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Apuntes

• Subtopic: Government-Controlled Economies The government determines which goods should be produced, in what amount, their sale price, and the workers’ wages. This economic model practically disappeared with the fall of the communist bloc at the end of the 20th century. • Subtopic: Mixed Economies Mixed economies have prevailed in almost all countries. This system is governed by the basic principles of capitalism, and most decisions are made by individuals and companies. However, the state intervenes in economic matters by regulating the market during crises and reducing social inequalities through taxes and subsidies. In richer countries, this system is known as the “Welfare State” (those who earn more pay more). • Subtopic: Globalisation Globalisation is a process in which the world’s cultures become interconnected. It started to become more prevalent in the late 20th century. • Subtopic: Three Sizes of Globalisation 1. Economic globalisation: Integration of local economies into a global economic market. 2. Political globalisation: Increasing integration of national policies into one single world policy through international agencies, which promote and expand their decisi...