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political economy
The study of the interaction between states and markets
Markets
interaction between buyers and sellers
Property
Ownership of the goods and services exchanged through the market
Public Goods
Goods provided or secured by the states that are available for society and no one can own them
social expenditures
State provision of public benefits, such as education, health care, and transportation
GDP
the total market value of all final goods and services produced annually in an economy
central bank
an institution that controls how much money is flowing through the economy as well as how much it costs to borrow money in that economy
Inflation
General increase in the general price level of goods and services
Hyperinflation
Inflation of more than 50 percent a month for more than two months in a row
Deflation
Too many goods are chasing too little money
regulation
Rules or orders that set the boundaries of a given procedure
Monopoly
A market in which there are many buyers but only one seller.
Tariffs
Taxes on imported goods
Quotas
limit the quantity of a good coming into the country
non-tariff regulatory barriers
may create health, packaging, or other restrictions and whose purpose is to protect its citizens and make it difficult or expensive for foreign goods to be sold in the local market
Why regulate trade?
generate revenue and protect domestic industry
Why not regulate trade?
-to promote competition
-to keep the costs of goods low
-to stimulate domestic innovation in areas of comparative advantage
political-economic system
the actual relationship between political and economic institutions in a particular country, as well as the policies and outcomes they create
Liberalism
High priority on individual political and economic freedom, limits state power
Laissez-faire
Idea that government should play as small a role as possible in economic affairs.
Capitalism
An economic system based on private property and free markets
8 key conditions for economic development
1. Infrastructure investment
2. Investment in education and health to develop human capita
3. Macroeconomic stability
4. Open trade and investment regimes on active private sector
5. Public Governance
6. Social Inclusiveness
7. Vision for the future
8. Political stability, security and good relations with neighboring countries
Mercantilism
Economic system in which national economic power is paramount and the domestic economy is viewed as an instrument that exist primarily to serve the needs of the Tate
Parastatals
industry partially owned by the state
Purchasing Power Parity (PPP)
estimates of the buying power of a currency by comparing the cost of a product in multiple countries
Gini Index
measures income inequality
Human Development Index (HDI)
assesses health, education, and wealth of population
economic liberalization
cutting taxes, reducing regulation, privatizing state-owned businesses and public goods, and expanding property rights
Voodoo Economics
an economic policy perceived as being unrealistic and ill-advised, especially a policy of maintaining or increasing levels of public spending while reducing taxation.- Ronald Reagan
Patrimonialism
system that distributes political and economic power to a small group of regime supporters within the state while holding society in check by force
political violence
Violence outside of state control that is politically motivated
Revolution
Public seizure of the state in order to overturn the existing government and regime
Factors of Revolution
Public participation, want to gain state control, remove entire regime
relative deprivation
Model that predicts revolution when public expectations outpace the rate of democratic change
Terrorism
The use of violence by nonstate actors against civilians in order to achieve a political goal
state-sponsored terrorism
Terrorism supported directly by a state as an instrument of foreign policy
guerrilla warfare
A conflict whereby non state combatants abide by the rules of law and targets the state
nihilism
A belief that all institutions and values are essentially meaningless and that the only redeeming value is violence
free trade
international trade left to its natural course without tariffs, quotas, or other restrictions.
A+B= increased volume of trade
A= industrialize for export
B= lower trade restriction
Free Trade Agreement
an agreement between member countries to remove duties and trade barriers on products traded among them. You actually sign the contract
Trans-Pacific Partnership (TPP)
A multilateral free trade agreement being negotiated by 12 Asia Pacific countries
Democracy
Political power exercised either directly or indirectly by the people through participation, competition and liberty
Republicanism
Separation of powers within a state and the representation of the public through elected officials
civil society
organized life outside the state
Executive
Branch that carries out the laws and policies of a state
Head of State
a role that symbolizes and represents the people, both nationally and internationally, embodying and articulating the goals of the regime
head of government
The executive role that deals with the everyday tasks of running the state, such as formulating and executing policy
Legislature
Viewed as the body in which natural politics is considered and debated
bicameral system
legislatures that contain two houses
unicameral system
legislature with one house
Constitutional court
ensures that legislation is compatible with the constitution
concrete review
Constitutional court rules on the basis of actual legal disputes
Abstract Review
Court rules on questions that don't arise from actual legal disputes
vote of no confidence
Vote taken by a legislature as to whether its members continue to support the current prime minister. Depending on the country, a vote of no confidence can force the resignation of the prime minister and/or lead to new parliamentary elections.
presidential system
a system of government in which the legislative and executive branches operate independently of each other
Parliamentary System
A system of government in which the legislature selects the prime minister or president.
electoral system
A set of rules that decide how votes are cast, counted, and translated into seats in a legislature
Constituencies
each a geographic area that an elected official represents
single-member district
an electoral district in which a single person is elected to a given office
proportional representation
Electoral system in which political parties compete in multi member districts
First past the post system
Individual candidates compete in single member districts
multi-member districts
more than one legislative seat is contested in each district
mixed electoral system
combines plurality or majority SMDs with PR
Referendum
A national vote called by a government to address a specific proposal, often a change to the constitution
Initiative
A national vote called by members of the public to address a specific proposal
Civil rights
Individual rights regarding equality that are created by the constitution and the political regime
Civil Liberties
Individual rights regarding freedom that are created by the constitution and the political regime
Ten conditions of democracy
1. Elites committed to Democracy
2. State Institutions
3. National Unity
4. National wealth
5. Private Enterprise
6. A middle class
7. Support of the disadvantaged for democracy
8. Citizen participation, civil society, democratic, political country
9. Education and freedom of information
10. Favorable integrated environment
6 Ways to End terrorism
1. Decapitation
2. Negotiation.
3. Success
4. Failure
5. Repression
6. Reorientation
developed democracies
A country with institutionalized democracy and a high level of economic development
Modern
Characterized as secular, rational, materialistic, technological, and bureaucratic, and placing a greater emphasis on individual freedom than in the past
Post modern
characterized by a set of values that center on "quality of life" considerations and give less attention to material gain
Intergovernmental system
Two or more countries cooperate on issues- UN
supernational system
An intergovernmental system with its own sovereign powers over member states- EU
Neoliberal
A policy of economic liberalization adopted in exchange for financial support from liberal international organizations; typically includes privatizing state-run firms, ending subsidies, reducing tariff barriers, shrinking the size of the state, and welcoming foreign investment
Third Way
Term describing recent policies of the Labour Party that embrace the free market
Celtic Fringe
Welsh and Scots
Common Law
a system of law based on precedent and customs
Magna Carta
the royal charter of political rights given to rebellious English barons by King John in 1215
Parliament
UK Legislature
English Civil War
1642-1651 defenders of Charles vs Supporters of Parliament
Parliament won and executed Charles
common wealth
UK and 52 of its former colonies
House of Lords
the upper house of the British parliament
- use to represent aristocracy
House of Commons
England's lower house in Parliament
- in the past represent lower class
- 650 members
Collective Consensus
Postwar consensus between the UK's major parties to build and sustain a welfare state.
hung parliament
no party has a majority (2010)
Majoritarian
Term describing the virtually unchecked power of a parliamentary majority in the UK political system
Prime Minister
Max five years
Scottish National Party
Scottish independence
Good Friday Agreement
an agreement to end the conflict in Northern Ireland signed in 1998 by Protestants and Catholics
Quangos
Quasi-autonomous nongovernmental organizations that assist the government in making policy
Trades Union Congress (TUC)
A confederation of the UK's largest trade unions
Confederation of British Industry (CBI)
The United Kingdom's most important group representing the private sector
The troubles
Name given to the three decades of extreme ethnic conflict (late 1960s to late 1990s) between Northern Ireland's nationalists or republicans, who are mostly Catholic, and unionists or loyalists, who are mostly Protestant
Parliament over Presidents
Diane Francis prefers canadas parliamentary democracy because it is more efficient
Arab Peace Initiative
Proposed in 2002 by the prince of Saudi Arabia and endorsed by all members of the Arab League. Calls for the return to pre-1967 territories, recognition of Palestine as a state with East Jerusalem as its capital and a solution for Palestinian refugees.
US Failures
- DC Doesn't have voting rights
- segregation
- Native reservations
Declaration of Independence
Signed in 1776 by US revolutionaries; it declared the United States as a free state.
American Revolution
1775-1783