Flashcards: Economic systems

The term social order can be used in two senses.

Islamic economics (Arabic: الاقتصاد الإسلامي‎‎), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎‎), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.

In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system.

An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.

Patriarchy is a social system in which males hold primary power and predominate in roles of political leadership, moral authority, social privilege and control of property.

A planned economy is an economic system in which inputs are based on direct allocation.

Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production; as well as the political ideologies, theories, and movements that aim at their establishment.

A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an Internet game.

Anarchy is the condition of a society, entity, group of people, or a single person that rejects hierarchy.

World-systems theory (also known as world-systems analysis or the world-systems perspective), a multidisciplinary, macro-scale approach to world history and social change, emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis.

The Nordic model (also called Nordic capitalism or Nordic social democracy) refers to the economic and social policies common to the Nordic countries (Denmark, Finland, Norway, Iceland and Sweden).

An agrarian society (or agricultural society) is any society whose economy is based on producing and maintaining crops and farmland.

In sociology, industrial society refers to a society driven by the use of technology to enable mass production, supporting a large population with a high capacity for division of labour.

Commons-based peer production is a term coined by Harvard Law School professor Yochai Benkler.

A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy.

The theory of the Asiatic mode of production (AMP) was devised by Karl Marx around the early 1850s.

Common ownership refers to holding the assets of an organization, enterprise, or community indivisibly rather than in the names of the individual members or groups of members, as common property.

Manorialism, an essential element of feudal society, was the organizing principle of rural economy that originated in the villa system of the Late Roman Empire, was widely practiced in medieval western and parts of central Europe, and was slowly replaced by the advent of a money-based market economy and new forms of agrarian contract.

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocating the factors of production and guidance of production in a society.

Autarky is the quality of being self-sufficient.

Social ownership refers to the various forms of ownership for the means of production in socialist economic systems; encompassing public ownership, employee ownership, cooperative ownership, citizen ownership of equity and common ownership.

Dirigisme or dirigism (from French diriger, meaning "to direct") is an economic system where the state exerts a strong directive influence over investment.

Between the 8th and 12th centuries, the Muslim world developed many advanced concepts, techniques and use in production, investment, finance, economic development, taxation, property use such as Hawala, an early informal value transfer system, Islamic trusts known as waqf, systems of contract relied upon by merchants, a widely circulated common currency, cheques, promissory notes, early contracts, bills of exchange, (mufawada), advanced agricultural techniques, high literacy rates, and enlightened capture and use of slaves.

An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach.

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing.

In finance and economics, systematic risk (in economics often called aggregate risk or undiversifiable risk) is vulnerability to events which affect aggregate outcomes such as broad market returns, total economy-wide resource holdings, or aggregate income.

A decentralized-planned economy or decentrally-planned economy (occasionally horizontally-planned economy) is a type of economic system based on decentralized economic planning, in which decision-making is distributed amongst various economic agents or localized within production units.

In economics, a price system is a component of any economic system that uses prices expressed in any form of money for the valuation and distribution of goods and services and the factors of production, and the price system will only function in the setting of Economic liberalism of the political economy of liberal democracy.

A social welfare model is a system of social welfare provision and its accompanying value system.

In Marxist theory, socialism, also called lower-stage communism or the socialist mode of production, refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism.

China's financial system is highly regulated and has recently begun to expand rapidly as monetary policy becomes integral to its overall economic policy.

Production for use is a phrase referring to the principle of economic organization and production taken as a defining criterion for a socialist economy.

The vertical archipelago is a term coined by sociologist and anthropologist John Victor Murra under the influence of economist Karl Polanyi to describe the native Andean agricultural economic model of accessing and distributing resources.

Corporate nationalism is a phrase that is used to convey various meanings: * A political culture in which members believe the basic unit of society and the primary concern of the state is the corporate group rather than the individual, and the interests of the corporate group are the same as the interest of the nation.

A plantation economy is an economy based on agricultural mass production, usually of a few commodity crops grown on large farms called plantations.

Socialism is a social and economic system characterised by social ownership and democratic control of the means of production.