National Difference in Political Economy
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| Political economy | the political, economic, and legal systems of a country are interdependent.
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| Political system | the system of government in a nation
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| Collectivism | stresses the primacy of collective goals over individual goals (Plato) (today considered socialists)
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| Socialists (Karl Marx) | advocates state ownership of the basic means of production, distribution, and exchange
manages to benefit society as a whole, rather than individual capitalists
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| Socialism | Communism
Social Democrats
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| Communism | socialism can only be achieved through violent revolution and totalitarian dictatorship
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| Social Democrats | socialism is achieved through democratic means:
retreating as many countries move toward free market economies
state-owned enterprises have been privatized
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| Individualism | philosophy that an individual should have freedom in his own economic and political pursuits (Aristotle) (individual diversity and private ownership are desirable) (democratic political systems and free market economies)
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| Democracy | political system in which government is by the people, exercised either directly or through elected representatives (associated with individualism)
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| Representative democracy | citizens periodically elect individuals to represent them
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| Totalitarianisn | form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties
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| Types of totalitarianism | Communist totalitarianism
Theocratic totalitarianism
Tribal totalitarianism
Right-wing totalitarianism
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| Communist totalitarianism | found in states where the communist party monopolizes power
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| Theocratic totalitarianism | found in states where political power is monopolized by a party, group, individual that governs according according to religious priciples
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| Tribal totalitarianism | found in states where a political party that represents the interests of a particular tribe monopolizes power
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| Right-wing totalitarianism | permits some individual economic freedom, but restricts individual political freedom
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| Countries with individual goals | market based economies
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| Countries with collective goals | state-ownership is common
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| Economic systems | Market economies
Command economies
Mixed economies
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| Market economies | all productive activities are privately owned and production is determined by the interaction of supply and demand
gov. encourages free and fair competition between private producers
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| Command economies | gov. plans the goods and services that a country produces, the quantity that is produced, and the prices as which they are sold:
businesses state-owned, gov. allocat resources "good of society"
tend to stagnate
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| Mixed economies | certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning
gov. own firms important to national security
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| Legal systems | the rules that regulate behavior along with the processes by which the laws are enforced and through which redress for grievances is obtained
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| Legal system importance | in business:
defines how business transactions are executed
identify the rights and obligations of parties involved in business trransactions
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| Types of legal systems | Common law
Civic law
Theocratic law
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| Common law | based on tradition, precedent, and custom
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| Civic law | based on detailed set of laws organized into codes
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| Theocratic law | law is based on religious teachings
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| Contract | document that specifies the conditions under which as exchange is to occur and detail the rights and obligations of the parties involved
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| Contract law | the body of law that governs contract enforcement
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| Contract under common law | tend to be very detailed with all contingencies spelled out
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| Contract under civil law | tend to be much shorter and less specific because many issues are already covered in the civil code
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| United Nations Convention on Contracts for the International Sale of Goods | establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between buyers and sellers who have their places of business in different nations
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