ADM 3318 Chapter Notes - Chapter 2: Totalitarianism, Individualism, Gross National Income
10 Dec 2016
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Document Summary
Political economy: the interdependent combination of a country"s political, economic, and legal systems. Political systems can be assessed by two dimensions: the degree to which they emphasize collectivism as opposed to individualism, the degree to which they are democratic or totalitarian. Collectivism: refers to a political system that stresses the primacy of collective goals over individual goals. The needs of society as a whole are generally viewed as being more important than individual freedoms. Socialism: the political system that believes in state ownership of a country"s means of production, distribution, and exchange so that all can benefit. The idea is to manage state-owned enterprise to benefit society as whole, rather than individual capitalists. Communists: those who believe that socialism can only be realized through violent revolution and totalitarian dictatorship. Social democrats: those who believed in achieving socialism through democracy. Privatization: the sale of state-owned enterprises to private investors.
