POLITICAL ECONOMY GLOSSARY

(IN RELATIONAL NOT ALPHABETIC ORDER)

POLITICAL ECONOMY – IS DERIVED FROM THE COMBINING OF TERMS THAT MAKE REFERENCE TO AN ANALYTIC EMPHASIS ON THE POLITICAL/SOCIAL CONSTRUCTION AND CONSEQUENCES OF ECONOMIC ACTIVITY. IT HAS COME TO REFER TO BOTH – (1) A HISTORICAL PROCESS (IT IS A GLOBAL/ INSTITUTIONAL REALITY); AND (2) AN INTEPRETIVE FRAMEWORK (A BODY OF SCHOLARSHIP).

GOVERNMENT – IS THE FORMAL ORGANIZATION THAT HAS THE LEGAL AND POLITICAL AUTHORITY TO REGULATE THE RELATIONSHIPS AMONG MEMBERS OF A SOCIETY AND BETWEEN THE SOCIETY AND THOSE OUTSIDE ITS BORDERS.

STATE – A POLITICALLY ORGANIZED BODY OF PEOPLE UNDER A SINGLE GOVERNMENT – OR – WHAT SOCIAL SCIENTISTS CALL “GOVERNMENT” AS – THE POLITICAL ENTITY THAT POSSESSES A LEGITIMATE MONOPOLY OVER THE USE OF FORCE WITHIN ITS TERRITORY TO ACHIEVE ITS GOALS.

FINANCE – A BRANCH OF ECONOMICS CONCERNED WITH RESOURCE ALLOCATION AS WELL AS RESOURCE MANAGEMENT, ACQUISITION AND INVESTMENT. SIMPLY, FINANCE DEALS WITH MATTERS RELATED TO MONEY AND THE MARKETS.

POLITICS – IS THE SOCIAL INSTITUTION THROUGH WHICH POWER IS ACQUIRED AND EXERCISED BY SOME PEOPLE AND GROUPS ==> HAROLD LASWELL, "POLITICS IS THE PROCESS BY WHICH IT IS DETERMINED WHO GETS WHAT, WHEN AND HOW."

SOCIAL REPRODUCTION – THE PROCESS WHEREBY PEOPLES BASIC NEEDS ARE MET. OR ,THE COSTS OF CARING FOR OURSELVES, OUR CHILDREN, AND OTHER DEPENDENTS.

SOCIAL INEQUALITY – STRUCTURED AND RECURRENT PATTERNS OF INEQUITABLE GROUP RELATIONS.

EQUITY – THE BELIEF THAT EACH INDIVIDUAL IS ENTITLED TO AN EQUITABLE SHARE OF SCARCE RESOURCES.

STRATIFICATION – THE HIERARCHICAL ARRANGEMENT OF SOCIAL STRATA IN A SOCIETY.

IDEOLOGY – A COMPLEX SET OF IDEAS THAT ATTEMPT TO EXPLAIN, JUSTIFY, LEGITIMATE, AND PERPETUATE A SPECIFIC SET OF CIRCUMSTANCES OR WAY OF LIFE.

COUNTER-IDEOLOGIES – SETS OF LESS INFLUENTIAL IDEAS THAT OFTEN REFLECT THE INTERESTS OF THE DISADVANTAGED, FREQUENTLY CALLING FOR CHANGE IN EXISTING CONDITIONS OF INEQUALITY.

OPPRESSION – THE NEGATIVE CONDITION OF THOSE WHO EXPERIENCE THE EXERCISE OF POWER IN A CRUEL AND UNJUST FASHION.

POWER – THE ABILITY TO MAKE OTHERS DO WHAT YOU WISH THEM TO DO WHETHER THEY LIKE IT OR NOT.

AUTHORITY – IS POWER THAT IS ACCEPTED AS PROPER AND LEGITIMATE BY THOSE IT IS EXERCISED ON.

CULTURE – THE COMPLETE WAY OF LIFE SHARED BY A PEOPLE INCLUDING BOTH MATERIAL AND NON-MATERIAL ELEMENTS.

ETHNICITY – A COLLECTIVITY OF PEOPLE WITH SHARED CULTURAL TRAITS, INCLUDING LANGUAGE, RELIGION, OR ANCESTORY.

RACE – A CATEGORY OF PEOPLE WHO SHARE COMMON PHYSICAL TRAITS DEEMED TO BE SOCIALLY SIGNIFICANT. RACIAL CATEGORIES ARE COMMONLY LINKED TO DIFFERENCES IN SKIN COLOUR.

VISIBLE MINORITY – REFERS TO PERSONS WHO ARE IDENTIFIED ACCORDING TO THE EMPLOYMENT EQUITY ACT AS BEING NON-CAUCASIAN IN RACE OR NON-WHITE IN COLOUR. UNDER THE ACT, ABORIGINAL PERSONS ARE NOT CONSIDERED TO BE MEMBERS OF VISIBLE MINORITY GROUPS.

MINORITY – REFERS TO ANY GROUP (WHETHER BASED ON RACE, ETHNICITY, OR GENDER) THAT ARE DISADVANTAGED BECAUSE OF A LACK OF ACCESS TO WEALTH, POWER, AND PRIVILEGE.

ETHNOCENTRISM – IS THE BELIEF THAT ONE’S OWN CULTURE IS BETTER THAN OTHERS AND/OR THE TENDENCY TO BELIEVE THAT WHAT IS TRUE OF YOUR CULTURE IS TRUE OF OTHERS.

DISCRIMINATION – THE DENIAL OF EQUAL TREATMENT OR OPPORTUNITIES TO INDIVIDUALS ON THE BASIS OF THEIR MEMBERSHIP IN A PARTICULAR GROUP.

RACIALIZATION – THE SOCIAL PROCESS BY WHICH CERTAIN GROUPS OF PEOPLE ARE SINGLED OUT FOR UNIQUE TREATMENT ON THE BASIS OF REAL OR IMAGINED PHYSICAL CHARACTERISTICS – OR, REFERS TO THE ASSIGNING OF RACIAL CONNOTATIONS TO THE ACTIVITIES OF MINORITY PEOPLE.

STIGMATIZATION – REFERS TO A MARK OF DISGRACE IMPOSED ON AN INDIVIDUAL BY OTHER INDIVIDUALS OR A SOCIAL GROUP. IN POPULAR USAGE IT OFTEN REFERS TO ANY NEGATIVE SANCTION OR DISAPPROVAL FOR NONCONFORMITY. AN UNDESIRABLE DIFFERENTNESS OF AN INDIVIDUAL THAT DISQUALIFIES HIM OR HER FROM FULL SOCIAL ACCEPTANCE. SOCIOLOGISTS ORIGINALLY USED THE TERM TO SHOW HOW HUMANS NOT ONLY SEEK TO CONTROL THE PHYSICAL WORLD BUT THE SOCIAL WORLD.

MARGINALIZATION – REFERS TO THE STATUS OF A GROUP WHO DOES NOT HAVE FULL AND EQUAL ACCESS TO THE SOCIAL ECONOMIC, CULTURAL, AND POLITICAL INSTITUTIONS OF SOCIETY.

CONTINGENCY WORK – REFERS TO ALL FORMS OF EMPLOYMENT INVOLVING ATYPICAL EMPLOYMENT CONTRACTS, LIMITED SOCIAL BENEFITS AND STATUTORY ENTITLEMENTS, JOB INSECURITY, LOW JOB TNURE, LOW WAGES, AND HIGH RISKS OF ILL HEALTH.

ANTI-RACISM – THE PROCESS THAT ISOLATES AND CHALLENGES RACISM THROUGH DIRECT ACTION AT PERSONAL AND INSTITUTIONAL LEVELS.

DISCOURSE – A CONCEPTUAL FRAMEWORK WITH ITS OWN INTERNAL LOGIC AND UNDERLYING ASSUMPTIONS THAT PRODUCE A DISTINCT WAY OF SPEAKING ABOUT (SOME ASPECTS OF) REALITY.

POSTMODERNISM – A WORLD-VIEW THAT IS CHARACTERIZED BY THE BELIEF THAT THERE IS NOTHING BEYOND THE IMMEDIATE MATERIAL FORM OF EXISTENCE, OR CULTURAL RELATIVITY.

MULTICULTURALISM – IS THE TECHNIQUE FOR ENGAGING DIVERSITY AS DIFFERENT BUT EQUAL. AS A DOCTRINE IT INVOLVES THE PROMOTION OF UNITY THROUGH DIFFERENCE, BY OFFICIALLY ACKNOWLEDGING AND FOSTERING A SOCIETY IN WHICH DIVERSITY IS DEFINED AS A LEGITIMATE AND INTEGRAL TO THE WHOLE.

GLOBALIZATION – IS A COMPLEX SET OF HUMAN FORCES INVOLVING THE PRODUCTION, DISTRIBUTION/TRANSMISSION, AND CONSUMPTION OF TECHNICAL, ECONOMIC, POLITICAL, AND SOCIOCULTURAL GOODS AND SERVICES WHICH ARE ADMINISTRATIVELY AND TECHNOLOGICALLY INTEGRATED ON A WORLDWIDE BASIS.

GLOBALISM – REFERS TO A NEOLIBERAL MARKET IDEOLOGY THAT ENDOWS GLOBALIZATION WITH THE FOLLOWING VALUES AND NORMS =====> PRIMACY OF ECONOMIC GROWTH, IMPORTANCE OF FREE TRADE FOR PROSPERITY, UNRESTRICTED FREE MARKET, INDIVIDUAL CHOICE, REDUCED GOVERNMENT INTERVENTION, AND A MODERNIZATION MODEL OF ECONOMIC DEVELOPMENT.