INTB: National Differences in Political Economy
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Created by:
rtankersley on October 5, 2011
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47 terms
Terms | Definitions |
|---|---|
 Political Economy | The political, economic, and legal systems of a country. |
| Political System | The system of government in a nation. |
| Collectivisim | A political system that emphasizes collective goals over individual goals. |
| Socialism | A political philosophy advocating substantial public involvement, through government, ownership, in the means of production and distribution. |
| Communists | Those who believe socialism can be achieved only through revolution and totalitarian dictatorship |
| Social Democrats | Those commited by achieving socialism by democratic means. |
| Privitization | The sale of state owned enterprises to private investors |
| Individualism | An emphasis on the importance of guaranteeing individual freedom and self expression |
| Democracy | Political system in which government is by the people, exercised either directly or through elected representatives. |
| Totalitarian | Form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties. |
| Representative Democracy | A political system in which citizens periodically elect individuals to represent them |
| Communist Totalitarianism | A vesion of collectivism advocating that socialism can be achieved only through a totalitarian dictatorship. |
| Theocratic Totalitarianism | A political system iin which political power is monopolized by a party, group, or individual that governs according to religious principles. |
| Tribal Totalitarianism | A political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power. |
| Right Wing Totalitarianism | A political system in which political power is monopolized by a party, group or individual that generally permits individual economic freedom but restricts individual political freedom, including speech, frequently on the grounds that it would lead to the rise of communism. |
| Market Economy | An economic system in which the interaction of supply and demand determins the quanity in wich goods and services are produced. |
| Command Economy | An economic system in which the government plans the goods and services that a country produces, the quanity in wich they are produced, and the prices at which they are sold. |
| Legal System | System of rules that regulate behavior and teh process by which the laws are enforced and through which redress of grievances is obtained. |
| Common Law | A system of law based on tradition, precedent, and custom |
| Civil Law System | A system of law based on detailed set of written laws and codes. |
| Theocratic Law System | A system of law based on religious teachings. |
| Contract | A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved. |
| Contract Law | The body of law that governs contract enforcement. |
| United Nations Convention on Contracts for the International Sale of Goods (CIGS) | A set of rules governing certain aspects of the making and performance of commercial contracts between sellers and buyers who have their places of business in different nations. |
| Property Rights | The bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource. |
| Private Action | The theft piracy, blackmail, and the like by private individuals or groups |
| Public Action | The extortion of income or resources of property holders by public officals such as politicians and government bureaucrats. |
| Foreign Corrupt Practices | U.S. law regulating behavior regarding the conduct of international businesses in the taking of bribes and other unethical actions. |
| Intellectual Property | Products of the mind, such as computer software, a screen play, a music score, or the chemical formula for a new drug, can be protected by patents, copyrights, and trademarks. |
| Patent | Grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention |
| Copyright | The exclusive legal rights of authors, composers, playwrights, artists, publishers to publis and disperse their work as they see fit. |
| Trademark | Designs and names, ofen offically registered, by which merchans or manufactureers designate and differentiate their products |
| World Intellectual Property Organization | An international organization whose members sign treaties design to protect intellectual property |
| Paris Convention for the Protection of Industrial Property | International agreement to protect intellectual property; dates to 1883, and has been signed by some 170 nations. |
| Product Safety Laws | Set certain safety standards to which a product must adhere. |
| Product Liability | Involves holdinga firm and its officers responsible when a product causes injury, death, or damange |
| Gross National Income (GNI) | The yardstick for measuring the economic activity of a country; it measures the total annual income received by a nations' residents. |
| Purchasing Power Parity (PPP) | An adjustment in gross domestic producte per capita to reflect differences in the cost of living. |
| Human Development Index | An attempt by the UN to assess the impact of a number of factors on the quality of human life in a country. |
| Innovation | Development of anew products, processes, organizations, managment practices, and strategies |
| Enterpreneurs | Those who first commercialize innovation |
| Deregulation | Removal of government restrictions concerning the conduct of business. |
| First Mover Advantage | Advantages that accrue to the first to enter a market |
| Late Mover Advantage | Handicaps experienced by being late entrant into the market |
| Political Risk | Likelihood that the political forces will drastical change the business enviornment that will adversely affect the profit and other goals of a business enterprise |
| Economic Risk | Likelhood of events, including economic mismanagement, will cause dreasic changes in a country's business enviornment that hurth the profit andother goals of a particular business enterprise. |
| Legal Risk | Likelihood that a trading partner will opportunistically break a contract or expropriate property rights. |
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