National Differences in Political, Legal, and Economic Systems

Vocabulary flashcards covering core concepts of political, economic, and legal systems from the lecture.

Collectivism

A political system that emphasizes the primacy of societal needs over individual needs, holding that property should be owned in common and advocating for state intervention in economic activity.

Individualism

A political philosophy built on the primacy of individual needs and freedoms over society's needs, emphasizing private property rights and the pursuit of self-interest.

Democracy

A political system in which government is by the people, exercised either directly or through elected representatives.

Representative Democracy

The most common form of democracy today, where citizens periodically elect individuals to represent them and vote on political decisions on their behalf.

Totalitarianism

A form of government in which one person or political party exercises absolute control over all spheres of human life, opposing parties are prohibited, and basic civil liberties are denied.

Socialism

An economic and political ideology, tracing its modern roots to Karl Marx, advocating for state ownership of the basic means of production, distribution, and exchange to benefit society as a whole.

Communists

A faction of socialists who believed that socialism could only be achieved through violent revolution and totalitarian dictatorship.

Social Democrats

A faction of socialists who worked to achieve socialist goals through democratic means rather than revolution.

Privatization

The sale of state-owned enterprises to private investors, often executed after state-managed enterprises fail to succeed.

Pseudo-Democracies

Political systems where elections are held and some independent press exists, but authoritarian elements capture state machinery to deny basic political and civil liberties, such as Russia under Vladimir Putin.

Legal System

The rules or laws that regulate behavior in a country, along with the processes by which laws are enforced and through which redress for grievances is obtained.

Common Law

A legal system based on tradition, precedent, and custom, commonly found in most of Great Britain's former colonies, including the United States.

Civil Law

A legal system based on a detailed set of written laws organized into codes, utilized in over 80 countries including Germany, France, Japan, and Russia.

Theocratic Law

A legal system based on religious teachings, of which Islamic law is the most widely practiced example.

Foreign Corrupt Practices Act (FCPA)

A United States law that makes it illegal to bribe a foreign government official to obtain or maintain business, while requiring publicly traded companies to maintain detailed financial records.

Intellectual Property

Property that is the product of intellectual activity, legally protected through tools such as patents, copyrights, and trademarks.

Patents

Exclusive legal rights granted to an inventor for the manufacture, use, or sale of a specific invention.

Copyrights

Exclusive legal rights granted to authors, composers, playwrights, artists, and publishers to publish and dispose of their work as they see fit.

Trademarks

Officially registered designs and names by which merchants or manufacturers designate and differentiate their products.

Product Safety Laws

Laws that establish mandatory safety standards to which a manufactured product must adhere.

Product Liability

The legal responsibility holding a firm and its officers accountable when a product causes injury, death, or property damage.