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What is meant by the term "political economy" and why is it important for international business?

the interconnected and mutually influencing political, economic, and legal systems of a country. It is important for international business because these systems profoundly affect the benefits, costs, and risks of doing business in different countries.

Briefly explain the core difference between collectivism and individualism.

stresses the primacy of collective goals over individual goals, while individualism emphasizes individual freedom and self-interest taking precedence over the interests of the state.

How did the communist and social democratic versions of socialism differ in their approach to achieving socialist goals?

believed socialism could only be achieved through violent revolution and totalitarian dictatorship, whereas social democrats aimed to achieve socialism through democratic means.

What are the two central tenets upon which individualism is built?

are an emphasis on guaranteeing individual freedom and self-expression, and the belief that societal welfare is best served by individuals pursuing their own economic self-interest.

Describe the key characteristic that distinguishes a totalitarian political system from a democratic one.

characterized by absolute control over all spheres of human life by one person or political party, prohibiting opposing political parties, which is not the case in a democratic system where government is by the people.

What is the primary mechanism by which production is determined in a pure market economy?

production is determined by the interaction of supply and demand, signaled to producers through the price system.

Explain the main difference in the role of judges between a common law system and a civil law system.

they have the power to interpret the law based on tradition, precedent, and custom, while in a civil law system, judges primarily apply laws organized into detailed codes.

What are the two main ways in which property rights can be violated?

can be violated through private action (e.g., theft, blackmail) or public action (e.g., excessive taxation, expropriation, corruption)

What is intellectual property, and what are three common ways it is protected?

the product of intellectual activity. It is commonly protected by patents, copyrights, and trademarks.

What is the purpose of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?

establishes a uniform set of rules governing certain aspects of everyday commercial contracts between sellers and buyers in different nations that have ratified the convention.