ADM 3318 Lecture Notes - Lecture 4: Mineral Rights, Totalitarianism, Mixed Economy
4 Oct 2016
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Document Summary
Alternatives for entry mode strategies: see chapter 12. Political, economic, and legal systems from the political economy of a country. Countries have different: political, economic, and legal systems. Cultural practices can vary dramatically across countries as can the education and skill level of the population. Countries are at different stages of economic development. Democracy: political system in which the people elect representatives to form the gov"t, democracy demands: Totalitarianism: political system based on collectivism, which advocates that socialism can be achieved only through a totalitarian dictatorship. Market economy: economic system in which the interaction of supply and demand determines price and production (pro- deregulation) Command economy: economic system in which the gov"t determines the allocation of resources including the determination of production and prices. Mixed economy: economic system in which certain sectors are left to private ownership and free market mechanism, while other sectors are owned and managed by the gov"t.
