IB 3101 Lecture Notes - Lecture 2: Authoritarianism, Paris Convention For The Protection Of Industrial Property, World Intellectual Property Organization

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Published on 19 Mar 2017
Course
Week 2- Chapter 2- Political Economy
Political Economy
Refers to how the political, economic, and legal systems of a country are
interdependent
How they are interacting with one another
Political economy affects economic well being aka attractiveness of a country
for trade / investment
Political System type of gov’t
Collectivism vs individualism
Democratic vs totalitarian
Collectivism
Goals of society as whole > individual goals
Achieves equal outcomes at expense of growth
Main differences between communism and socialism
o Who owns means of production workers vs state
(ard for gov’t to efficiently manage companies for the public benefit because
pursuit of other goals like employment can make state run companies very
inefficient
Socialism
o State ownership of basic means of production, distribution and
exchange
Early 20th Century Socialism
Communism
o Socialism achieved through violence, revolutions, totalitarian
dictatorship
o Ex. china
Individualism
Individual has freedom over economic and political pursuits
Individual diversity and private ownership
Democratic political systems and free market economies
Achieves economic growth
Often achieved at expense of equality of outcomes
Hard for government to guarantee equality of opportunity
Democracy
Gov’t by the people
Or directed through elected representatives
o Representative democracy (USA)
Ex. Norway, Sweden, Finland
Fake Democracies
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Elections with no real choice or rigged results
Ex. Gambia
Social Democracies
Socialism achieved through democratic means
Mixed economies
Elected socialist leaders
Ex. European countries: Spain, Switzerland, Czech Republic, Britian
Modern day capitalism
Adam Smith
Modern day socialism
o Karl Marx
Totalitariasm
Dictatorship
Form of gov’t in which one person / political party exerices absolute control
over all sphere of human life, no one can go against
1. Community totalitariasm
a. Ex. Cuba, North Korea
2. Theocratic totalitariasm
a. 1 party or person monopolizes power
b. Makes decision based off religion
c. Ex. Iran, Saudi Arabia
3. Tribal totalitariasm
a. 1 rep from a particular tribe monopolizes power
b. ex. African countries, Uganda, Ethopia
4. Right wing totaliarism
a. Military dictatorship
b. Some economic freedom to citizens but no political freedom
c. Ex. fascist Italy 1930
Can be overlap and grey areas
o Ex. china is communist but more economic freedom to people
Economic Systems
1. Market system
a. Everything owned privately
b. Gov’t encourages fair competition
c. Usually in individualistic countries (Democratic)
2. Command economies
a. All businesses are owned by gov’t or state
i. Gov’t sets production targets and prices
b. Kind becoming stagnant
c. Collectivist (socialism, communism) countries (totalitarian rule)
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