BUSI 2701 Chapter Notes - Chapter 2: Foreign Corrupt Practices Act, Gross Domestic Product, Trips Agreement
9 Dec 2015
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International business is much more complicated than domestic business because countries differ in many ways: political, economic, and legal systems. Cultural practices can vary dramatically from country to country, as can the education and skill level of the population. Countries are at different stages of economic development. Collectively 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 other. Political system refers to the system of government in a nation. Assessed according to two dimensions: the degree to which the country emphasizes collectivism as opposed to individualism, the degree to which the country is democratic or totalitarian. Political system that emphasizes the collective goals over individuals goals. Plato (427-347 bc) - individual rights should be sacrificed for the good of society. Socialism: communism revolution and totalitarian dictatorships (1970s)
