Introduction this chapter explores how the political, economic, and legal systems of countries differ



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  • INTRODUCTION

  • This chapter explores how the political, economic, and legal systems of countries differ.

  • Together these systems are known as the political economy of a country.



POLITICAL SYSTEMS

  • POLITICAL SYSTEMS

  • A political system is the system of government in a nation

  • Political systems can be assessed according to:

  • the degree to which they emphasize collectivism as opposed to individualism

  • the degree to which they are democratic or totalitarian



  • Collectivism and Individualism

  • Democracy and Totalitarianism



  • ECONOMIC SYSTEMS

  • A free market system is likely in countries where individual goals are given primacy over collective goals

  • State-owned enterprises and restricted markets are common in countries where collective goals are dominant





  • LEGAL SYSTEMS

  • The legal system of a country is the rules, or laws, that regulate behavior, along with the processes by which the laws of a country are enforced and through which redress for grievances is obtained.



  • Different Legal Systems

  • Differences in Contract Law

  • Property Rights and Corruption

  • The Protection of Intellectual Property

  • Product Safety and Product Liability



  • THE DETERMINANTS OF ECONOMIC DEVELOPMENT

  • Differing political, economic, and legal systems can have a profound impact on the level of a country's economic development, and hence on the attractiveness of a country as a possible market and/or production location for a firm.



  • Differences in Economic Development

  • Broader Conceptions of Development: Amartya Sen

  • Political Economy and Economic Progress

  • Geography, Education, and Economic Development



  • STATES IN TRANSITION

  • Since the late 1980s, a wave of democratic revolutions has swept the world, and many of the previous totalitarian regimes collapsed

  • There has been a move away from centrally planned and mixed economies towards free markets



STATES IN TRANSITION

  • STATES IN TRANSITION

  • The Spread of Democracy

  • The New World Order and Global Terrorism

  • The Spread of Market-Based Systems

  • The Nature of Economic Transformation

  • Deregulation

  • Privatization

  • Legal Systems

  • Implications of Changing Political Economy



  • IMPLICATIONS FOR MANAGERS

  • Political, economic, and legal systems of a country raise important ethical issues that have implications for the practice of international business

  • The political, economic, and legal environment of a country clearly influences the attractiveness of that country as a market and/or investment site



  • Benefits

  • Costs

  • Risks

  • Overall Attractiveness



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