National Differences in Political Economy (2)

Front

What is international business compared to domestic business?

Back

International business is more complicated than domestic business due to differences in political, economic, and legal systems, levels of economic development, cultural practices, and education.

Front

What are the three main political systems that affect international business?

Back

1. Political System 2. Economic System 3. Legal System

Front

Define Collectivism in the context of political systems.

Back

Collectivism emphasizes the primacy of collective goals over individual goals, prioritizing the needs of society over individual freedoms.

Front

Who is Karl Marx and what is his view on capitalism?

Back

Karl Marx argued that capitalism benefits a few at the expense of many, advocating for state ownership of production to ensure fair compensation for workers.

Front

What are the two broad camps of socialists according to Marxist theory?

Back

1. Communist - socialism achieved through violent revolution and totalitarian dictatorship. 2. Social democrats - socialism achieved by democratic means.

Front

What does Individualism emphasize in political philosophy?

Back

Individualism emphasizes individual freedom in economic and political pursuits, prioritizing individual interests over state interests.

Front

What is Democracy?

Back

Democracy is a political system in which government is by the people, exercised directly or through elected representatives.

Front

Define Totalitarianism.

Back

Totalitarianism is a form of government where one person or political party exercises absolute control over all aspects of life and prohibits opposing parties.

Front

What are the four major forms of Totalitarianism?

Back

1. Communist totalitarianism 2. Theocratic totalitarianism 3. Tribal totalitarianism 4. Right-wing totalitarianism

Front

What is a Market Economy?

Back

A Market Economy is one where all productive activities are privately owned, and production is determined by supply and demand.