Political and Economic Systems Lecture Notes

Vocabulary flashcards covering key concepts in political science, economics, international business law, and global systems.

Totalitarianism

A form of government in which one person or political party exercises absolute control over all spheres of human life.

Individualism

A political philosophy that goes hand-in-hand with democracy, allowing people in an individualist society to pursue their own economic self-interest.

Plato’s political policy…

Doesn’t not equate collectivism with equality

Globalization

Trend away from distinct national economic unit and towards on huge global market

Globalization market

Merging of distinct markets into one global market place

Factors of production

Labor, energy, land, capital

Uruguay round

Established WTO to police the international trading system

USMCA

Reduced trade barriers

Moores law

Predicts the power of microprocessors tech doubles and cost of production falls in half every 18 months

Theocratic totalitarianism is

Governed based on religious principles

Islamic

Most widely practiced theoretical system in modern world

New world order (Francis Fuk)

Liberal democracy triumphed and will be the final form of human gov

New world order (Samuel it)

No universal civilization based on acceptance of western Democrat ideals

Collapse of communism is caused by

Deregulation

Apartheid system

Racial segregation in South Africa

Suvillian principle

Didn’t want to take part in apartheid system

Trategy of the commons

Something that is held by all but owned by no one (space)

Cultural relativism

Ethics are the reflection of a culture (adopting ethics)

Native immortalist

If firms from other nations aren’t following ethic norms, that manager shouldn’t either

Righteous mortalist

Home country standards are(nt)appropriate to follow in foreign countries

katian ethics

People should respect others and act in accordance of rules

Privatization

Selling state owned enterprises to private investors

Shrinking Individual Freedom

A worldwide phenomenon where individual freedom is shrinking under authoritarian regimes, notably in Russia, Poland, and Hungary.

Market economies such as Japan can enjoy economic growth but face greater risks because…

International trade

Given this historical gap between east and west Germany, what is likely to occur with free movement

Gap of income will decline

Purchasing power parity (PPP)

Direct comparison of living standards in different countries

Life expectancy at birth

One way to measure human development index

Privatization

Way to stimulate gain of economic efficiency by giving owners incentives to enter markets, exit bad ones, and increase productivity

Benefits of doing business in a country

Size and purchasing power of the market

Samual Huntington

Global terrorism is a product of tension between civilization and the clash of value systems

Society

People who share a common set of values and norms

Values

Shared assumptions about how things ought to be

Symbolic behavior

Simple act such as shaking hands when meeting new people

Hindu and Buddhism both stress the importance of

The afterlife

Social strata

Characteristics such as occupation and family background

Trademarks

Decision rules and legal protections through which merchants and micro-level actors can protect and differentiate their products.

Legal System Attractiveness

The concept that a country's legal system can affect its overall attractiveness as an investment site or market.

United Nations Convention on Contracts for the International Sale of Goods (CISG)

A set of uniform rules governing everyday commercial transactions between buyers and sellers located in different countries.

Venezuela under Hugo Chávez

A political-economic system characterized as a command economy and authoritarianism with a high level of corruption, as well as a mixed economy.

Right wing totalitarian

Allows some economic freedom but restricts political freedom to prevent communism