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american polotics review

american polotics review - Chapter 1 Elite democracy a...

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Chapter 1: Elite democracy- a political system in which the privileged classes acquire the power to decide by a competition for the people’s votes and have substantial freedom between elections to rule as they see fit Direct democracy- the face to face meeting of all citizens in one place to vote on all important issues Popular democracy- a political system in which the citizens are involved as much as possible in making the decisions that affect their lives Federalist- supporter of the constitution during the constitutional convention of 1787 and the ratification debates 1787-1788 Anti-federalist- opponent of the constitution during the ratification debates Chapter 3: Corporate welfare- government subsidies, tax breaks, and tax expenditures that directly aid corporations Privileged position of business- the idea that business has the advantage in most political disputes because of its power to threaten “disinvestment” when government proposes regulations and/ or taxation Corporate capitalism- the developed or advanced stage of capitalism in which large corporations dominate the means of production and often the political system as well Market competition- the process of which markets become decentralized arenas where many producers and consumers make free choices among a wide range of products and services Shareholders democracy- the idea that corporations are held accountable to the public through the power of shareholders over corporate policies Economic planning- long term decisions by either government of corporations about what and how much to produce Oligopoly- a system of domination in which power is concentrated in the hands of a few unaccountable people and institutions. In this book the term media oligopoly is used to express the growing concentration of private ownership of the U.S. information system. A situation where a few firms control the market and have power over production prices 1
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Downsizing- reducing the number of employees of a company by a conscious strategy of layoffs, firings, and retirements Outsourcing- the ability of large companies to avoid wage and benefit costs by contracting out many of their operations to smaller companies that hire cheaper, often part time labor Casino economy- an economy prevalent since the 1980s, characterized by a high number of speculative sales, purchases, and merges of corporations Wagner act- also known as the national labor relations act and named for its sponsor, New York senator, legislation affirming the rights of workers to form unions and bargain with employers. The act established the national labor relations board Fortunate fifth- the top 20 percent of income earners Wealth inequality- the gap in net money worth among various population groups Paper entrepreneur- a person who makes his or her fortune by managing mergers or speculating in stocks Chief executive officer (CEO) - the person, hired by the board of directors, who runs the day to day affairs of a private corporation,
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