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Political - Political Institutions Chapt 7 State...

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Political Institutions Chapt 7 State Intervention Chapter 9 K. Aswathappa The Political Environment
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What is Politics? Politics is the process by which groups of people make decisions Politics consists of "social relations involving authority or power” and refers to the regulation of a political unit, and to the methods and tactics used to formulate and apply policy. There are basically two political philosophies that exist: democracy and totalitarianism Democracy refers to a political arrangement in which power in vested in the people Totalitarianism/Authoritarianism refers to when individual freedom is given to the power of authority of the State and concentrated in the hands of one group
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Three Institutions Legislature The most powerful political institution Powers include policy-making, law-making, budget approving, executive control, etc. In terms of business, this body controls: The type of business activities Who should have them What should be the size What should happen to their earnings, etc.
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