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IMS 3310 Chapter 2

IMS 3310 Chapter 2 Terms

Institutional Transitions Fundamental and comprehensive changes introduced to the formal and informal rules of the game that affect organizations as players.
Regulatory Pillar The coercive power of governments exercised through laws, regulations, and rules.
Normative Pillar The mechanisms through which norms influence individual and firm behavior.
Cognitive Pillar The internalized, taken-for-granted values and beliefs that guide individual and firm behavior.
Transaction Costs The costs associated with economic transactions or, more broadly, the costs of doing business.
Opportunism The act of self-interest with guile.
Political System The rules of the game on how a country is governed politically.
Democracy A political system in which citizens elect representatives to govern the country on their behalf.
Totalitarianism (or Dictatorship) A political system in which one person or party exercises absolute political control over the population.
Political Risk Risk associated with political changes that may negatively impact domestic and foreign firms.
Legal System The rules of the game on how a country's laws are enacted and enforced.
Civil Law A legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgments.
Common Law A legal tradition that is shaped by precedents from previous judicial decisions.
Theocratic Law A legal system based on religious teachings.
Property Rights Legal rights to use an economic property (resource) and to derive income and benefits from it.
Intellectual Property Intangible property that results from intellectual activity (such as the content of books, videos, and websites).
Intellectual Property Rights (IPR) Legal rights associated with the ownership of intellectual property.
Patents Exclusive legal rights of inventors to derive income from their inventions through activities such as manufacturing, licensing, or selling.
Copyrights Exclusive legal rights of authors and publishers to publish and disseminate their work.
Trademarks Exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others.
Piracy The unauthorized use of intellectual property rights.
Economic System The rules of the game on how a country is governed economically.
Market Economy An economy that is characterized by the "invisible hand" of market forces.
Command Economy An economy in which theoretically all factors of production are state-owned and state-controlled, and all supply, demand,and pricing are planned by the governments.
Mixed Economy An economy that has elements of both a market economy and a command economy.
Washington Consensus A view centered on the unquestioned belief in the superiority of private ownership over state ownership in economic policy making, which is often spearheaded by two Washington-based international organizations: The IMF and World Bank.
Moral Hazard Recklessness when people and organizations (including firms and governments) do not have to face the full consequences of their actions.
Created by: Desy91



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