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Economy and Government
Social problems of Econ and Govt
39
Sociology
Undergraduate 3
10/22/2012

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Term
World Economy
Definition
System of international economic relationships in which all countries participate
Term
Globalization
Definition
The growth of a worldwide economic, political, and social system. Problems include world poverty and global pollution.
Term
Communism
Definition
Economic system in which the government owns and controls all the major economic institutions.
Term
Capitalism
Definition
Characterized by private property, profit orientation, and a competitive market for goods and labor.
Term
Adam Smith
Definition
Wrote The Wealth of Nations, which detailed free-market capitalism.
Term
Corporations
Definition
Can artificially control the marketplace.
Term
Corporate capitalism
Definition
capitalist system emphasizing free markets and has relatively few restrictions on corporate power.
Term
Cooperative capitalism
Definition
capitalist system in which corporate elites and working class share power
Term
State capitalism
Definition
state has high degree of independent political power and influence over the economy
Term
Antitrust Laws
Definition
Designed to protect free competition in marketplace
Term
Monopoly
Definition
control of a market or an entire industry by a single firm
Term
Oligopoly
Definition
Control of an entire market or industry by a few large corporations
Term
Percentage of Americans owning stock
Definition
60%
Term
The one percent
Definition
Holds 50% of stock
Term
Corporate class
Definition
Small group of people in America that run the economy through corporations
Term
Results of multinational corps
Definition
Bad in some nations, good in the Asian ones. Extreme loss of US jobs
Term
Price fixing
Definition
Collusion by several companies to cut competition and set uniformly high prices
Term
Governments roles
Definition
Major employer, regulator of economic activities
Term
Deregulation
Definition
Termination of government economic controls and regulations
Term
Budget deficit
Definition
Amount of money govt spends in excess of amount it receives
Term
Small businesses
Definition
Struggle against competitors, low financial reserves, high taxes, few benefits, no bailout.
Term
Reasons for changes in workforce
Definition
Number of workers in farms has declined. Automation and foreign products cause shift into service occupations, Women in the workforce.
Term
Part time jobs
Definition
20% of workforce, 40% less than full time
Term
Unionized workforce
Definition
8 percent
Term
Functionalist perspective on economy
Definition
Economic system produces and distributes commodities society needs. Sometimes parts run faster than others, and mess up. New cogs destabilize old machinery. Specific, limited cures.
Term
Conflict perspective on economy
Definition
Groups benefit to the detriment of others, this changes over time. (Marxist Theory)
Term
Interactionist perspective on economy
Definition
Effects on individual
Term
Bureaucracy
Definition
form of social organization characterized by a division of labor, hierarchy of authority, set of formal rules, impersonal enforcement of rules, job security
Term
Goal displacement
Definition
The tendency of bureaucracies to substitute informal goals for the official objectives of the organization
Term
Elite theorists
Definition
People who believe that industrial nations are ruled by a small elite class. C. Wright Mills: The Power Elite
Term
Pluralists
Definition
People who believe that decision in industrialized nations are made by a democratic process involving changing coalitions among many different interest groups
Term
Structuralists
Definition
Those who believe that the structure of capitalist society forces the government to support and protect the interests of a privileged few.
Term
Lobbying
Definition
Activities of special interest groups intended to influence government decision makers
Term
Conflict of interest
Definition
Ethical dilemma that occurs when an officeholders official duty and his or her personal interests conflict
Term
Political bribery
Definition
Mostly at state and local levels, often involving zoning changes and award of contracts
Term
Military industrial complex
Definition
powerful interest group formed by military and civilian corporations that supply it with services, materials, and equipment
Term
Functionalist Perspective on govt
Definition
5 basic functions: enforce social norms, maintains order, planning and direction of society, deal with social needs, handling international relations. Tougher laws to reduce unnecessary secrecy and to protect civil liberties. Against govt.
Term
Conflict Perspective govt
Definition
Promotes those who control it. Class strife. Stronger voice to common man and women.
Term
Interactionalist Perspective govt
Definition
Concerned about everyday cynicism. Political socialization.
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