MGMT 3225 Lecture Notes - Lecture 2: Totalitarianism, Planned Economy, Collectivism
Document Summary
Chapter 2 national differences in political, economic, and legal systems. Political economy: the interdependent combination of a country"s political, economic, and legal systems. Political system: the system of government in any nation. Collectivism: a political system that stresses the primacy of collective goals over individual goals. Socialism: a political system that believes in state ownership of a country"s means of production, distribution, and exchange for the common good. Communists: those who believe that socialism can only be realized through violent revolution and totalitarian dictatorship. Social democrats: those committed to achieving socialism through democratic means. Privatization: the sale of state-owned enterprises to private investors. Individualism: the philosophy that an individual should have freedom in his or her economic and political pursuits, emphasizing self-expression. Democracy: a political system in which government is by the people, exercised either directly or through elected representatives.
