FINAL VERSION INTRODUCTION

 

INTRODUCTION: Definition of Terms

Socialismrefers to a system of organization in which private property and the distribution of income are under ‘social control’. It also implies the political movements. ‘Social control’ can be interpreted in many ways, and causes the term to become broad. Socialism criticises capitalism and ‘wants’ to create a new society.

Capitalism is an economic system where a country’s businesses and industry is run and controlled by private owners for profit rather than the government. Income distribution and production relies on the operation of markets. Modern countries are all capitalist, with most governments not interferingdirectly with the economy. Almost all companies are privately owned.

Communism can be atheory or a system of social organization in which all property is owned by the state on behalf of the people. A society in which everyone is treated equally is created and each person contributes and receives according to their ability and needs. The theory was principally the work of Marx and Engels. Communism was supposed to be the final stage in which class division and organized state would be transcended. However, it began to refer to a specific party rather than a goal. The economy is government controlled, and all companies are also owned or controlled by the government. All people are employed and satisfied.

Public Sector refers to the part of the economy including the industries and services in a country that are owned and run by the government. It is also known as the government sector. Some of its purposes are: the adjustment of the allocation of resources, the redistribution of earnings and riches, and ensuring the stability of economy.

Private Sector includes the industries and services of a country that are owned and run by private companies-not by the government

Competition is asituation in which some try to be more successful than others. Within a market, various companies will compete against each other for more customers to buy their products.

Free market is an economic system in which the price of goods and services is affected by supply and demand and determined by unrestricted competition between businesses instead of the government. The governing body does not restrain or constrain the market.

Privatisation is simply the transference of government services or assets to the private sector. They may be sold to private owners or become open to competition due to the lifting of restrictions.The aim is usually to increase government efficiency. An example is a company owned by a nation becoming private.

Nationalisation is when a country makes an industry ‘become’ owned and run by the country. Local and international companies can both be nationalized. A company can become a part of a country or run by a country.

Deregulation is to free a trade, business activity or something else from rules and regulations. The good effects are price drops and services becoming more varied but bankruptcy, unemployment, and pay-cuts can cause the gap between rich and poor people to increase.

Subsidies are any form offinancial assistance provided to promote public objectives, which are usually aimed to keep prices low.

Left wing describesanything in favour of social change (radical) including (in some cases) socialists and communists.

Right wing is anything that is less in favour of social change (conservative). They may support the ideas and beliefs of capitalism.

Conservative describesbeing less radical in methods, policies, and being critical of new methods that may not be in the best interest of the general population. They favour free enterprise, private ownership and socially conservative ideas.

Free trade isinternational trade without tariffs, quotas and sometimes taxes or any other restrictions on imports and exports. There is usually no discriminating against imports or interference with exports.

Protection isgenerally an act, state, thing or insurance that protects. It is a system or trade that abides certain rules that helps an industry of its own country by taxing foreign goods. The aim is to protect and cultivate the local industry. It is the opposite of free trade from an ‘economic policy’ point of view. Originally, only developing countries protected their early industries. Recently, developed countries are also increasingly taking up these policies.

Environmental impact is mostly the impact that manufacturing something will cause. This includes the effect on the natural environment and the health of people.

Renewablesis also known as renewable energy. They are types of energy that can be naturally replaced. The energy types include natural energy (solar, thermal, wind and geothermal), biomass energy (using organisms), and recycled energy (generating electricity from waste). Unlike oil or coal, there is no limit to the amount of resources. CO2 is also not expelled. Therefore it is a ‘clean energy’ and there is much hope and expectation on it. Problems and issues include the high costs and unstable nature of energy distribution.Anything that can be renewed is also sometimes referred to using the word ‘renewables’.

Sustainabilityis the use of natural products and energy in a way which does not harm the environment. A product is sustainable when it can be produced without creating waste, used and disposed of without harmful effects. As long as it can be replaced forever, it can be considered as ‘sustainable’.

Noah Nishihara

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