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Study Guide

[GMS 724] - Final Exam Guide - Everything you need to know! (29 pages long)


Department
Global Management Studies
Course Code
GMS 724
Professor
Howard Lin
Study Guide
Final

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Ryerson
GMS 724
FINAL EXAM
STUDY GUIDE

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Chapter 2: The Political and Legal Environments Facing Business
Examples of a political environment:
-Government
-unions
Chapter objectives:
-To discuss the philosophies and practices of a political system
-To explain the idea of political risk and describe approaches to managing it
-To describe contemporary legal systems
-To explain legal issues facing international companies
Definition of a political system:
-The complete set of institutions, political organizations, and interest groups.
-For example, trump wanting to dismantle nafta...does that benefit canadians? Maybe the
unions but most of us have a certain ideology regarding nafta.
-The relationships among institutions and the political norms and rules that govern their functions.
-For example, Canada’s senate is weaker than America’s.
Political Ideology:
-The system of ideas that expresses the goals, theories and aims of a sociopolitical program.
-For example, Trump’s “make america come first” slogan which means other members of
nafta and nato pay a larger share because according to Trump America is paying a larger
share in nafta.
-Trudeau says Canada has a more open mind towards immigrants.
-Most modern societies are pluralistic i,e, different groups.
Fundamental elements of democratic political systems:
-Freedom of opinion
-Free fair and regular elections
-Majority rules
-Fair and independent court systems
-Subordination of government to the rule of law
-Citizen equality in opportunity and treatment before the law
-Exercise of citizen power and civic responsibility either directly or through elected
representatives.
Trends in political systems:
-Third wave of democracy
-Engines of democracy
-The failure of totalitarian regimes to deliver economic progress
-Improved communications technology
-Economic dividends of increasing political freedom
Political Risk:
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-Political decisions or events negatively affect the profitability or sustainability of an investment.
-Decision:
-Event: turkey’s attempted coup d’etat
-Types:
-Systemic: alter macro environment, affect all firms
-Procedural: instability in operation processes
-Distributive: uncertainty concerning wealth
-Catastrophic: chaotic events
-Risk is not always universal, it’s targeted
Definition of a legal system:
-The mechanism for creating, interpreting, and enforcing the laws in a specified jurisdiction
-Types of legal system:
-Common law (precedents)
-Civil law (statutes)
-Theocratic law (religions)
-Customary law
Operational concerns for managers:
-Starting a business
-Entering and enforcing contracts
-Hiring and firing local workers
-Closing down the business
Strategic concerns for managers:
-Product safety and liability
-Marketplace behavior
-Product origin and local content
-For example nafta rules where product origin has to be a certain percentage originating
from canada, america or mexico
-Legal jurisdiction and arbitration
Intellectual property:
-Intangible property is a result of intellectual effort
-Intellectual property rights refer to the right to control and derive the benefits from writing,
inventions, processes and identifiers.
Influences on IPR:
-Legal legacies
-Wealth, poverty and protection
-Cultural orientation
Chapter 3: The Economic Environments Facing Businesses
Chapter Objectives:
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