Glossary Chapter 3 Canon law contributes concepts to family and estate law. capitalism the notion that all the major factors of production are to be privately owned rather than under the control of the state. chaebol the economic and political dominance of giant family-controlled business conglomerates. chose in action a right to sue; applies to intangible rights such as a claim for debt (e.g., bonds, shares, and negotiable instruments). Civil law legal system based on a “code” (e.g., Criminal Code of Canada, Quebec’s civil code). command economy factors of production are owned by the government, and government planning agencies specify the production goals and the prices for the country. common law developed from customs and traditions and borrowed heavily on Roman civil law, canon or church law, and law merchant. communism advocates social change that will result in a classless society and requires state ownership of all major factors of production. conservative ideology reducing governments’ control or ownership of the basic factors of production and placing these factors the hands of the private sector to operate at a profit. copyrights provide exclusive legal right to authors, composers, playwrights, recording artists, movie firms, and publishers for ownership of their work. coup d'état (literally a "blow against the state"); a seizure of political power by a small number of people. economic systems determine the process surrounding and controlling the factors of production: land, capital and labour. GNI includes income received from other countries set off against similar payments made to other countries. gross domestic product (GDP) represents the total of the goods and services produced domestically within a 12-month period to include income received from abroad. intellectual property intangible personal property (including copyright, patents, trademarks, industrial design, confidential information, and trade secrets). international dollar a hypothetical unit of currency that has the same purchasing power that the U.S. dollar has in the United States at a given point in time; used to make comparisons both between countries and over time. invisible hand the notion that an individual who “intends only his own gain” is “led by an invisible hand...[and] will promote...the public interest.” laissez-faire generally understood to be a doctrine opposing economic interventionism by the state beyond what many believe to be the core roles of government—maintaining peace and preserving property rights. law body of rules that are enforced by nations’ courts or by delegate government agencies. liberal ideology increasing governments’ control or ownership of the basic factors of production on a not-for-profit basis. libertarians advocate that individuals’ liberty is to be preferred over the power of the state. market economy provides for all of the factors of production to be privately owned. mixed economy an economy whereby some production is done by the private sector and some by the state. patent a grant to an inventor who has produced a new product that provides for exclusive rights for a fixed period of time over the manufacture, use, or sale of the inventor's invention. personal property ownership of all things other than real property (including chattels, intangible rights, and intellectual property). political systems structures, processes, and control mechanisms that support and sustain a nation’s political ideologies. purchasing power parity (PPP) this allows us to compare the purchase price for a fixed basket of goods in every country. pure democracy a political system where all citizens participate freely and actively in the decision-making required by the political process. real property things such as land and items considered fixed or attached to the land. realpolitik crafting a nation’s foreign policy based on a pragmatic political analysis rather than ideals or ethics. representative democracy a political system that permits citizens to delegate decision-making authority to representatives for an established period. Roman law provides much of the property law we rely upon today. rule of law no one, no matter how important or powerful, is above the law. socialism the notion that governments own or control the basic factors of production and that they should do so on a not-for-profit basis. stare decisis the process of following the precedent of other courts. theocracy a system in which political power rests with the clergy. theocratic "political regimes that claim to represent the Divine on earth both directly and immediately." Theocratic law based on religious teachings; the most prominent theocratic laws are Islamic, Hindu and Jewish law. totalitarianism a political system in which one person or political party exercises absolute control over all aspects of human life. trademarks the names and designs normally registered by producers of goods and services in order to differentiate their products. tribal tribal ethnocentric-based political systems are established by a specific ‘tribe’ and ruled by a dictator or small oligarchy from that tribe.