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Stack #2545719
| Question | Answer |
|---|---|
| Political Economy | - the political, economic, and legal systems of a country |
| Political System | - system of government in a nation (collectivism vs. individualism & democratic vs. totalitarian) |
| Collectivism | - a political system that emphasizes collective goals as opposed to individual goals |
| Socialist | - someone who believes in public ownership of the means of production for the common good of society (Karl Marx) - state-owned enterprises should be managed to benefit society as a whole, rather than individual capitalists |
| Communists | - those who believe socialism can be achieved only through revolution and totalitarian dictatorship |
| Social Democrats | those committed to achieving socialism by democratic means |
| Privatization | - the sale of state-owned enterprises to private investors (many state-owned companies perform poorly as there is little incentive to succeed) |
| Individualism | - an emphasis on the importance of guaranteeing individual freedom and self-expression |
| Democracy | - political system in which government is by the people, exercised either directly or through elected representatives |
| Representative Democracy | - a political system in which citizens periodically elect individuals to represent them in government |
| Safeguards for Elected Representatives | 1. individual's right to freedom of expression, opinion, and organization 2. free media 3. regular elections in which all eligible citizens are allowed to vote 4. universal adult suffrage 5. limited terms for elected representatives |
| Safeguards for Elected Representatives | 6. a fair court system that is independent from the political system 7. a non-political state bureaucracy 8. a non-political police force and armed service 9. relatively free access to state information |
| Totalitarianism | - form of government in which one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited |
| Communist Totalitarianism | - a version of collectivism advocating that socialism can be achieved through a totalitarian dictatorship |
| Theocratic Totalitarianism | a political system in which political power is monopolized by a party, group, or individual that governs according to religious principles (Islam) |
| Tribalism Totalitarianism | - a political system in which a party, group, or individual that represents the interests of a particular tribe (ethnic group) monopolizes political power |
| Right-Wing Totalitarianism | a political system in which political power is monopolized by a party, group, or individual that generally permits individual economic freedom, no individual political freedom, including free speech, on the grounds that it would lead to the rise of commun |
| Market Economy | - an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced - Private ownership encourages vigorous competition |
| Command Economy | - an economic system where the allocation of resources, including determination of what goods and services should be produced, and in what quantity, is planned by the government |
| Mixed Economy | - certain sectors of the economy are left to private ownership and free market mechanism while other sectors have significant state ownership and government planning |
| Legal System | - system of rules that regulate behavior and the processes by which the laws of a country are enforced and through which redress of grievance is obtained |
| Common Law | a system of law based on tradition, precedent, and custom when law courts interpret common law, they do so with regard to these characteristics 1. Tradition - a country's legal history 2. Precedent - cases that have come before the courts in the past3. |
| Civil Law System | a system of law based on a very detailed set of written laws and codes (LESS FLEXIBLE - simply apply the law) |
| Theocratic Law System | - a system of law based on religious teachings - primarily moral and intended to govern all aspects of life (Islamic law, Hindu law, Jewish law) |
| Contract | a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved |
| Contract Law | Contract Law - the body of law that governs contract enforcement (more detailed contract law in common law, less detailed contract specifications in civil law system) |
| United Nations Convention on Contracts for the International Sale of Goods (CIGS) | - a set of rules governing certain aspects of the making and performance of commercial contracts between sellers and buyers who have their places of business in different nations |
| Property Rights | - bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource |
| Private Action | - the theft, piracy, blackmail, and the like by private individuals or groups (Mafia in Russia) |
| Public Action | - the extortion of income or resources of property holders by public officials, such as politicians and government bureaucrats (levying excessive taxation, requiring expensive licenses, taking assets into state ownership without compensation,redistributin |
| Transparency International | - an independent non-profit organization dedicated to exposing and fighting corruption |
| Foreign Corrupt Practices Act | - U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions |
| Foreign Corrupt Practices Act | - U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions |
| Grease payments/ speed money (exceptions to FCPA) | - bribes that merely facilitate performance of duties that the recipients are already obligated to perform |
| Intellectual Property | - products of the mind, ideas (books, music computer software designs, technological know-how) - intellectual property can be protected by patents, copyrights, and trademarks |
| Patents | - grant the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention - without the guarantees provided by patents, companies would be unlikely to commit themselves to extensive basic research |
| Copyrights | exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit |
| Trademarks | - the designs and names, often officially registered, by which merchants or manufacturers designate and differentiate their products |
| World Intellectual Property Organization | - an international organization where members sign treaties to agree to protect intellectual property |
| Paris Convention for the Protection of Industrial Property | - international agreement to protect intellectual property |
| Product Safety Laws | - set certain safety standards to which a product must adhere |
| Product Liability | involves holding a firm and its officers responsible when a product causes injury, death, or damage |
| Summary: How the political,economic and legal system of countries varies. The potential benefits cost and risk of doing business in a country are a function of its political, economic and legal systems. | Political systems can be assessed according to:the degree to which they emphasize collectivism as opposed to individualism and degree of are democratic or totalitarian. |
| Collectivism is an ideology that views the needs of society as being important than the needs of the individual. It translates into an advocacy of state intervention in economic activity, and in communism a totalitarian dictatorship | Individualism is an ideology that is built on an emphasis of the primacy of the individuals freedoms in the political, economic, and cultural realms. Its an advocacy for democratic ideals and free market economic. |
| Democracy and totalitarianism are at different ends of the political spectrum. In a democracy, citizens periodically elect individuals to represent them and political freedom are guaranteed by a constitution. | In a totalitarian state , political power is monopolized by a party and basic political freedoms are denied to citizens of the state. |
| Three types of economic systems, a market economy, a command economy, and a mixed economy. In market economy, prices are free of controls and private ownership is predominant. | In a command economy, prices are set by planners productive assets are owned by the state and private ownership is forbidden.In Mixed economy both elements are present. |
| Differences in the structure of law countries can have important implications for the practice international business. | he degree to which property right are protected can vary dramatically from country to country as the product liability and the nature of contract law. |
Created by:
Syl593