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Chapter 2

ADM 3318 - Chapter 2 Notes - National Differences in Political Economy.docx

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ADM 3318International BusinessSeptember 10th 2012Chapter 2 National Differences in Political EconomyPolitical Economy The interdependent combination of a countrys political economic and legal systemsPolitical SystemsThe system of government in any nationPolitical systems can be assessed by two dimensions 1The degree to which they emphasize collectivism as opposed to individualism2The degree to which they are democratic or totalitarianCollectivism and IndividualismCollectivism Refers to a political system that stresses the primacy of collective goals over individual goalsoThe needs of society as a whole are generally viewed as being more important than individual freedomsoSocialism The political system that believes in state ownership of a countrys means of production distribution and exchange so that all can benefitThe idea is to manage stateowned enterprise to benefit society as whole rather than individual capitalistsoCommunists Those who believe that socialism can only be realized through violent revolution and totalitarian dictatorshipoSocial Democrats Those who believed in achieving socialism through democracyoPrivatization The sale of stateowned enterprises to private investors Individualism The philosophy that an individual
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