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Unit 5
Chapters 4 and 5
| Term | Definition |
|---|---|
| political economy | The interaction or interrelationship between politics and the economy in a given country or internationally, to include how politics affects economies and how economies affect politics. |
| gross domestic product (GDP) | The total value of goods and services produced in a given country or territory; GDP per capita is GDP divided by the population. |
| gross national income (GNI) | A measure of the total income of all a country’s citizens, whether living in their home country or abroad. |
| purchasing power parity (PPP) | An adjustment made to income measures to account for differences in cost of living. |
| inequality | In the social sciences, the differential distribution of access to goods like power, status, and material resources. |
| Gini Coefficient or Gini Index | The most common measure of income inequality in any given population, usually expressed as a number between 0 and 1, with 0 being total equality and 1 being maximal inequality. |
| Employment | Ongoing, regular access to paid work. |
| unemployment | The lack of ongoing, regular access to paid work. |
| Underemployment | When workers are employed less than they wish to be or below their skill level. |
| Inflation | Increase in the prices of goods and services. |
| hyperinflation | Exceedingly high inflation, which dramatically erodes the value of money over time. |
| deflation | Decline in the prices of goods and services, often associated with depressions or serious slowdowns in economic activity. |
| Fiscal measures | Measures of a government’s revenues and/or expenditures. |
| neoliberalism | An ideological tendency that favors liberal democracy and market-led development. |
| privatization | In the context of the economy, the transfer of control from public to private. In the context of the social scientific study of religion, this refers to the process of religious practice being confined to the private sphere. |
| state interventionism | An approach to economic management in which the state plays a central role, not just through enforcing contracts and property rights but through active interventions such as coordinating investment, givin credit, and through making and running enterprises |
| economic management | Efforts by states to shape the economic performance of their societies, especially in fiscal and monetary policy. |
| public goods | Goods or services, often provided by a government, for use by all members of a society and for which one person’s use of the good does not compromise anyone else’s use of the good. |
| Fiscal policy | Budget setting, which is dependent on generating revenue followed by government spending. |
| Monetary policy | Efforts by states to shape the value of a society’s currency, often through the use of a central bank in the case of a modern state. |
| welfare state | A state that aims to provide a basic safety net for the most vulnerable elements of its population, often accomplished through social insurance, public health care plans, and poverty relief. |
| Development | A process by which a society changes or advances, often measured in terms of economic growth but also sometimes measured in terms of quality of life, standard of living, access to freedoms and opportunities, or other indicators. |
| Poverty | The state of being poor, as measured by low income, deprivation, lack of access to resources, or limited economic opportunities. |
| poverty line | A specified threshold below which individuals or groups are judged to be in poverty. |
| absolute poverty | A conception of poverty that involves setting a certain line below which people will be defined as poor, typically understood in terms of the inability to purchase a certain set of basic goods or services. |
| life expectancy | The average age until which members of a society (or some group within society) live. |
| infant mortality | A major public health indicator, which typically measures the number of infants per 1,000 born that do not survive until the age of one year. |
| literacy rate | The percentage of a population who can read. |
| Human Development Index (HDI) | A composite measure developed by the United Nations to provide a broad view of annual development and well-being around the world, based on income, life expectancy, and literacy and school enrollments. |
| utility | The value that people derive from resources to which they have access. |
| environmental sustainability | The quality that one or another practice has in terms of being compatible with the long-term health of the environment. |
| market-led development | An approach to economic management in which the state aims to control economic behavior as little as possible. |
| state-led development | An approach to economic management in which the state plays a prominent role in coordinating the behavior of economic actors and intervening in the economy. |
| institutions | Regularized or patterned activities that shape the behavior of individuals and groups, including formal organizations like the state or political parties as well as more informal institutions such as norms and values. |
| institutionalism | An approach to theorizing in comparative politics and related fields that emphasizes the power of institutions to shape the behavior of individuals. |
| Rational institutionalism | An approach to theorizing in comparative politics and related fields that emphasizes the power of institutions to shape the behavior of individuals and that often focuses on implications of institutions for individuals’ strategic choices. |
| Historical institutionalism | An approach to theorizing that emphasizes the power of institutions to shape the behavior of individuals and how this operates over time. |
| path dependent | The name given to historical processes in which future developments are shaped or partially determined by events at previous stages in those processes. |
| civil society | A space in society outside of the organization of the state in which citizens come together and organize themselves. |
| social capital | Advantages that individuals or groups hold by virtue of their social relationships. |
| trust | The extent to which an individual has confidence in the reliability or good conduct of others. |
| dependency theory | Argues that developing countries cannot simply embrace free trade because this will lead to ever-increasing wealth disparities between them and the advanced economies. |
| export-led growth | A strategy for achieving economic growth dependent on sending natural resources or agricultural or industrial products for sale in foreign markets. |
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