1. LO 2-3: The Legal Systems of Countries
1.1. Common Law
1.1.1. Contracts are very detailed. Ex: United States
1.2. Civil Law
1.2.1. Contracts is shorter and less specific. Ex: VN, Japan, France..
1.3. Theocratic Law
2. LO 2-3: The Implications for Management Practice of National Differences in Political Economy
2.1. Property rights and corruption
2.1.1. Property rights
2.1.2. Private action
2.1.3. Public action
2.1.4. Corruption
2.2. The protection of Intellectual Property
2.2.1. Patents
2.2.2. Copyrights
2.2.3. Trademarks
2.3. Product Safety & Product Liability
2.3.1. Products safety laws
2.3.2. Product liability
3. LO 2-1: The Political Systems of Countries
3.1. Collectivism
3.1.1. Socialism
3.1.1.1. Communists
3.1.1.1.1. Socialism could only be achieved though revolution and totalitarian dictatorship
3.1.1.2. Social Democrats
3.1.1.2.1. They worked to achieve the same goals by democratic means
3.2. Individualism
3.2.1. Suggests individuals should have freedom over their economic and political pursuits
3.2.1.1. Ex: The USA, Australia and the rest of western Europe
3.3. Democracy
3.3.1. Political system in which government is by the people, exercised either directly or through elected representatives
3.3.1.1. Ex: Norway, Iceland, Sweden, New Zealand, Finland,...
3.4. Totalitarianism
3.4.1. Communist totalitarianism
3.4.2. Theocratic totalitarianism
3.4.3. Tribal totalitarianism
3.4.4. Right wing totalitarianism
4. LO 2-2: The Economic Systems of Countries
4.1. The market economy
4.1.1. Supply must not be restricted by monopolies
4.1.2. The role of government is to encourage free and fair competition between private producers
4.1.3. Ex: China, India, The United States, Indonesia,...
4.2. The command economy
4.2.1. All business are state-owned, and have little incentive to control costs and be efficent
4.2.2. Because there is no private ownership, there is little incentive to better serve consumer needs
4.2.3. Dynamism and innovation are absent
4.2.4. Ex: Cuba, North Korea, The Former Soviet Union
4.3. The mixed economy
4.3.1. Governments take over troubled firms considered vital to national interests
4.3.2. Ex: Iceland, Sweden, Russia,...