The Law Dictionary for Everyone
Popular Sovereignty meaning in law Popular sovereignty is the idea that the government gets its power from its citizens. This belief is based on the concept that the government should exist for the sole purpose of benefiting its citizens, and if the government is not doing everything it can to protect its people, then it should be disbanded. English philosopher Thomas […]
Read moreA monarchy is a form of government wherein a group which is usually a family (referred to as a “dynasty”) heads up the country, and a monarch (the head of state) is put in charge. An example of a monarchy is that which presently rules over Britain and is headed up by the Queen Elizabeth II. A monarch’s power can […]
Read moreA market economy is an economy in which decisions regarding the methods for carrying out investment, production, and distribution are based on supply and demand, which in turn influences the prices of goods and services. Market economies can be immediately recognized by the fact that all of the investment decisions and the allocation of goods are made via negotiations between […]
Read moreMercantilism, which existed primarily during the 16th through 18th centuries in Europe, was an economic system founded on the belief that the government should encourage trade as a means to generate wealth for the country. Wealth was amassed by exporting more goods to other countries than the nation imported. A high import was placed on building up sums of gold, […]
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