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Flashcards covering key vocabulary and concepts.
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Corporatism
A system where the state has great control over directing economic activity.
Import Substitution Industrialization
An economic theory of protecting local industries by limiting international trade via tariffs and quotas.
Economic Liberalization
Economic policies which create conditions where trade can flow relatively freely across international boundaries without government restrictions.
Austerity
A policy where the government reduces spending and increases taxes.
Federalism
The idea that there is a constitutional division of power.
Nationalization
A system is which the state owns natural resources.
Multiparty System
A system of government in which multiple parties have a genuine chance of gaining power.
Social Cleavages
Divisions in society based on religion ethnicity region, etc.
Foreign Direct Investment
Investment made by a company or entity based in one country, into a business or asset in another country.
Rule By Law
A system where the legal system is used to enforce the will of the rulers, rather than the legal system being above all.
Renter State
An economic model that highlights the risks of state reliance on revenue derived from natural resources.
Post Materialism
When people are interested in political issues beyond their own basic needs.
Unitary State
When a state has all the power but can choose to give it to internal regions.
Devolution
When the central government has all the power and can choose to give it to the regions, but what can be given can also be taken away
First Past the Post
A system in which whoever wins a plurality within a district gets that particular seat.
Patron Clientelism
A system of giving special treatment to someone.
Resource Curse
When a country is so reliant on its natural resource that it hurts democracy and the country lacks diversification.