Chapter 12: Economics and Politics Flashcards
Special-interest group
- Strong in nations where political parties tend to be weak
- Employ lobbyists to work on their behalf
Political action committee (PAC)
- Formed by a special-interest group, independent of political parties
- Organized to raise and spend money in support of political goals
Intergovernmental organization
an organization composed primarily of sovereign states (referred to as member states), or of other intergovernmental organizations
The Agricultural Revolution
-The earliest societies were hunters and gatherers with no distinct economy
-With surplus, the economy was a distinct social institution
+Agricultural technology
+Job specialization
+Permanent settlements
+Trade
The Industrial Revolution
Created economic change in five ways:
1) New sources of energies
2) Centralization of work in factories
3) Manufacturing and mass production
4) Specialization
5) Wage labor
The Immigration Revolution
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The Information Revolution
Altered fundamental character of work in three ways:
1) From tangible products to intangible ideas
2) From mechanical skills to literacy skills
3) From factories to almost anywhere
Primary sector
Generates raw materials from environment
Secondary sector
Transforms raw materials into manufactured goods
Tertiary sector
Generates services rather than goods
Globalization of the economy
Five major consequences:
1) Global division of labor
2) More products pass through many nations
3) National governments no longer control the economic activity within their borders
4) Small number of businesses control a vast share of the world’s wealth
5) Concerns raised about the rights and opportunities of workers
Socialism
Economic system in which natural resources and the means of producing goods and services are collectively owned
Welfare capitalism
Economic and political system that combines market-based economy and social welfare programs
State capitalism
Economic and political system in which companies are privately owned but cooperate closely with government
Justice in capitalist economic system
Freedom of the marketplace is a capitalist system
Capitalism
Economic system in which natural resources and the means of producing goods and services are privately owned
Justice in socialist economic system
Meeting everyone’s needs in roughly equal manner in a socialist system
Oligopoly
a market form in which a market or industry is dominated by a small number of sellers (oligopolists)
Traditional authority
- Power legitimized through respect for long established cultural patterns
- Authority declines as societies industrialize
- Traditional authority is also a source of strength for patriarchy
Rational-legal authority
- Power is legitimized by legally enacted rules and regulations.
- Rationally enacted rules also guide the use of power in everyday life
- Authority resides not in the person but in the office
Charismatic authority
- Power legitimized through extraordinary personal ability and devotion and obedience are inspired.
- Authority depends less on a person’s ancestry or office and more on personality.
Routinization of charisma
transforms authority into some combination of traditional and bureaucratic authority
Democratic political system
-Authority in hands of elected leaders chosen by people in elections
-U.S. is not truly democratic bc of:
+Extensive use of unelected bureaucratic officials
+Wealthy have more political influence than impoverished
Authoritarian political system
- Political system that denies popular participation in government
- Authoritarian government is indifferent to people’s needs.
- Examples: Saudi Arabia, Bahrain, Ethiopia
Totalitarian political system
- Highly centralized political system that extensively regulates people’s lives
- Seeks to bend people to the will of the government
- Examples: Vietnam, North Korea
