gross domestic product per capita. the value of all goods and services produced in a country per year, divided by the size of the population. a common measure of the amount of wealth per person in an economy.
predicts that democracy is more likely to emerge and survive as countries develop and become wealthier
predicts that democracy is more likely to survive as countries develop and become wealthier, but it is not more likely to emerge
the debt accrued by the sovereign (gov't)
credible commitment problem
time-inconsistency problem occurs when a) an actor who makes a promise today has incentive to renege on that promise in the future and b) power is in the hands of the actor who makes the promise, not those who receive expected benefit of promise
the diff betw an asset's value and its short-run opportunity cost. how much value an asset returns in its best case scenario usage compared with its 2nd best case scenario usage. copper mines & oil platforms have 1 use --> LARGE quasi-rents
one that cannot be easily converted into cash
onr that can easily be turned into other types of assets, such as cash and bank deposits
a state that derives all or a substantial portion of its revenue from the rent of indigenous natural resources to external clients.
naturally occurring substances that are usually considered valuable sch as oil, diamonds and minerals
the paradox that contries with an abundance of natural resources tend to experience things like poor governance, low levels of economic development, civil war, and dictatorship
aid (in the form of money, food, technical assistance, military weapons) that people in one country give to another. Aid can come from national gov't, intergovernmental organizations, or private donations
an outcome or thing we want to explain
also called the explanatory variable is what we think will explain, or determine the value of, the dependent variable
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