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Related Flashcards
Cards In This Set
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Mercantilism
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An economic philosophy that takes the state to be the most significant economic actor, highlighting the extent to which economic relations are determined by political power.
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Protectionism
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Import restrictions such as quotas and tariffs, designed to protect domestic producers.
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Beggar-thy-neighbour policies
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Policies pursued at the expense of other states that are believed to be in their own country’s short-term best interests.
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Perfect competition
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A hypothetical market structure in which markets are free and open, consumers have perfect knowledge, and no producer is large enough to affect the price of goods.
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Surplus value
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A Marxist term denoting the value that is extracted from the labour of the proletariat through the mechanism of capitalist exploitation.
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Economic system
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A form of organization through which goods and services are produced, distributed, and exchanged; seen by Marxists as a ‘mode of production’.
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Keynesianism
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A theory (developed by J. M. Keynes) or policy of economic management, associated with regulating aggregate demand to achieve full employment.
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Multiplier effect
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The mechanism through which a change in aggregate demand has an increased effect on national income as it circulates through the economy.
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Stagflation
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A combination of economic stagnation, reflected in high or rising unemployment, and an increase in inflation.
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Market fundamentalism
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An absolute faith in the market, reflected in the belief that the market mechanism offers solutions to all economic and social problems.
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Social capital
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Cultural and moral resources that help to promote social cohesion, political stability, and prosperity.
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Supraterritoriality
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A condition in which social life transcends territory through the growth of ‘transborder’ and ‘transglobal’ communication and interactions.
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Homogenization
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The tendency for all parts or elements (in this case, countries) to become similar or identical.
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Indigenization
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The process through which alien goods and practices are absorbed by being adapted to local needs and circumstances.
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McDonaldization
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The process whereby global commodities and commercial and marketing practices associated with the fast-food industry have come to dominate progressively more economic sectors.
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