Flashcards: Political economy

State socialism is a classification for any socialist political and economic perspective advocating state ownership of the means of production either as a temporary measure in the transition from capitalism to socialism, or as characteristic of socialism itself.

The theory of state monopoly capitalism was initially a Marxist doctrine popularised after World War II.

A developing country, also called a third world country, a less developed country or underdeveloped country, is a nation with a less developed industrial base and a low Human Development Index (HDI) relative to other countries.

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

Eminent domain (United States, the Philippines), compulsory purchase (United Kingdom, New Zealand, Ireland), resumption (Hong Kong), resumption/compulsory acquisition (Australia), or expropriation (France, Mexico, South Africa, Canada, Brazil, Portugal) is the power of a state or a national government to take private property for public use.

Private property is a legal designation for the ownership of property by non-governmental legal entities.

Economic value is a measure of the benefit provided by a good or service to an economic agent.

The Great Transformation is a book by Karl Polanyi, a Hungarian-American political economist.

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

The propaganda model is a conceptual model in political economy advanced by Edward S.

Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.

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.

Surplus product (German: Mehrprodukt) is an economic concept explicitly theorised by Karl Marx in his critique of political economy.

Real socialism (also actually existing socialism) was an ideological catchphrase popularized during the Brezhnev era within the Eastern Bloc countries and the Soviet Union.

Public service is a service which is provided by government to people living within its jurisdiction, either directly (through the public sector) or by financing provision of services.