MARK 462 Lecture Notes - Lecture 2: Totalitarianism, Liability Insurance, Product Liability
9 Feb 2018
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Chapter 2 natio(cid:374)al differe(cid:374)ces i(cid:374) political eco(cid:374)o(cid:373)y. It is possible to have democratic societies that emphasize a mix of collectivism and individualism. Similarly, it is possible to have totalitarian societies that are not collectivist. In such circumstances, an individual"s right to do something may be restricted on the grounds that it runs counter to (cid:498)the good of society(cid:499) or to (cid:498)the common good. (cid:499) What is the link between political ideology and economic systems: political ideology and economic systems are connected, countries that stress individual goals are likely to have market based economies individualism dimension. For example, china has seen a move toward greater individual freedom in the economic sphere, but the government is still a totalitarian dictatorship. What is an economic system: 3 types of economic systems, market economies: all productive activities are privately owned, as opposed to being owned by the state, and production is determined by the interaction of supply and demand.
