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| President/Council of State of Cuba |
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| Federal President of Germany |
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| Secretary of Agrarian Reform of Mexico |
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| General Secretary Korean Workers Party of North Korea |
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| Chairman, National Defense Commission of North Korea |
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| Prime Minister of South Korea |
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| Prime Minister of Great Britain |
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| Peoples Republic of China |
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| Democratic Peoples Republic of Korea |
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| Commonwealth of Independent States |
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| When was the CIS established? |
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| What was the purpose of the CIS? |
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| To "allow a civilized divorce" between the Soviet Republics |
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| Group of 8; Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, The US |
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| North American Free Trade Agreement |
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| Called for eliminating duties on the majority of tariffs between products traded among the US, Canada, and Mexico |
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| What is the North American Agreement on Environmental Cooperation? |
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| Only obligates parties to enforce their own environmental laws. It does not create substantive standards for environmental regulations. |
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| North American Agreement on Environmental Cooprtation |
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| What is the North American Agreement on Labor Cooperation? |
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| A foundation among the three members for the resolution of labor problems, as well as to promote greater cooperation among trade unions and social organizations in order to fight for improved labor conditions. |
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| North American Agreement on Labor Cooperation |
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| Who are the five permanent member of the United Nations Security Council? |
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| China, France, Russian Federation, the United Kingdom, and the US |
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| What powers do the members of the United Nations Security Council have? |
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| To take decisions that Member States are obligated under the Charter to carry out. |
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| The ideological conflict, primarily between the USSR and the US (1950s-198?), during which diplomatic relations were maintained, military arsenals were increased, but no direct, open conflict between the super powers erupted. |
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| Interactions of buyers and sellers communicating and coordinating their demanding and supplying decisions and ultimately achieving mutually agreeable prices and quantities. |
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| Forms of allocation mechanisms |
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-Traditional
-Market
-Command
-Indicative |
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| State suggestion and encouragement or allocation of resources and/or composition of output (dictate). Subsidies, tax breaks, and fines, etc. manipulate allocation and production. (compare to command allocation) |
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| All natural resources (minerals, crude oil, water, soil, timber) |
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| Tools and buildings: manmade goods used in further production (computers, vehicles). Not to be confused with financial capital (stocks and bonds) |
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| Economic philosophy which states that one income and hence one's buying power should be directly related to one's productive worth to society. |
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| Ownership of land and capital by the private sector |
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| In general, a nation;s capital |
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| Transition to greater ownership of land and capital by private sector |
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| greater state ownership of land and capital |
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Achievement of greatest output possible given existing resources and current technology.
note: Any change in composition of output would result in Pareto optimality. Someone becoming worse off and someone else becoming better off. |
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| Intertemporal/dynamic efficiency |
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| Maintenance of a viable environment by allocating resources to maximize long-run sustainable growth |
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| Draw and explain the Lorenz Curve |
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| Gauge on income inequality of the Gini coefficient |
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| Private ownership, laissez faire, freedom (except in command form), markets, perfect competition, material incentive |
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| Freedom, static and allocative efficiencies, level of output |
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| Lack of intertemporal efficiency, inadequate production of infrastructure, failure to provide collective consumption goods, lack of egalitarianism/lack of distributive justice, demise of competition, failure to protect labor and consumers |
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| Strengths of evolved capitalism |
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| Natural monopolies, lower MC/economies of scale, contestable markets, price discrimination as a win-win |
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| Achievement/production of output society most wants |
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| Productive/technical efficiency |
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| Achievement of greatest output from a given amount of input |
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| Productive/technical efficiency |
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| Achievement of greatest output from a given amount of input |
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| If an economy is operating at maximum efficiency, producing what society most wants and achieving greatest output from a given amount of input, no one can become better off without someone else becoming worse off |
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| If an economy is operating at maximum efficiency, producing what society most wants and achieving greatest output from a given amount of input, no one can become better off without someone else becoming worse off |
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| Production possibilities frontier (ppf) |
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set of all maximum output combinations currently achievable given existing resources and technology.
-points exterior to ppf are currently unachievable
-points interior to ppf are underutilization |
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| Adam Smith's expression for the automatic mechanism which allocates resources into their most lucrative and allocatively productive channels, resulting in enhancement of individual resource owners' incomes and the wealth of nations |
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| Unwanted results from operation of unfettered/unbridled capitalism. Exists in "evolved" capitalism. Mixed capitalism aims to "patch-up" these shortcomings |
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| Industries with economies of scale such that a single firm can produce the total market demand at a lower cost than more than one firm can. |
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| Illegal joint decision making by rival oligopolists |
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| Oligopolistic industries which behave competitively |
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| Charging different prices to different categories of buyers |
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| Costs or benefits that are borne by or accrue to someone other than the producer |
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| Collective consumption goods (public goods) |
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| Goods usually provided by the government since private markets are unwilling to do so |
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| Labor-management cooperation encouraged by federal government in order to provide macroeconomic stability. A form of co-determination |
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| A "free" political system in which the executive branch and legislative branch are one and the same. Parliament has proportional representation of multiple parties. Majority party selects Prime Minister |
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| A general criticism of government intervention. Conservative political/economic stance |
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| Where was authoritarian corporatism practiced? |
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| Nazi Germany, by Hitler. IN this form only the government and heads of big business were at the table |
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| Practiced in Japan. In this form, large business firms, giant commercial banks, and the government make the economic |
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| Liberal or conflict corporatism |
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| Practiced in Sweden and in some other social market economies. Only labor and manager/owners are at the table. The government excludes, although may on occasion observe. |
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| Conservatism emphasizes... |
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| allocative efficiency via the invisible hand |
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| Economic conservatism favors... |
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| Unbridled capitalism and survival of the fittest. Pro laissez faire |
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| Economic liberalism argues... |
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| Allocative inefficiency results from demise of competition |
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| Economic liberalism favors... |
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| Governmental intervention to remedy failing. Mandates and regulations to provide equality, health and safety, and protection of land resources. |
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| Capitalistic model in operation without governmental intervention |
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| "Survival of the Fittest" |
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| Term coined by Herbert Spencer to describe perseverance of strongest firms |
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| Increases in tax rates as income rises |
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| The increase in value of real or financial assets from initial purchase to subsequent sale |
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| Practice of shifting governmental programs to lower levels of government, such as from federal to state |
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| "Countervailing power blocs" |
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| Phrase coined by J.K. Galbraith to describe how lack of power on one side of a market results in imperfect competition arising on other side of market. |
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| Economic philosophy which states that income should be more equally allocated than it is under strict market justice |
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| Marginal utility argument |
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| (rationale for progressive taxation) increases in income are less needed/appreciated and therefore should be taxed at higher tax rates due to greater ability to pay. |
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| Shift from private to governmental ownership and/or management |
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| Household economy/moral economy |
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| Self-sufficient, domestic mode of production, which includes asymmetrical (general reciprocity) sharing and complete equality within closely knit family groups. |
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| A system of exchange in the form of gifts (goods and services), which are given, received, and compensated by subsequent giving. May be general, balanced, or negative. |
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| Mutual giving and receiving |
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| Giving not equal. termed general |
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| giving equal. termed balanced |
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| aims to humiliate and dominate. termed negative |
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| A system based on centricity in which valuable output is collected and transferred to others |
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| Economic situation in which a single individual or organization serves as collector and re-distributor of wealth |
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| Hydraulic despotisms (Asiatic mode of production) |
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| Economies characterized by a single individual overseeing infrastructure that controls flooding and irrigation. |
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| School of thought that argues all societies and economies can be viewed as market economies. Considers all forms of reciprocity as market |
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| Response to formalism that emphasizes the significance of decision-making and institutions in the determination of production and distribution. Downplays market forces. Does not consider reciprocity to be the same as market mechanism |
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| Extreme form of substantivism that considers each economy to be unique based on its own history and institutions. Does not generalize or attempt to find universal characteristics. |
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| Contention that economies follow a unilateral path from general reciprocity to balanced reciprocity to barter to market exchange using money. Consistent with "survival of the fittest" |
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| View that traditional economies are "primitive communisms" (Engles). Sets up dualistic dialectic between modern capitalism and dependent traditional economies with subservient traditional economies being destroyed under imperialistic control. |
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| Analysis of dependency relationship inherent in imperialism. Emphasizes socio-cultural dialectic conflict. Combines Marxism with structural anthropology |
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| Cultural ecology (cultural materialism) |
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| Assertion that culture is driven by "material base" (land, resources and environment). That is, economic systems emerge in response to their own scarce land resources relative to their own growing population's need |
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| Items that serve as mediums of exchange |
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| AN economic system characterized by state (or collective) ownership of means of production (land and capital). |
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| Promotion of greater income equality (religious, philosophical, and economic goal). Distributive justice |
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| The advocating of an economic system in which society is ordered rationally in a control plan to benefit the least well off (social engineering, constructivism). Critical of industrialization and urbanization. Emphasized collective sharing and egalitarianism. |
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| Opposing, but mutually dependent, groups will eventually battle and transform system |
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| Marxian assertion that driving force of history is the dialectic between conflicting socioeconomic classes |
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| Value of a commodity is determined by the amount of labor time it took to produce it. |
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| Capitalists, owners of means of production |
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| The advocating of overthrow of capitalists by a revolutionary working class, frustrated by increasing concentration of ownership of capital and falling wages |
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| Reformist, gradualist approach through parliamentary democracy to make gains for working class. At odds with orthodox socialism. (accepted somewhat in Western European social democracies) |
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| Conquest of less developed countries to provide cheap raw materials and a captive market. |
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| The refocusing of orthodox socialism and its revolutionary expectations upon less developed countries. Dictatorship of the working class led by the elite socialists. (ex. China, Cuba, Vietnam) |
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| Radical argument that state should be abolished through violent revolution and assassination of head of state |
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| Economic philosophy that society should be run by trade unions and production should be controlled by workers. |
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| (Enrico Barone, 1908) Systems with no money (can get rid of through hyperinflation), state determines "equivalencies" (related prices), distribution through state stores, people bring in goods |
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| state-determined general equilibrium in which costs minimized and price equals cost of production |
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| Prices determined in an experimental (trial and error) manner via an "artificial market) |
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| Lack of static efficiency requirement since state will bail out because government want firms to survive. |
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| Town and village enterprises (TVE's, China) |
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| Free market, local government ownership and hard budget restraints |
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| Command socialist central planning |
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| Indicative blueprint under ownership especially for heavy industries (ex. electricity, cement, steel). Soviet Russia 1920 electrification plan |
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| Soviet central planning authority which instituted comprehensive command planning in 1928 |
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| Technical-production-financial plan |
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| Command dictate that specified output, prices, inputs, factor payments, and capital investment of individual firms |
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| Implication that supply equals demand in all sectors and general equilibrium is achieved |
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| Rectangular matrix representation of material balance method. |
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| Participatory (cooperative) alternative |
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| Worker-owned and managed economy, a third way between socialism and capitalism |
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| Laws and injunctions from a sacred source regarding economic behavior (Judaism) |
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| Communes in Israel inspired by secular European utopian socialism. Self-sufficient |
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| Muslim sect that advocates greater separation of religion and state |
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| Muslim sect that advocates religion-state alliance. Underdog status/revolutionary. Constitutes 15% of world's Muslims |
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| All economic activity must be in accordance with devine commands |
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| humans are partners of Allah in managing the world and its resources |
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| Anti interest charging and anti interest earning. This avoids the more wealthy creditors from becoming more wealthy and less wealthy debtors from becoming more poor |
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| Pro profit sharing. Spread the wealth. Ex. banks share profits with depositors |
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| Bank acts as venture capitalist in funded projects. (consistent with qirad) |
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| Bank acts as venture capitalist in funded projects. (consistent with qirad) |
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| Bank secures supplies for a project and requires delayed payment at inflated prices (may be inconsistent with al-riba) |
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