BSB119 Lecture Notes - Price Controls, Vertical Integration, Risk Assessment

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Political system = system of government in a nation. Government = formal institutions and process which are responsible for making and enforcing the collective decisions of society: governance refers to the policies which are made and the effectiveness which they are carried out. Ideology: set of values and beliefs which justify certain behaviours and guides economic and political actions: political-economic systems, regulations. An important part of the political environment is the dominant ideology: the systematic and integrated body of constructs, theories and aims that constitute a socio- political program. In western society, there are three main ideological traditions: Conservatism: support for tradition, country, authority, dutry and hierarchy. Individuals seek security and identity in a stable and orderly society. Liberalism: importance of individual over the group. Socialism: priorities of social equality, the common good above the demands of the self-centred indivudal and the dependence of the individual in the larget society.

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