1572024 Quizlet Intemational Business Chapter 2 Flashcards | Quzlet International Business Chapter 2 Terms in this set (34) 4 types of political systems 1) Individualism 2) Collectivism 3) Democracy 4) Totalitarianism Collectivism stresses the needs of society as a whole - those needs are more important (ex: socialism) Socialism a system that is characterized by public ownership of key industries and private ownership of less vital industries 2 other types of collectivism created by socialism communism social democracy 1) communism 2) social democracy Clickon the plus button to add this set to your class all productive resources are public on socialism is voted in by the people a system based on the belief that individvals should have both economic and political freedom Individualism - free market system - USA - we actually don't have complete control even though it was buit off this system a system in which the government is formed by the people Democracy through electing representatives; Also known as a representative democracy Totalitarianism a system in which all constitutional guarantees are denied to all citizens, hntpssquile.com/09138224/ntemational-business-chapl41572024 Intemational Business Chapter 2 Flashcards | Quiet 4 types of totalitarianism erties 1) communist - denies all 2) theocratic - govern according to religion 3) tribal - govern based on representing a certain tribe 4) Right-wing - allows some economic freedom as long as it doesn't (ead to communism 3 types of economies 1) market economy 2) command economy 3) mixed economy market economy all productive resources are privately owned command economy all productive resources are publicly owned mixed economy there is both market freedom and government control legal system a system of rules and laws that regulate behavior and provides a process of grievances The legal system is important to globalization because it defines 2 things 1) the manner in which business transactions are to be executed 2) the rights and obligations of those involved in business transactions 3 types of legal systems 1) common law 2) civil law 3) theocratic law common law laws that are based on traditional, precedent, and customs They are unwritten laws that are depended on court interpretations (ex: common law marriage) hntpssiquile.com/09138224/ntemational-business-chapler-2-last-cards! 2641572024 Intemational Business Chapter 2 Flashcards | Quiet civillaw a detailed set of laws that are organized into codes. They are written, and therefore, require the courts to apply the law according to the code (ex: perjury in court) theocratic law laws that are based on religious teachings, Islamic law is the most widely practiced theocratic legal system What's the difference between common law and civil law? contracts common law = contracts are drafted in a very detailed manner with all contingencies in order to reduce court interpretations civil law = contracts are drafted according to civil code 3 common conflicts that exist between nations 1) property rights 2) intellectual property rights 3) product safety property rights the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource Property rights can be violated in 2 ways 1) private action 2) public action private action theft, piracy, blackmail by private individuals or groups (Lord of the Rings story) public action the violation of property rights by public officials. They can. occur either legally (taxes, licenses, permits) or illegally (bribes, corruption) (ance studio student story) a641572024 Intemational Business Chapter 2 Flashcards | Quiet Foreign Corrupt Practices Act a law that prohibits bribing a foreign government official or maintain a business advantage over which that foreign official has authority (created in the 1970s) Intellectual property property that is the product of intellectual activity Intellectual property rights are governed in 3 ways 1 patents 2) copyrights 3) trademark grants the inventor of anew product or process exclusive patents rights for a defined period of time, usually 20 years the exclusive right to publish and disperse one's work as they copyrights. see it, normally 50 years the exclusive ownership of a design, name, or symbol, that’s trademark officially registered to differentiate their products, normally 99 years product safety laws laws that set certain safety standards to which products must adhere. Include both civil and criminal product liability product liability holding a business responsible for its product causing injury, death, or damage 4