Types of Government and Economic Ideologies

Flashcards about types of government and economic ideologies based on lecture notes.

What is a government?

Group of people that has the power to rule in a territory, according to the law.

What are the advantages of Capitalism?

It is the dominant economic system in developed countries and is linked to economic growth.

What are the disadvantages of Capitalism?

It is focused on profit and emphasizes consumption.

What are some examples of Capitalism?

United States, United Kingdom, Japan

What are the advantages of Socialism?

There is a balance between wealth and earnings, and there is equal access to healthcare and education.

What are the disadvantages of Socialism?

People are unmotivated to develop, and the government has too much control.

What are some examples of Socialism?

Vietnam, Laos, Denmark, Finland

What are the advantages of Communism?

It embodies equality and doesn’t allow business monopolies.

What are the disadvantages of Communism?

It hampers personal growth, and the government has the power to dictate and run the lives of citizens.

What are some examples of Communism?

China, Cuba, North Korea

What are the advantages of Feudalism?

Organized system of protection.

What are the disadvantages of Feudalism?

Divided the rich and poor, and offered no independence.

What are some examples of Feudalism?

England (1066-1347), Japan (until 1800s)

What are the advantages of Dictatorship?

Power is centralized in a single person.

What are the disadvantages of Dictatorship?

Dictator can abuse citizens who oppose his rule.

What are some examples of Dictatorship?

Sudan, Burma, Zimbabwe

What are the advantages of Theocracy?

Single state-supported religion encourages political and social unity.

What are the disadvantages of Theocracy?

Citizens who do not believe in the religion of the majority can have their rights abused.

What are some examples of Theocracy?

Vatican City, Tibet under Dalai Lama, Egyptian Pharaohs

What are the advantages of Constitutional Monarchy?

History and traditions are preserved.

What are the disadvantages of Constitutional Monarchy?

It makes progression difficult with traditions and customs.

What are some examples of Constitutional Monarchy?

England, Norway, Thailand

What are the advantages of Republic?

Elected representatives.

What are the disadvantages of Republic?

Decision making is time consuming.

What are some examples of Republic?

United States, France, Greece, Turkey

What are the advantages of Oligarchy?

Decisions happen rapidly.

What are the disadvantages of Oligarchy?

No check to the status quo.

What are some examples of Oligarchy?

Bolivia, Mexico

What are the advantages of Democracy?

Open for change.

What are the disadvantages of Democracy?

Chance of corruption.

What are some examples of Democracy?

United States, Canada, United Kingdom

What are the advantages of Fascism?

Speeds up the decision making process.

What are the disadvantages of Fascism?

Paves the way for abuse of power.

What are some examples of Fascism?

Italy, Germany