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govt ch 22&23


monarchy hereditary ruler
by election special election for if an MP dies or resigns
coalition temporary alliance of parties for the purpose of forming a gov't
ministers members of the house of commons
shadow cabinet party out of power, watches the other cabinet
devolution the delegation of authority from the central gov't to regional gov'ts
consensus board agreement
dissolution prime ministers power to dissolve the house of representatives
prefectures restructuring of political and economical life
mestizo person with Spanish, Portuguese, and native American ancestry
nationalization gov't acquisition of private industry of pubic use
north American free trade agreement (NAFTA) removed trade restrictions among US, Canada, and Mexico to increase cross border trade
purges purification
soviets councils
perestroika restructuring of political and economic life
glasnost policy of openness where gov't increased tolerance of dissent and freedom of expression
cultural revolution purging of old thoughts, culture, customs, and habits
autonomous independent
factors of production basic resources used to make all goods and services
capital all human made resources that are used to produce goods and services
capitalist someone who owns capital and puts it to productive use
entrepreneur an individual with the drive and ambition to combine land, labor, and capital resources to produce goods or offer services
free enterprise system economic system characterized by private and corporate ownership of capital good and investments that are determined by private decision rather than by state control
law of supply and demand supplies become plentiful = prices drop
monopoly firm that is the only source of a product or service
trust a device were several corporations in the same line of business combine to eliminate competition and regulate price
laissez-faire theory gov't should play very limited, hands off role in society
socialism an economic and political philosophy base on the idea that benefits of economic activity should be equitably distributed in society
proletariat the workers
bourgeoisie the capitalists
welfare states countries that provide extensive social services at little or no cost to the users
market economy capitalist economy
centrally planned economy gov't bureaucrats plan how an economy will develop over a period of years
communism collectivist ideology
five year plan how a leader wants economy to develop over the next 5 years
collectivization merging small private farms into large gov't owned agricultural enterprises
gosplan centralized planning, run by a large agency
privatization process of returning nationalized enterprise to private owners
great leap forward drastic attempt to modernize china quickly
commune collective farms brought together into a large unit
Created by: lizhopper2