History of Honduras: Economic & Political Systems

• School: Escuela Internacional Sampedrana
• Class: History of Honduras
• The vocabulary for the quiz of the fourth partial, the week of March 24 to 28

Economic Systems and Ideologies

• Capitalism: An economic system where the means of production and distribution are privately owned and operated for profit.
• Neoliberalism: A political and economic approach advocating for minimal state intervention, free markets, institutional equilibrium, and economic growth.
• Socialism: A social and economic system based on collective or state ownership and administration of the means of production, aiming for the gradual disappearance of social classes.
• Communism: A doctrine advocating a social organization where goods are commonly owned and private property is abolished.

Political Systems and Concepts

• Dictatorship: A political regime that concentrates power in a person or group through force or violence, repressing human rights and individual liberties.
• Authoritarianism: A system based on absolute submission to authority.
• Anarchy: The total absence of governmental structure in a state.
• Sovereignty: The supreme political power belonging to an independent state.
• Enclave: A territory included within another with differing political, administrative, geographic, or ethnic characteristics.
• Bipartisanship: A political system dominated by two main parties.

Economic Terms

• Concessions: The granting of a faculty or right by a competent authority for the exploitation of a service or public good.
• GDP per capita: An indicator that measures the average income per inhabitant in a country.
• GDP (Gross Domestic Product): The total value of goods and services produced in a country during a year.
• National investment: The placement of capital in productive activities within the country.
• Public investment: Spending by the public sector on infrastructure and services for economic and social development.
• Private national investment: Placement of capital by national companies or individuals in productive activities within the country.
• Transnational companies: Companies operating in various countries, managing subsidiaries in different locations worldwide.
• Economic diversification: A strategy to expand the variety of products or services offered in an economy to reduce risks and dependence on a single sector.
• Economic development: Process through which a country improves the economic welfare and quality of life of its inhabitants.
• Balance of payments: A record of all economic transactions of a country with the rest of the world in a given period.
• Exoneration: The freeing from a charge, obligation, or responsibility, especially in tax matters.
• Government subsidy: Economic aid granted by the government to support specific sectors of the economy or groups within the population.

Honduran Economic and Political Context

• Lost Decade in Honduras: A period of economic crisis and stagnation in Honduras during the 1980s, characterized by high debt levels and low growth.
• Liberal economic model: A system that promotes market freedom and minimal state intervention in the economy.
• Import substitution industrialization model: A strategy that seeks to replace imports with national production to promote local industry.
• Neoliberal economic model: An approach that advocates for the liberalization of the economy, privatization of state enterprises, and reduction of public spending.
• Public spending: Total expenditures made by the government on goods and services for the community.
• Individual guarantees: Fundamental rights that protect the freedoms and dignity of individuals.
• National Constituent Assembly: A body convened to draft or reform the constitution of a country.
• Agrarian reform: A set of measures aimed at modifying the structure of land ownership and production to improve conditions in the agricultural sector.
• Modernization of the State: The process of updating and improving governmental institutions and procedures to increase their efficiency and effectiveness.

Economic Sectors

• Primary sector of the economy: Activities related to the extraction and obtaining of natural resources, such as agriculture, livestock, and mining.
• Secondary sector of the economy: Industrial activities that transform raw materials into manufactured or semi-manufactured products.
• Tertiary sector of the economy: Service activities, such as commerce, transportation, education, and health.

Economic and Political Processes

• Economic growth: Sustained increase in the production of goods and services in an economy over a period.
• Coup d'état (State coup): The seizure of political power abruptly and violently, usually by a military or insurgent group.
• Constitutional succession: The orderly process of transferring power as established in the constitution of a country.
• General Budget of the Republic: A document detailing the government's projected revenues and expenditures for a fiscal period.
• Supreme Court of Justice: The highest court responsible for administering justice in Honduras.
• Exile: Expulsion or self-exclusion of a citizen for political reasons.
• Public administration: Management of state resources and services.
• Cold War: Political and ideological conflict between the U.S. and the USSR that influenced Honduran politics in the 20th century.
• Extradition: Surrender of a person accused of a crime to another country that requests it.

Honduran Institutions and Financial Terms

• Supreme Electoral Tribunal: The body that regulates electoral processes in Honduras.
• Social spending: Public funds allocated to health, education, and social assistance.
• Internal debt: Financial obligations of the government within the country.
• External debt: Money that the country owes to foreign entities.
• Public debt: Total debt of the state, both internal and external.
• External debt forgiveness: Partial or total cancellation of a country's debt by international organizations.
• Fiscal obligation: The duty of citizens and companies to pay taxes to the state.