BUSI 2701 Lecture Notes - Lecture 2: Totalitarianism, CollectivismPremium
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● Int’l business is more complicated than domestic business because countries differ in a
various amount of ways.
● Countries have different
○ Political systems
○ Economical systems
○ Legal systems
● Cultural practices can vary from country to country
● Education and skill level of a country’s population can vary also
● Countries are at different stages of economic development
● We refer to these systems as constituting the political economy of a country
● The political, economic, and legal systems of a country are not independent of each
● They are dependent, they interact and can influence each other, and affect the economic
well-being of a country
● A political system refers to the system of the gov’t in the nation
● Accessed according to two dimensions
○ The degree to which the country emphasizes collectivism over individualism
○ The degree to which the country is democratic or totalitarian
■ Collectivism: political system that emphasizes the collective goals over
individual goals of a country.
■ Individualism: political system that emphasizes the individual goals over
the collective goals
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