ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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firms based in highly industrialized societies with operating facilities throughout the world
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economic system based on private ownership of property and the pursuit of profit
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unified group of military, corporate, and government leaders
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part of an economy producing goods directly from the natural environment
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arises from a leader’s personal characteristics
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Detailed explanation-1: -According to Mills, the eponymous “power elite” are those that occupy the dominant positions, in the three pillar institutions (state security, economic and political) of a dominant country.
Detailed explanation-2: -the concept of a small number of powerful individuals, especially corporate, political, religious, or military leaders, who hold the highest positions of authority in their respective institutions and share a common outlook and values.
Detailed explanation-3: -Sociologist C. Wright Mills used the term power elite to refer to his theory that the United States is actually run by a small group representing the most wealthy, powerful, and influential people in business, government, and the military.
Detailed explanation-4: -In political and sociological theory, the elite (French: élite, from Latin: eligere, to select or to sort out) are a small group of powerful people who hold a disproportionate amount of wealth, privilege, political power, or skill in a group.