Lesson 8 Keywords Flashcards
a condition of lawlessness or political disorder caused by the absence or collapse of governmental authority
anarchy
power that people consider as legitimate, as rightly exercised over them; also called legitimate power
authority
an economic system characterized by the private ownership of the means of production, the pursuit of profit, and market competition
capitalism
separation of powers among the three branches of U.S. government - legislative, executive, and judicial - so that each is able to nullify the actions of the others, thus preventing the domination of any single branch
checks and balances
the concept that birth (and residence) in a country impart basic rights
citizenship
power that people do not accept as rightly exercised over them; also called illegitimate power
coercion
Thorstein Veblen’s term for a change from the Protestant ethic to an eagerness to show off wealth by the elaborate consumption of goods
conspicuous consumption
the view that as both capitalist and socialist economic systems adopt features of the other, a hybrid (or mixed) economic system will emerge
convergence theory
the domination of the economic system by large corporations
corporate capitalism
a system of government in which authority derives from the people; the term comes from two Greek words that translate literally as “power to the people”
democracy
a hybrid economic system in which capitalism is mixed with state ownership
democratic socialism
a form of government in which power is seized by an individual
dictatorship
unrestrained manufacture and trade (literally, hands off capitalism)
laissez-faire capitalism
a form of government headed by a king or a queen
monarchy
companies that operate across many national boundaries; also called transnational corporations
multinational corporations
a form of government in which a small group of individuals holds power; the rule of the many by the few
oligarchy
diffusion of power among many interest groups, preventing any single group from gaining control of the government
pluralism