Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Week 8 GOV 133 Vocab
| Question | Answer |
|---|---|
| Political economy | A branch of the social sciences that studies the relationships between markets and the state |
| Economics | The study of the theory and practice of the production, distribution, and consumption of goods and services |
| Markets | The arenas within which goods and services are bought and sold, with prices determined mainly by supply and demand |
| Economic system | The interactions and institutions through which a society manages production, distribution, and consumption, involving different, degrees of interaction between governments and markets |
| Free trade | The reduction or removal of barriers to trade, creating an open and competitive marketplace, either between two countries, or among three or more |
| Development | The improvement of the economic and social well-being of peoples, communities, or states. Often used only in the context of poorer states |
| Dependency theory | A perspective based on the argument that resources flow from a periphery of poor states to a core of wealthy states, creating political and economic dependency |
| Fair trade | The idea that producers in poorer countries should earn a bigger share of the profits from the sale of their commodities and be paid a fair price for their work |
| Global financial crisis | The crisis sparked in 2007 by financial deregulation and speculation in the United States, which spread quickly to Europe |
| Class theory | A theory asserting that the class hierarchy -- determined by the place of individuals in the production process -- explains much about political consciousness |
| Captalism | An economic principle based on leaving as many decisions as possible on production, distribution, and prices to the free market |
| Night-watchman state | One which performs limited functions, such as maintaining law and order, providing national defense, and enforcing contracts |
| Neolibralism | An economic philosophy representing a revival of classical liberalism that has been adopted by conservatives in many democracies since the 1980s |
| Communism | An ideological position which suggests that a class war will lead to power and property being held in common, with the state withering away |
| State socialism | The political system found in 'communist' state, involving wholesale centralization of political and economic control |
| Command economy | An economic system in which all decision about production, supply, and costs are made by government planners |
| Welfare economics | The branch of economics that focuses on the effect of the allocation of goods and services on overall social welfare |
| Convergence thesis | The idea that the political economies of high-income economies are adopting a common format based on a liberal, pro-market response while also restraining welfare spending and encouraging policies to expand the workforce |
| Welfare state | One that makes provision through the law for those in need such as the unemployed, the poor, the unwell, and the elderly |
| Social security | A collective term for welfare programmers targeted at people with inadequate income, or no income, or in retirement |
| Resource curse | A phenomenon in which a state that is well endowed in a particular natural resource, or a limited selection of resources, experiences lower economic growth thanks to unbalanced policy, extensive corruption, and internal conflict |
| State capatlism | A system in which the state wields a high degree of control over the economy taking responsibility for many of the functions and activities that would be left -- in a capitalist system -- to the free market |
| Rent-seeking | The use of a resource that results in the transfer of wealth, rather than the creation of new wealth or benefits to society |
| Rentier state | One which earns most or all of its national revenues from exporting raw materials or leasing natural resources to foreign companies |
Created by:
wilkinsrydellr