COMMERCE 4BE3 Lecture Notes - Lecture 1: Totalitarianism, Mixed Economy, Planned Economy
29 Oct 2017
School
Department
Course
Professor
Document Summary
The political, economic, and legal systems of a country these 3 are interdependent of one another. A country"s political economy can affect benefits/costs/risks/strategy of doing business in a country: the economic and legal systems are affected by the political system. A political system that stresses the primacy of collective goals over individual goals. The needs of society as a whole is more important than individual freedoms. A philosophy that an individual should have freedom in his or her economic and political pursuits. Individualism is build on two central tenets; guaranteeing individual freedom/self-expression and to let people pursue their own economic self interest. Meaning economic and political freedoms are the ground rules on which a society should be based: what is democracy & totalitarianism? (democracy goes with individualism and totalitarianism goes with the communist version of collectivism) Democracy is a political system where the government is by the people, exercised directly or via elected representatives.
