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The Chinese model of an authoritarian government and a market-oriented economy has, at times, tilted favor toward companies, usually Chinese, who understand how to navigate the nuances of this new system. Pressure groups tend to change government policies. Partnership is preferred over hierarchical claims. At one end of the political ideology extremes is anarchism, which contends that individuals should control political activities and public government is both unnecessary and unwanted. How transparent is the government’s political, legal, and economic decision-making process? In the past thirty years, governments have increasingly privatized a number of industries. 8.4 indicates that Denmark (6.5) had the highest level of efficiency of legal framework followed by Germany (6.3) and Switzerland (6.1) whereas it was considerably efficient in Singapore (6.0), Australia (5.9), the UK (5.8), Japan (5.6), South Africa (5.4), the US (4.9), and India (4.8). The company now has a 25 percent market share of polysilicon and almost 50 percent of the global market for solar-power equipment.Jason Dean, Andrew Browne, and Shai Oster, “China’s ‘State Capitalism’ Sparks Global Backlash,” Wall Street Journal, November 16, 2010, accessed December 22, 2010, http://online.wsj.com/article/SB10001424052748703514904575602731006315198.html. Although the terms “freedom” and “democracy” are often used interchangeably, the two are not synonymous. is based on traditions and precedence. A political ideology that asserts that both public and private groups are important in a well-functioning political system. China is both an emerging market and a rising superpower. A main differentiator of political systems is each system’s philosophy on the rights of the individual and the group as well as the role of government. In general, Japanese corporate law supports inward facing investment. To begin with, despite the globalization of business, firms must abide by the local rules and regulations of the countries in which they operate. Common law originated from England and it is followed in most of the former British colonies, such as India, UK, the US, Canada, Australia, and New Zealand. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Differences in the social, cultural, economic, legal and political conditions of the country affect international business procedures in different levels and degree depending on the countries infrastructure and relationship. On the other hand, governments may influence trade to reward a country for political support on global matters. For instance, in the common-law countries, the non-performance of a contract due to an ‘act of god’ may include floods, earthquakes, lightening, or similar happenings whereas under the civil law, non­-performance is not limited to ‘acts of god’, but also includes ‘unavoidable interference with performance, whether resulting from forces of nature or unforeseeable human acts’, including such factors as labour strikes and riots. China’s expanding solar-energy industry is dependent on polycrystalline silicon, the main raw material for solar panels. This was reported to be considerably lower in China (3.4), Brazil (3.1), Russian Federation (2.7) and the lowest in Venezuela (1.2). Terrorism, Crime, and Violence. That was the reason for early writers of Economics preferred to caption their work as Political Economy. China’s different set of political and legal guidelines made Google choose to discontinue its mainland Chinese version of its site and direct mainland Chinese users to a Hong Kong version. Examples include changes in interest rates, civil unrest, government actions and issues with importing or exporting goods. International managers need to understand the basic principles that govern the conduct of international law. Rolfe Winkler, “Internet Plus China Equals Screaming Baidu,”. Political risk in international business refers to political factors that have an impact on the company's value and can affect how the company operates and stays profitable. Effects of politics on international business 1. It might seem straightforward to assume that businesses prefer to operate only in democratic, capitalist countries where there is little or no government involvement or intervention. Common lawA legal system based on traditions and precedence. Legal Systems 4. A hostile takeover could overthrow a government, for instance. Understand government-business trade relations and how political and legal factors impact international business. Under this jurisdiction principle of international law, all acts of other governments are considered to be valid by a country’s court, even if such acts are not appropriate in the country. Most countries actually have a combination of these systems, creating hybrid legal systems. 24 February, 2015 - 17:30 . Understand government-business trade relations and how political and legal factors impact international business. State Capitalism: Governments Seeking to Control Key Industries. On the one hand, as evident in the powerful Ministry of International Trade and Industry, better Anyone planning on doing business in Japan should bear in mind that prefectures and municipalities may create laws and ... Retrieve Full Source. Many are permitted to engage in sale-buyback or leaseback of an asset. The Internet has started to change this, as sellers and buyers have easier access to each other. Although Japan is the world’s third larges economy, historically they have steered clear of international business. The complexity of trade in these situations increases, as throughout history, governments have come to the aid and protection of their nation’s largest business interests in markets around the world. They pose a big challenge to the companies and the companies need to overcome the factors to become successful in the international stage. Under the Sharia, a ruling issued by a judge is not binding on other judges or on him in later cases. Democracy can be seen as a set of practices and principles that institutionalise and thus ultimately protect freedom. Gambling is not liked in Islamic countries, but futures and currency hedging also involves speculation. Some examples of these practices include forming joint-ventures, expanding your investment base, licensing your products/services, or political bargaining through lobbying. Neither extreme exists in its purest form in the real world. Many common law countries, including the US and India have adapted commercial codes to govern business. Businesses in industries, such as commodities and oil, have found more authoritarian governments to be predictable partners for long-term access and investment for these commodities. They may want to protect young industries or to preserve access to local consumer markets for domestic firms. Why should businesses care about the different political and legal systems around the world? This combination is called pluralism, which asserts that both public and private groups are important in a well-functioning political system. 6)THE POLITICAL ENVIRONMENT (CH. Contrary to the approach of much of the world, which is moving more control to the private sector, China has steadfastly maintained its state control. The system of politics and government in a country; it governs a complete set of rules, regulations, institutions, and attitudes. It depends less on written statutes and codes. The history of the oil industry shows how various governments have, on occasion, protected their national companies’ access to oil through political force. How did this happen so fast? The Political Environment. Plagiarism Prevention 4. Principles of International Law 5. Germany had the highest level of judicial independence (Fig. A country’s law regulate business practices, defines business policies, rights and obligations involved in business transactions. Copyright 10. In current times, the Chinese government has been using a combination of government loans and investment in Africa to obtain access for Chinese companies to utilize local resources and commodities. While the government still remains the dominant force by controlling more than a third of the economy, more private businesses have emerged. Only two Asian countries are represented: Japan and South Korea. Trade Embargos and Sanctions 4. Image Guidelines 5. State companies, like their private sector counterparts, get to keep the profits from oil production, creating a significant incentive for governments to either maintain or regain control of this very lucrative industry. is the most common form of government around the world today. In countries, such as Japan, the reliance on courts for conflict resolution is much lower compared to the US which is considered to be one of the most litigious societies in the world. Thus, a sovereign state exercises powers over its own members and in relation to other countries. Tariffs that are calculated as a percentage of the value of the product or service. International managers need to be aware of such situations. Democracy presupposes equality before the law, due process and political pluralism.“Liberty and Justice for Some,” Economist, August 22, 2007, accessed December 21, 2010, http://www.economist.com/node/8908438. The burden of proof is on the plaintiff. Although there is significant overlapping in practice under the two systems, laws are much more rigid in the countries with civil-law system compared to common-law systems. 2. Judicial Independence and Efficiency 3. It has prepared a wide range of conventions, model laws, and other instruments dealing with the substantive law that governs trade transactions or other aspects of business law influencing international trade. ...Many aspects affect the way international business is conducted. The efficiency of legal framework for private businesses to settle dispute and challenge the legality of government actions or regulations also varies widely. As a result, the government has placed a priority on energy related technologies, including solar energy. Let’s focus briefly on how the political and economic ideologies that define countries impact their legal systems. 36 terms. The major difference between Sharia law and the Western law is the idea of reference to a precedent. Its leaders see the economy as a tool to preserving the state’s power, which in turn is essential to maintaining stability and growth and ensuring the long-term viability of the Communist Party.Jason Dean, Andrew Browne, and Shai Oster, “China’s ‘State Capitalism’ Sparks Global Backlash,” Wall Street Journal, November 16, 2010, accessed December 22, 2010, http://online.wsj.com/article/SB10001424052748703514904575602731006315198.html. Democracy has a number of variations, both in theory and practice, some of which provide better representation and more freedoms for their citizens than others. Also known as code or civil law, it is based on a comprehensive set of written statutes. Nevertheless, global companies continue to seek the Chinese market, which offers much-needed growth and opportunity.Jason Dean, Andrew Browne, and Shai Oster, “China’s ‘State Capitalism’ Sparks Global Backlash,” Wall Street Journal, November 16, 2010, accessed December 22, 2010, http://online.wsj.com/article/SB10001424052748703514904575602731006315198.html. According to Islamic law, banks cannot charge or benefit from interest. Despite the advances in democracy in recent decades, more than one third the world’s population still lives under authoritarian rule. Content Filtrations 6. Report a Violation, Multiplicity of Legal Environments: Domestic, Foreign, and International, 3 Kinds of Legal Systems that exist in Different Countries across the world. Foreign court systems have varying methods of enforcing ones rights. Nevertheless, countries still have the ability to regulate or strong-arm companies into abiding by their rules and regulations. (i) Common Law: It is based on traditions, past practices, and legal precedents set by the courts through interpretation of statutes, legal legislations, and past rulings. China’s ability to focus on dominating key industries inspires both fear and awe throughout the world. In totalitarian systems, government’s power derives from a select group. Membership is structured so as to be representative of the world’s various geographic regions and their principal economic and legal systems. There are generally two legal regimes – the Civil law and the Common law systems. The most significant difference in the common law and the civil law countries is in the protection of intellectual property. There are three main types of legal systems: (1) civil law, (2) common law, and (3) religious law. A recent report exposed Brazil’s slow economic growth and rising inflation. For instance, after the disaster of Union Carbide’s pesticide plant located at Bhopal in India, the New York Court of Appeals sent back the case to India for resolution. In this system, judges interpret the law and judicial rulings can set precedent. Start studying International Business Chapter 2: National Differences in Political, Economic, and Legal Systems. It governs a complete set of rules, regulations, institutions, and attitudes. Instead, most countries have a combination of both. Multinationals now find themselves competing as never before with state-owned companies armed with substantial financial and political support from their governments.”Ian Bremmer, “The Long Shadow of the Visible Hand,” Wall Street Journal, May 22, 2010, accessed December 21, 2010, http://online.wsj.com/article/SB10001424052748704852004575258541875590852.html. To decrease how vulnerable your business is to political conditions, it is especially important for the marketer to forecast risk and engage in business ventures that may benefit them. Several things stand out in the 2008 index. In order to enable Islamic investors to benchmark their investment on a regional basis and give product providers the opportunity to develop structured products tailored to the Islamic market, Standard & Poor’s (S&P), brings out Sharia Indices (Exhibit 8.4) that include only those stocks that comply with Sharia law. The major types of legal systems are briefly mentioned here. Democratic governments derive their power from the people of the country, either by direct referendum (called a direct democracy) or by means of elected representatives of the people (a representative democracy). Particularly for businesses that operate internationally, a lack of political stability in any country has an effect on operations. Capitalism is an economic system in which the means of production are owned and controlled privately. This provision has generated an entire set of financial products and strategies to simulate interest—or a gain—for an Islamic bank, while not technically being classified as interest. Some banks will charge a large up-front fee. The efficiency of enforcement of legal system is also lax in many low-income countries. The judiciary tends to be less adversarial in civil-law countries where little significance is accorded to legal precedence and traditions compared to common-law countries. Sharia has clear guidelines for aspects of life. • Government: Political and business orientation, legislation, regulation, ... Legal Aspects in International Markets. Historically, democratic governments have supported capitalism and authoritarian regimes have tended to utilize a state-controlled approach to managing the economy. (b) Gharar, the transaction involving fundamental uncertainty or speculation is prohibited. 3. International managers need to develop basic understanding of the types of legal systems followed in the countries of their operations before entering into legal contracts. Table 2.1 The Major Global State-Owned Oil Companies. In general, the greater the level of economic development of a country, the more elaborate is its legislative framework. In contrast, a planned economyAn economic system in which the government or state directs and controls the economy, including the means and decision making for production. is basically the system of politics and government in a country. Source: Indonesia 2009: An official handbook The distinction between the common law and civil law is more in theory rather than in practice. Chapter 4 "World Economies" provides more details about developed and developing countries and emerging markets.

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