National Differences in Political Economy

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National Differences in Political Economy

Global Political Economy
Global political economy (GPE) is an academic discipline within the social sciences that analyzes international relations in combination with political economy. Political economy is most commonly used to refer to interdisciplinary studies that draw on economics, law, and political science in order to explain how political institutions, the political environment, and the economics mix with each other.

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Roles of History and Culture

Political Economy

•Three systems interact and influence each other •Change in one system often impacts the other systems

Political System

Economic System

Legal System

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Political Economy
Political System

Economic System

Legal System

Political Systems
The system of government in a nation Refers to formal institutions that constitute a government. •

Economic and legal systems of a country are shaped by its political system

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Political Systems
Political systems can be assessed according to two related dimensions - Degree of collectivism vs. individualism - Degree of democracy vs. totalitarianism Systems that place a high value on individualism tend to be democratic Systems that emphasize collectivism tend toward totalitarian

Collectivism
Stresses the primacy of collective goals over individual goals Needs of society are viewed as more important than individual freedoms In the modern times, collectivism has been accepted by socialists

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Individualism
Philosophy that the individual should have freedom in their economic and political pursuits Stresses the interests of the individual should take precedence over the interests of the state Emphasizes the importance of guaranteeing individual freedom and self-expression Society is best served by letting people pursue their own economic self-interest vs. government deciding Translates into an advocacy for democratic political systems and free market economies

3 Political Systems

Totalitarianism Socialism Democracy

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3 Political Systems
Totalitarianism

- The state attempts to regulate most
aspects of public and private behavior. - A totalitarian government seeks to control not only all the political and economic matters but the attitudes, values and beliefs as well. - Elements of totalitarianism found in: • Cuba, North Korea, Libya*, Sudan

Totalitarianism
Leaders govern without people’s support Government controls much of people’s lives Leaders do not tolerate opposing viewpoints

Imposed authority

Lack of constitutional guarantees

Restricted participation

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3 Political Systems
Socialism:

- Capital and wealth should be vested in the
state and used primarily as a means of production for use rather than for profit. - Based on collectivist ideology - Welfare of the people outweigh the welfare of individual - Elements of Socialism found in: • China, Egypt, Russia, Venezuela

3 Political Systems
Democracy: Political system in which government is by the people, exercised either directly or through elected representatives (representative democracy)

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3 Political Systems
Democracy – Characterized by:

- Private property rights:
• Ability to own property and assets and to increase ones asset base by accumulating private wealth. E.g. stocks, bonds, land.

- Limited Government:
• State control and intervention in economic activity is minimal. Only serves essential functions like national defense, law and order, infrastructure etc

- Elements of Democracy found in:
• Japan, New Zealand, US

Safeguards to Protect a Democracy
1. Freedom of expression, opinion and organization
Free media Regular elections Universal adult suffrage (Right to vote) Limited terms for elected representatives Fair court system that is independent from the political system 7. Nonpolitical state bureaucracy 8. Nonpolitical police force and armed service 9. Relatively free access to state...
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