Developing countryA developing country is a sovereign state with a less developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but refers only to the economy of the countries.
Free marketIn economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations.
Market economyA market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
CapitalismCapitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Private propertyPrivate property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for profit.
Anarcho-capitalismAnarcho-capitalism (or, colloquially, ancap or '"an-cap"') is an anti-statist, libertarian, political philosophy and economic theory that seeks to abolish centralized states in favor of stateless societies with systems of private property enforced by private agencies, the non-aggression principle, free markets and self-ownership, which extends the concept to include control of private property as part of the self.
Market anarchismMarket anarchism, also known as free-market anti-capitalism, is the branch of anarchism that advocates a free-market economic system based on voluntary interactions without the involvement of the state. A form of individualist anarchism, and libertarian socialism, it is based on the economic theories of mutualism and individualist anarchism in the United States. Samuel Edward Konkin III's agorism is a strand of left-wing market anarchism that has been associated with left-libertarianism.
Market socialismMarket socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving some mix of public, cooperative, and privately owned enterprises. The central idea is that, as in capitalism, businesses compete for profits, however they will be "owned, or at least governed," by those who work in them. Market socialism differs from non-market socialism in that the market mechanism is utilized for the allocation of capital goods and the means of production.
Property rights (economics)Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good.
Environmental movementThe environmental movement (sometimes referred to as the ecology movement), is a social movement that aims to protect the natural world from harmful environmental practices in order to create sustainable living. Environmentalists advocate the just and sustainable management of resources and stewardship of the environment through changes in public policy and individual behavior. In its recognition of humanity as a participant in (not an enemy of) ecosystems, the movement is centered on ecology, health, and human rights.
Public propertyPublic property is property that is dedicated to public use. The term may be used either to describe the use to which the property is put, or to describe the character of its ownership (owned collectively by the population of a state). This is in contrast to private property, owned by an individual person or artificial entities that represent the financial interests of persons, such as corporations. State ownership, also called public ownership, government ownership or state property, are property interests that are vested in the state, rather than an individual or communities.
Rural areaIn general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry typically are described as rural. Different countries have varying definitions of rural for statistical and administrative purposes.
GlobalizationGlobalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialization), developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post-Cold War world.
PropertyProperty is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights.
Rural flightRural flight (also known as rural-to-urban migration or rural exodus) is the migratory pattern of people from rural areas into urban areas. It is urbanization seen from the rural perspective. In industrializing economies like Britain in the eighteenth century or East Asia in the twentieth century, it can occur following the industrialization of primary industries such as agriculture, mining, fishing, and forestry—when fewer people are needed to bring the same amount of output to market—and related secondary industries (refining and processing) are consolidated.
ManorialismManorialism, also known as seigneurialism, the manor system or manorial system, was the method of land ownership (or "tenure") in parts of Europe, notably France and later England, during the Middle Ages. Its defining features included a large, sometimes fortified manor house in which the lord of the manor and his dependants lived and administered a rural estate, and a population of labourers who worked the surrounding land to support themselves and the lord.
Rural sociologyRural sociology is a field of sociology traditionally associated with the study of social structure and conflict in rural areas. It is an active academic field in much of the world, originating in the United States in the 1910s with close ties to the national Department of Agriculture and land-grant university colleges of agriculture. While the issue of natural resource access transcends traditional rural spatial boundaries, the sociology of food and agriculture is one focus of rural sociology, and much of the field is dedicated to the economics of farm production.
Common-pool resourceIn economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a core resource (e.g.
Personal propertyPersonal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings). Movable property on land (larger livestock, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner.
Least developed countriesThe least developed countries (LDCs) are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development. The concept of LDCs originated in the late 1960s and the first group of LDCs was listed by the UN in its resolution 2768 (XXVI) on 18 November 1971. A country is classified among the Least Developed Countries if it meets three criteria: Poverty – adjustable criterion based on Gross national income (GNI) per capita averaged over three years.
