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IB - Essential only > Session 2 > Flashcards

Session 2 Flashcards

1
Q

What is political economy (3)

A
  • Political, economic, and legal systems of a country
  • These systems are interdependent.
  • They influence each other.
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2
Q

What is a political system?

A

The system of government in a nation

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3
Q

How is a political system assessed? (2)

A
  1. (Emphasis on) Collectivism vs Individualism
  2. (Degree to which) Democratic vs Totalitarian
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4
Q

What does collectivism emphasize?

A

Collective goals over individual goal

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5
Q

What is socialism? (3)

A
  1. Modern version of collectivism
  2. Public ownership of the means of production for the common good.
  3. Karl Marx: the few benefit at the expense of the many in a capitalist society where individual freedoms are not restricted
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6
Q

What does communism imply?

A

Use of dictatorship

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7
Q

What does social democracy imply?

A

Use of democratic means

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8
Q

What is privatization? (2)

A
  1. Selling state-owned companies to private investors
  2. sign of commitment towards free market
    economics
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9
Q

What does individualism state? (2)

A
  1. An individual should have freedom in economic and political pursuits.
  2. The interests of the individual should take precedence over the interests of the state.
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10
Q

What are tenets of individualism? (2)

A
  1. Guarantee of individual freedom and self-expression.
  2. Welfare of society best served by letting people pursue their own economic self-interest.
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11
Q

What is democracy?

A

Government is by the people, exercised either
directly or through elected representatives.

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12
Q

What is totalitarianism?

A

One person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties

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13
Q

What goes hand in hand? (2)

A
  1. Democracy and individualism
  2. Collectivism and totalitarianism
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14
Q

What is representative democracy?

A

Citizens periodically elect individuals to represent them

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15
Q

What are some safeguards of democracy (4)?

A
  1. Freedom of expression.
  2. Free media.
  3. Universal adult suffrage: the right to vote for as many
    people who are bound by a government’s laws as possible, as supported by the “one person, one vote” principle.
  4. Fair court system.
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16
Q

What are 4 types of totalitarianism?

A
  1. Communist totalitarianism
  2. Theocratic totalitarianism
  3. Tribal totalitarianism
  4. Right-wing totalitarianism
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17
Q

What is communist totalitarianism?

A

Socialism can be achieved only through a totalitarian dictatorship.

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18
Q

What is theocratic totalitarianism?

A

Monopolized by a party, group, or individual that governs according to religious principles.

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19
Q

What is Tribal totalitarianism?

A

A party, group, or individual that represents the interests of a particular tribe monopolizes political power.

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20
Q

What is right-wing totalitarianism?

A

Generally permits individual economic freedom, but restricts individual political freedom (incl. free speech) saying it would lead to the rise of communism

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21
Q

What are pseudo-democracies? (2)

A
  1. Lie between pure democracies and complete totalitarianism systems.
  2. Authoritarian elements have captured some or much of the machinery of state and use this to deny basic political and civil liberties.
22
Q

What are characteristics of market economy? (4)

A
  1. All productive activities are privately owned.
  2. Production is determined by supply and demand.
  3. To work, supply must not be restricted.
  4. Role of government is to encourage vigorous free and fair competition.
23
Q

What are characteristics of command economy (5)?

A
  1. Government plans the goods and services, quantity and price, then allocates them for “the good of society.”
  2. All businesses are state owned.
  3. Historically found in communist countries.
  4. No incentive for individuals to look for better ways to serve needs.
  5. Socialist-inclined governments
24
Q

What are characteristics of mixed economy? (4)

A
  1. Some sectors are privately owned, some are government owned.
  2. Once common in developed world, less so now.
  3. Government may aid troubled firms whose operations are vital to national interests.
  4. U.S. helped Citigroup, General M
    otors in 2008 recession.
25
Q

What does legal system refer to? (3)

A
  1. Rules or laws that regulate behavior.
  2. Process through which laws are enforced.
  3. Process through which redress for grievances is obtained.
26
Q

What are legal systems influenced by?

A

Prevailing political systems

27
Q

Name 3 legal systems?

A
  1. Common law
  2. Civil law
  3. Theocratic law
28
Q

What is common law? (4)

A
  1. Evolved in England over hundreds of years.
  2. Based on tradition, precedent, custom.
  3. Tradition? Legal history
  4. More flexible than other systems
29
Q

What is civil law? (2)

A
  1. Based on detailed laws organized into codes.
  2. Less adversarial than a common law system.
30
Q

What is theocratic law? (2)

A
  1. Based on religious teachings.
  2. Most common is Islamic law.
31
Q

What does contract specify?

A

Conditions under which an exchange is to occur, and details rights of parties involved

32
Q

What is contract law?

A

Body of law that governs contract enforcement

33
Q

Characteristics of contracts under common law (2)?

A
  1. Contracts are very detailed with all contingencies spelled out.
  2. More expensive and can be adversarial.
34
Q

Characteristics of contracts under civil law?

A

Contracts tend to be much shorter and less specific.

35
Q

What is United Nations Convention on Contracts for the
International Sale of Goods (CISG) (2)

A
  1. Establishes a uniform set of rules governing certain aspects of the making and performance of everyday
    commercial contracts between sellers and buyers who
    have their places of business in different nations.
  2. Applies automatically to all contracts for the sale of
    goods between different firms based in countries that have ratified the convention, unless the parties opt out.
36
Q

What is property? (+7 ex)

A

A resource that an individual or business owns.

Land, buildings, equipment, capital, mineral rights,
businesses, intellectual property

37
Q

What are property rights?

A

Legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

38
Q

What does private action include(bad)? (3)

A
  1. Theft
  2. Piracy
  3. Blackmail

(by private individuals or groups)

39
Q

What is public action (related to corruption)? (3)

A
  1. Public officials extort income, resources, or property.
  2. Can be done legally by levying excessive taxation, requiring licenses or permits from property holders, taking assets into state ownership without compensating owners, redistributing assets without compensating prior owners.
  3. Can be done illegally through corruption, demanding bribes.
40
Q

What does Foreign Corrupt Practices Act (FCPA) state/require (2)?

A
  1. Illegal to bribe a foreign government official to obtain or maintain business over which that foreign official has authority.
  2. Requires all publicly traded companies to keep detailed records that would reveal whether a violation of the act has occurred.
41
Q

What does OECD’s Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (1997) do? (2)

A
  1. Makes bribery of a foreign public official a criminal offense.
  2. Allows for facilitating or expediting payments.
42
Q

What is intellectual property?

A

Property that is the product of intellectual activity, such as computer software, a screenplay, a music score.

43
Q

Name 3 types of intellectual property

A
  1. Patent
  2. Copyrights
  3. Trademarks
44
Q

What are patents?

A

Inventor’s exclusive rights for a defined period.

45
Q

What are copyrights?

A

Exclusive legal rights of authors, composers, playwrights, artists, and publishers.

46
Q

What are trademarks?

A

Officially registered designs and names used to differentiate products.

47
Q

What is World Intellectual Property Organization?

A

International organization whose members sign treaties to protect intellectual property

(Paris convention for protection of IP)

48
Q

What are Product Safety laws?

A

Set certain safety standards to which a product must adhere.

49
Q

What is Product Liability?

A

Involves holding a firm and its officers responsible when a product causes injury, death, or damage.

50
Q

Characteristics of Product Liability (3)?

A
  1. Can be much greater if a product does not conform to safety standards.
  2. Criminal and civil laws apply.
  3. Raises ethical issues when doing business abroad.
51
Q

What type of country is best to do business in?

A

A country with democratic political institutions, a market-based economic system, and a strong legal system

IB - Essential only (4 decks)

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