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role of state in economy Liberalism |
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role of state in economy Social Democracy |
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Definition
some state ownership & regulation high taxes for more social expenditures (equality) |
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role of state in economy Communism |
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Definition
total state ownership extensive welfare state no private property (everything nationalized) |
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role of state in economy Mercantilism |
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much state ownership or direction small welfare state state power |
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role of market Liberalism |
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role of market Social democracy |
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Definition
| important but regulated to benefit society |
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role of market mercantilism |
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limited; market exists to further national economic power & administered by state policy |
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state capacity & autonomy Liberalism |
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Definition
| low capacity and autonomy |
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state capacity & autonomy Social democracy |
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Definition
moderate higher autonomy and capacity than liberalism |
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state capacity & autonomy Communism |
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state capacity & autonomy Mercantilism |
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state capacity & autonomy Mercantilism |
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Liberalism's thinker & contribution |
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Definition
Adam Smith The Wealth of Nations (1776) -economic development requires limited govt interference |
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Social Democracy's thinker & contribution |
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Definition
Edward Bernstein Evolutionary Socialism (1898) -rejected Marx's "inevitable revolution" arguing economic equality can be achieved through democratic participation |
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Communism's thinker & contribution |
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Karl Marx Das Kapital (1867) -human history is driven by economics and inequality and revolution will inevitably replace capitalism for total equality |
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Mercantilism's thinker & contribution |
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Definition
Friedrich List National System of Political Economy (1841) -rejected free-trade theories of liberalism -states must play strong role in protecting & developing national economy against foreign competitors |
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| partial or full state ownership of specific industries |
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importance of equality in Liberalism |
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Definition
low (individual freedom is high) |
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importance of equality Social Democracy |
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importance of equality communism |
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Definition
VERY HIGH (no individual freedom) |
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importance of equality Mercantilism |
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(3) examples of Liberalism poli/econ system |
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(3) examples of Social Democracy as poli/econ system |
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scandanavian Europe -France -Germany -Sweden |
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(3) ex of Communism as poli/econ system |
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(3) ex Mercantilism as poli/econ system |
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Definition
| the total market value of all goods & services produced within a country over a period of one year |
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Purchasing Power Parity estimates the buying power of income in each country by comparing similar costs, using prices in US as benchmark |
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measures the amount of economic inequality in a society perfect equality = 0 gini index complete inequality = 100 gini index |
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Human Development Index measures the wellbeing of the country -includes total amount of wealth in a country (GDP) & distribution (Gini) & includes adult literacy, life expectancy, education |
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