Global Economy Definitions

Definitions

- Industrialization: The process in which a society or country (or world) transforms itself from a primarily agricultural society into one based on the manufacturing of goods and services.

- Monarchy: Political System based upon the undivided sovereignty or rule of a single person. The term applies to states in which supreme authority is vested in the monarch, an individual ruler who functions as the head of state and who achieves his position through heredity. Succession usually passes from father to son or follows other arrangements within the family or the monarchical dynasty.

- Morality: Moral virtue; behaviour conforming to moral law or accepted moral standards, esp. in relation to sexual matters; personal qualities judged to be good. Differentiating “good” from “bad”.

- Liberalism: Political Doctrine that takes protecting and enhancing the freedom of the individual to be the central problem of politics. Liberals typically believe that government is necessary to protect individuals from being harmed by others; but they also recognize that government itself can pose a threat to liberty.

- Geniocracy: Is a hypothetical for mof governement in which the politicians have as a requierment a certain level of intelligence.

- Oligarchy: Government by a small group of people; a form of government in which the exercise of power is restricted to a few people or families; an instance of this form of government. Also: the members of such a government collectively.

- Common law: Also called Anglo-American law, the body of customary law, based upon judicial decisions and embodied in reports of decided cases, that has been administered by the common-law courts of England since the Middle Ages. It is the law that is developed by what the judges decide, it is not the civil law.

- Civil law: A law applicable to the members of a city, state, etc.; the internal law of a city, state, etc., as distinguished from international law. It is the law that is stablished in the statutes generated by the political system of the country.

- Theocratic law: Is the law of generated by the theocratic system. Which is a government by divine guidance or by officials who are regarded as divinely guided. In many theocracies, government leaders are members of the clergy, and the state’s legal system is based on religious law.

- Communism: The political and economic doctrine that aims to replace private property and a profit-based economy