IB 201 Chapter Notes - Chapter 3: Market Economy, Per Capita Income, Totalitarianism

• School: Quinnipiac University
• Department: International Business
• Course: IB 201
• Professor: Engle

Document Summary

Political economy study of how a country manages its affairs by using its political, economic, and legal systems. A(cid:374)y (cid:374)atio(cid:374)"s politi(cid:272)al e(cid:272)o(cid:374)o(cid:373)y refle(cid:272)ts ho(cid:449) its people put their preferred politi(cid:272)al, e(cid:272)o(cid:374)o(cid:373)i(cid:272), and legal theories into practice and the institutions they create. Displays a unique blend of individual and group values. No political economy is entirely focused on individual needs at the expense of social well-being, and vice versa. Individualism (cid:271)elief that the (cid:272)o(cid:374)(cid:272)er(cid:374)s of i(cid:374)di(cid:448)iduals should (cid:271)e pla(cid:272)ed a(cid:271)o(cid:448)e the group"s (cid:449)elfare. Collectivism stresses the primary of the group over individual needs. Political system structures, processes, and activities by which a nation governs itself: ex japa(cid:374)"s politi(cid:272)al syste(cid:373) features a diet (parliament) that chooses a prime minister who will carry out the operations of government with the help of cabinet ministers. Diet consists of two houses of elected representatives who enact the nations laws/