General:

3 economic systems:

Capitalism/free market economy/free market enterprise:

  • economic system in which wealth is owned by individuals for their own personal profit. Individuals and private businesses own everything and make economic decisions free from government regulation, keeping the profits and accepting the losses without intervention

    Communism/command economy:

  • a system of collective ownership in which individuals do not own private property and work together for the benefit of all community members, not just a few. Government owns/regulates all aspects of the economy.

  • central government makes economic plans and fairly distributes wealth created by workers who produce goods and services

    Socialism/mixed economy:

  • groups of people should own and regulate the economy for all members. Government owns/regulates some parts of the economy to benefit the whole nation, individuals and private businesses also make their own economic decisions, keeping profits and accepting the losses

Marxism:

Fascism:

  • radial movement/extreme form of conservatism

  • extreme right-wing dictatorial political system based on racial purity and the violent hatred of racial and other minorities

Totalitarianism:

Authoritarianism:

  • when a government demands absolute obedience and will use violence, unjust laws, surveillance, etc to destroy opposition (doing anything to stay in power)

Dictatorship:

  • An authoritarian government that uses force to hold onto power

Federation:

  • a country made up of several states that have united under a central or federal government

Autarky:

  • a nation that operates in a state of self-reliance

  • often limited trade with global partners

  • closed economy

  • lacks any sources of external support, trade or aid

Autocracy:

  • a system of government by one person with absolute power

Anarchism: (anarchy)

  • the belief that local co-operatives freely established and run by the people they serve work better than centralised governments run by powerful elites and politicians

  • so the absence of government

Democracy:

  • ruled by the people through fair elections

  • people are the ultimate authority and the ultimate source of the authority of the government

  • political equality of all citizens is essential

  • free, fair and frequent elections

  • freedom of press is essential

  • constitutionalism-use of constitutions to limit the government by law

  • democracy protects freedom-liberalism

Democratic socialism:

  • Left-wing political philosophy that combines democracy with a highly-regulated market economy, state-run essential services and state-financed welfare system

Liberalism:

  • freedom, equality and dignity of the individual

  • all persons have certain fundamental rights

  • democracy protects this

  • freedom of religion/conscience

  • political freedom

  • freedom of the press and media

  • freedom of individual expression

  • right to privacy and to a private sphere of life free from governmental interference

  • right to freedom of association in public and private

Conservatism:

  • believing in traditional ideas and values rather than progressive ideas and social change

Theocracy:

Bureaucracy:

The far right: (conservative?)

  • usually capitalist

  • some may have racist and fascist beliefs

The far left: (liberal?)

  • usually communist (?)

  • believe radical or extreme forms of social, economic or political change is needed

Left-wing:

  • believing that power and wealth should be shared fairly and that services like healthcare and education should be free

Central:

Other political vocab: