party.
Mikhail Gorbachev
Last leader of the Soviet Union
Boris Yeltsin
First president of the Russian Federation
Chechnya
Ethnic conflict in Southern Russia that elevated Vladimir Putin to power.
Cult of Personality
Promotion of the image a leader not merely as a political figure but as someone who embodies the spirit of the nation.
Alexi Navalny
Opposition figure to Vladimir Putin
United Russia
Current political party in power in Russia
Communist Party of the Russian Federation
Current Marxist party in post-Soviet Russia
Liberal Democrats
Hyper-nationalist political party in the Russian Federation
Legislative Power
The power to make laws
Executive Power
Power to enforce laws
Judicial Power
The power to interpret laws
First Past the Post (FPTP)
Electoral System where the winner gets the most votes.
Majority Run-off
Electoral System where the winner gets 50% +1 votes. May require a second round.
Proportional Election
Electoral System where the percentage of votes equals the percentage of seats allowed in the legislature.
Referendum
A direct vote on a law by the People.
Efficiency
Using resources in such a way as to maximize the production of goods and services
Circular Flow
The pattern in which goods and services and resources flow in the marketplace
Household
Person or people living together.
Firm
An organization that uses resources to produce goods and services.
Factor Market
The exchange of Factors of Production for Wages
Product Market
The exchange of Money for Goods and Services.
Private Sector
The part of the economy that involves individuals and businesses
Public Sector
The part of the economy that involves the government
Laizzez-faire
Economic System with no government involvement.
Neoliberalism
Economic System that seeks to make market transactions for efficient
Welfare Capitalism
Economic System that incorporates large safety nets to make up for market failures.
Market Socialism
Economic System where basic services are nationalized and private companies are strongly regulated by the government.
Socialism
Economic System in which means of production and distribution are owned by the government.
Import Subsitution
Government policy that replaces foreign imports with domestic production.
Globalization
Global interconnectedness between countries in economics and culture.
Economic Liberalization
The process of moving an economic system from more government controlled to a more free market structure.
International Monetary Fund
A United Nations organization set up to maintain order in the international monetary system
The World Bank
An organization that makes loans to Developing countries for economic growth and trade promotion.
World Trade Organzation
Global organization that negotiates trade agreements
Multi-National Corporations
Companies that have centers of operation in many parts of the globe
Foreign Direct Investment
Investment made by a foreign company in the economy of another country.
NAFTA
Free trade agreement between Mexico, Canada, and the United States
Privatization
To change from government or public ownership or control to private ownership or control.
Nationalization
Changing something from private to state ownership or control
Collective Consensus
British support for the creation of the welfare state that lasted from the 1940s to the 1970s.
Thatcherism
British economic policy that reduced state economic power and introduced free market and privatization in the 1980s.
European Union
An international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members.
Brexit
The British Exit from the European Union
Rentier State
A country that obtains much of its revenue from the export of oil or other natural resources.
Mao Zedong
Creator of the Chinese Communist Party
Deng Xiaoping
Communist Party leader who forced Chinese economic liberalization reforms in the 1980s/90s.
Special Economic Zones
Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
Tariff
A tax on imported goods
Parastatals
Companies owned or controlled by the state.
Porfiriato
Period of rule by Porfirio Diaz. Created stability
Mexican Miracle
Strong economic growth in Mexico from the 1940s to about 1980.
Ejidos
Farmland owned collectively by members of a rural community
Maquiladora
Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico.
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