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With respect to political theory, a state is perceived as being legitimate when its citizens treat it as properly holding and exercising political power. [7] [8] While the term exists beyond the political realm, as it encompasses sociology, philosophy, and psychology, legitimacy is often referred to with respect to actors, institutions, and the political orders they constitute. [3]
Thus this theory can be sometimes viewed as part of the social evolutionism theory. In traditional authority, the legitimacy of the authority comes from tradition , in charismatic authority from the personality and leadership qualities of the individual ( charisma ), and in legal (or rational-legal) authority from powers that are ...
A rationality crisis is the situation where the public authority cannot meet the demand from the economic system, or in his words, the situation where “the administrative system does not succeed in reconciling and fulfilling the imperatives received from the economic system.” [8] A legitimation crisis happens when political authority fails ...
Political and economic relations were drastically influenced by these theories as the concept of the guild was subordinated to the theory of free trade, and Roman Catholic dominance of theology was increasingly challenged by Protestant churches subordinate to each nation-state, which also (in a fashion the Roman Catholic Church often decried ...
Monetarism is an economic theory commonly associated with neoliberalism. [95] Formulated by Milton Friedman , it focuses on the macroeconomic aspects of the supply of money , paying particular attention to the effects of central banking . [ 290 ]
Legitimation, legitimization (), or legitimisation is the act of providing legitimacy.Legitimation in the social sciences refers to the process whereby an act, process, or ideology becomes legitimate by its attachment to norms and values within a given society.
The term authority identifies the political legitimacy, which grants and justifies rulers' right to exercise the power of government; and the term power identifies the ability to accomplish an authorized goal, either by compliance or by obedience; hence, authority is the power to make decisions and the legitimacy to make such legal decisions ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...