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INBS 250 Chapter 2 Notes

by: Maria Notetaker

INBS 250 Chapter 2 Notes INBS 250

Maria Notetaker
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These notes will be covered in the midterm exam
Introduction to International Business
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This 3 page Class Notes was uploaded by Maria Notetaker on Thursday September 15, 2016. The Class Notes belongs to INBS 250 at Montclair State University taught by Nahra in Spring 2015. Since its upload, it has received 6 views. For similar materials see Introduction to International Business in International Business at Montclair State University.


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Date Created: 09/15/16
Ch. 2 - National Differences in Political Economy Friday, January 30, 2015 10:01 AM   How governments around the world work to make their country more attractive to businesses Carrfour ­ French retailer that failed in the market and did not come back Walmart ­ failed in Germany because of culture (did not like friendliness and employee bagging for  customers) Tesco ­ British company that lasted 5 years (like 90% of all British businesses) because of culture      Political system­ the system of government in a nation; role that is being played in a country for the  marketplace    Individualistic [concept] o System is built on basis that people want democratic system that gives people freedoms  and rights to sell goods and services in the marketplace to grow jobs and economy o An individual should have freedom in his own economic and political pursuits o Competition was going to be the main factor in eliminating fading companies (Aristotle)  o Democratic systems ­ freedom of opinion, expression & press, freedom to organize, free  elections, etc. [on ppt]  Collectivist [concept] o Society does not believe in the importance of the individual; expect individual to give up  their rights/privileges so society as a whole can benefit (gov. controls certain entities and so  do private sectors)  o Stresses the primacy of collective goals over individual goals o Today, collectivism is equated with socialists (Karl Marx) / communism Modern­Day Socialism  Communism ­ socialism can only be achieved through violent revolution and  totalitarian dictatorship (form of gov. where one person/party exercises absolute control of human life and  choose how resources will be allocated) [4 types of totalitarianism  on ppt]  Social democrats ­ socialism is achieved through democratic means     Economical systems     Market Economies ­ democratic system ; private sectors own all resources ; allows individuals  and companies to own resources in the country, produce goods and services and sell them in the  marketplace. Supply and demand will determine the prices; marketplace decides who survives and  who fails o Role of gov. is only to protect consumers by making agencies (ex. FDA, EDC, etc.)   Command economies ­ tied to collective belief system ; gov. owns all resources, they decide what will be produced, wages, etc. ; not interested in competition or being efficient   Mixed economies ­ combination of market and command economies ; gov. may select certain  industries and decide to control and run them (ex. Japan).    Legal system    Common Law ­ based on tradition, precedent and custom o Legal branch allows judges to look at a specific case and see how it applies to current law o Precedence ­ in situation XYZ, the supreme court ruled ___, so they will rule a similar  way  Common Law  Code Law  Islamic Law (combination of common and code law)   Very strict labor laws (protecting individual against the companies)  Against payment of interest (called administrative fees, etc.)  Banks are most profitable in Islamic Law because there is no competition  The less westernized, the more protective     Civic Law ­ based on detailed set of laws organized into codes Theocratic Law ­ law is based on religious teachings   Foreign Corrupt Practices Act ­ illegal for US companies to bribe foreign gov. officials or employees to  obtain or maintain business over which that foreign official/employee has authority (unfortunately,  bribery is a part of doing business in developing countries ­ must pay foreign officials to have business)      IPR (Intellectual Property Rights) ­ property that is the product of intellectual activity ; all inventions,  products, brand names that companies have ; most important asset ; Can be protected using:   Patents (inventions, technology a company has)  Copyrights (movies, music, publishers, etc.)  Trademarks ­ logos, designs that companies use to make them recognizable                           


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