ACCTG 1 Lecture Notes - Lecture 27: Westphalian Sovereignty, Social Contract, Limited Government
Document Summary
The state: national sovereignty, nation state recent invention. 19th century aspects of a nation state became evident: defined territory, political tied bind people together, sense of belonging to a state, state has ultimate sovereignty. State institutions are recognisably public: government is a part of the state. State institutions make decisions at a public level. State has authority legitimacy, authority is respected and accepted: everyone in society. Individuals should have as much freedom as possible: social contract theory, limit the sovereign, police force, military, courts. Developmental state: takes roles in the economy of the state to make it competitive. Lecture notes: state intervenes, state is positive, bring about more equal distribution of wealth, regulations on capitalism maintain employment, ensure employment, benefits, responsibilities include social wellbeing. State-capitalist state: collectivised with capitalism, state funds national companies, china, state owned companies on the stock market, currency is managed. Totalitarian state: no division of power, state influences every aspect of human life, complete control, e. g.
