ADM 3318 Chapter Notes - Chapter 2: Gross National Income, Gross Domestic Product, Totalitarianism
19 Mar 2017
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Document Summary
Political economy: the interdependent combination of a country"s political, economic, and legal systems. Political systems can be assessed by two dimensions: the degree to which they emphasize collectivism as opposed to individualism, the degree to which they are democratic or totalitarian. Individualism: the philosophy that an individual should have freedom in his or her economic and political pursuits. Individualism is built on two central tenets: (1) emphasis on the importance of guaranteeing individual freedom and self-expression; (2) the welfare of society is best served by letting people pursue their own economic self-interest. In practical terms, individualism translates into an advocacy for democratic political systems and free market economics. Democracy: refers to a political system in which government is by the people, exercised either directly or through elected representatives: representative democracy: a democracy in which citizens periodically elect individuals to represent them in government functions.
