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Comparative Government > Chapter 4 > Flashcards

Chapter 4 Flashcards

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1
Q

What is referred to how politics and economics are related and how each affects the balance between equality and freedom?

A

Political Economy

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2
Q

True or False: The term “natural markets” is a myth

A

True

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3
Q

Once created, are markets easy to replace? Why?

A

No because they’re institutionalized

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4
Q

What is the interaction between forces of supply and demand?

A

Markets

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5
Q

What creates value for goods and services?

A

Markets

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6
Q

Is the market centralized or decentralized?

A

Decentralized

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7
Q

Ownership of goods and services is what?

A

Property

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8
Q

What are property rights?

A

What you can do with your property

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9
Q

Who or what regulates and protects markets and property?

A

States

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10
Q

What does it mean for something to be “market ready”

A

That it’s still not able to be sold at an affordable price where the manufacturer can make money

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11
Q

True or False: Some goods can’t function well in market or in private hands

A

True

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12
Q

Give some examples of good that can’t function well in market or in private hands

A

Roads & National Defense

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13
Q

What are public goods?

A

Goods that are used by society, but are privately owned

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14
Q

Public goods vary widely from what?

A

Country to country

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15
Q

What is considered social expenditures?

A

“Welfare”

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16
Q

List 3 examples of social expenditures

A
  • Education
  • Healthcare
  • Transportation
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17
Q

What does taxation determine?

A

Who pays for public goods?

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18
Q

Are Social Expenditures ever controversial?

A

Yes, over the issue of who benefits

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19
Q

How does taxation vary?

A

It varies in who is taxed and how much is taxed

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20
Q

A medium of exchange, a form of IOU is what?

A

Money

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21
Q

The legitimacy of money is backed by what?

A

The state

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22
Q

Who controls the supply of money?

A

Central banks

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23
Q

How does the central bank control the supply of money?

A

Typically through interest rates

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24
Q

The action of Money and Inflation are tied to what?

A

Inflation and unemployment

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25
Q

What are the orders that set the boundaries of given procedure?

A

Regulations

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26
Q

Who manages markets and property through regulations?

A

The state

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27
Q

List 3 examples of regulations

A
  • Monopoly (Microsoft)
  • Environmental
  • Social
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28
Q

Who manages the sale of goods and services between themselves and other countries?

A

The state

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29
Q

List 3 tools of trade regulation:

A
  • Tariffs
  • Quotas
  • Non-tariff regulatory barriers
30
Q

What has a high priority on individual political and economic freedom, less on equality?

A

Liberalism

31
Q

What argues that a weak state and strong capital markets foster democracy?

A

Liberalism

32
Q

True or False: Liberalism is related to ideology of the same name

A

True

33
Q 
The following policies describe what? 
- Best state is a weak one
- Limited regulations
- Fewer public goods
- Lower taxes
- Free trade
- Laissez faire-allow economy to function as it wishes
Greater tolerance for inequality and poverty
A

Liberal policies

34
Q

The following describe what?

  • Attempts to balance individual freedom and collective equality
  • Accepts private property and markets but seeks to regulate
  • Many European countries fall into this category
A

Social Democracy

35
Q

In Social Democratic Policies, trade and competition and managed by who?

A

The state

36
Q

In Social Democratic Policies, there is less tolerance for what?

A

Inequality, poverty

37
Q

How is outright ownership of some industries by state seen as in Social Democratic societies?

A

Acceptable or necessary

38
Q

State, labor, and business set policy in concert, not through conflict (such as strikes) refers to what?

A

Neo-corporatism

39
Q

Where are social democratic policies most common?

A

In Europe

40
Q

Which policies advocate for no private property?

A

Communist Policies

41
Q

Which policies place an emphasis on collective equality over individual freedom?

A

Communist Policies

42
Q

Property, markets viewed as instruments of exploitation refers to what?

A

Communism

43
Q

What are some examples of Communistic countries?

A
  • Soviet Union and much of Eastern Europe until 1989-91
  • Cuba, North Korea
  • China—but evolving capital markets
44
Q

In which countries are the markets non existent because they’re directed by the state?

A

In communist countries

45
Q

Which countries have extremely high autonomy, but often lack capacity?

A

Communist

46
Q

Private property along with national ownership describes a state with which policies?

A

Mercantilist Policies

47
Q

State tries to direct production, parastatals refers to what?

A

Active Industrial Policy

48
Q

The following describe what kind a state with which kind of policies?

  • Small Welfare State
  • Tariffs and other trade barriers
  • More authoritarian than democratic
A

Mercantilist Policies

49
Q

Neither individual freedom or collective equality emphasized—rather, state power relative to other states refers to what?

A

Mercantilist Policies

50
Q

How can we compare and measure successes or limitations of each?

A
  • Gini Index
  • Human Development Index
  • Happiness
  • Gross Domestic Product (GDP)
    Purchasing Power Parity (PPP)
51
Q

What defines the total production in a country? This is irrespective of who owns it…

A

Gross Domestic Product

52
Q

What is one of the limits of GDP?

A

It doesn’t take into account costs of living in different countries

53
Q

What does PPP look at in regards to GDP?

A

Buying power

54
Q

In countries where costs are low, what happens to GDP?

A

GDP is increased when adjusted for PPP

55
Q

In countries where costs are high, what happens to GDP?

A

GDP is lowered when adjusted for PPP

56
Q

The following are limits of what?

  • Captures all economic transactions, including bad ones!
  • Costs of economic growth not factored in, such as pollution
  • Economic distribution not measured—who gets the wealth?
A

GDP and PPP

57
Q

List 3 examples of bad economic transactions

A
  • Disasters

- Expenditures based on crime prevention

58
Q

Are costs of economic growth, such as pollution, factored in GDP and PPP?

A

No

59
Q

What is the Gini Index?

A

Mathematical formula that measures inequality (not poverty) in countries

60
Q

What is the Gini Index score for perfect equality?

What is it for perfect inequality?

A

Perfect equality = 0

Perfect inequality = 100

61
Q

Gini Index asks what question?

A

What percent of the populations owns what percent of the country’s total wealth?

62
Q

Higher inequality in liberal countries than in which ones?

A

Social democratic countries

63
Q

Higher inequality in poorer countries than what ones?

A

Richer countries

64
Q

What determines quality of life? (List two)

A
  • Literacy and education

- Life expectancy and health

65
Q

Human development Index places an emphasis on what?

A

Poverty/ development over inequality

66
Q

What does Human Development Index focus on?

A

Wealth, but rather outcome of that wealth

67
Q

True or False: There is a strong correlation between GDP and HDI

A

True

68
Q

What is the main motivation for human behavior?

A

The pursuit of happiness

69
Q

Happiness stagnates above certain economic threshold refers to what?

A

“Easterlin Paradox”

70
Q

True or Fase: The world has become more liberal over time

A

True

71
Q

One is one reason for the world becoming more liberal over time?

A

Increased Economic Liberalization

72
Q

Return/resurgence of liberal policies and institutions refers to what?

A

Neo-liberalism

Comparative Government (12 decks)

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