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Socialism
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Belief that social and economic equality is obtained through government ownership and regulation of the means of production.
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Antitrust (antimonopoly) Laws
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Laws designed to prevent companies from fixing prices, sharing markets, and gaining unfair monopoly advantages.
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Industrial Property
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Patents and trademarks.
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Theocracy
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Political system in which a country's political leaders are religious leaders who enforce laws and regulations based on religious beliefs.
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Political Risk
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Likelihood that a government of society will undergo political changes that negatively affect local business activity.
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Secular Totalitarianism
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Political system in which leaders rely on military and bureaucratic power.
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Private Sector
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Segment of the economic environment comprising independently owned firms that exist to make a profit.
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Democracy
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Political system in which government leaders are elected directly by the wide participation of the people or by their representatives.
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Communism
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Belief that social and economic equality can be obtained only by establishing an all-powerful Communist party and by granting the government ownership and control over all types of economic activity.
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Political System
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Structures, processes, and activities by which a nation governs itself.
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Capitalism
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Belief that ownership of the means of production belongs in the hands of individuals and private businesses.
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Berne Convention
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International treaty that protects copyrights.
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Foreign Corrupt Practices Act
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1977 statute forbidding US companies from bribing government officials or political candidates in other nations.
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Intellectual Property
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Property that results from people's intellectual talent and abilities.
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Theocratic Law
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Legal system based on religious teachings.
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United Nations
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International organization formed after World War II to provide leadership in fostering peace and stability around the world.
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Lobbying
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Policy of hiring people to represent a company's views on political matters.
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Totalitarian System
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Political system in which individuals govern without the support of the people, government maintains control over many aspects of people's lives, and leaders do not tolerate opposing viewpoints.
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Representative Democracy
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Democracy in which citizens elect individuals from their groups to represent their political needs and views.
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Social Responsibility
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Practice of companies going beyond legal obligations to actively balance commitments to investors, customers, other companies, and communities.
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E-Government
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Use of information technology and e-commerce techniques that allow citizens and businesses to access government information and obtain public services.
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Trademark
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Property right in the form of words or symbols that distinguish a product and its manufacturer.
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Local Content Requirements
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Laws stipulating that a specified amount of a good or service be supplied by producers in the domestic market.
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Civil Law
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Legal system base don a detailed set of written rules and statutes that constitute a legal code.
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Product Liability
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Responsibility of manufacturers, sellers, and others for damage, injury, or death caused by defective products.
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Nationalization
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Government takeover of an entire industry.
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Patent
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Property right granted to the inventor of a product or process that excludes others from making, using, or selling the invention.
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Value Added Tax (VAT)
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Tax levied on each party that adds value to a product throughout its production and distribution.
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Common Law
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Legal system based on a country's legal history (tradition), past cases that have come before its courts (precedent) and the ways in which laws are applied in specific situations (usage).
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Expropriation
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Forced transfer of assets from a company to the government with compensation.
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Theocratic Totalitarianism
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Political system in which religious leaders govern without the support of the people wand do not tolerate opposing viewpoints.
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Ethical Behavior
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Personal behavior in accordance with rules or standards for right conduct or morality.
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Copyright
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Property right giving creators of original works the freedom to publish or dispose or them as they choose.
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Legal System
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Set of laws and regulations, including the processes by which a country's laws are enacted and enforced and the ways in which its courts hold parties accountable for their actions.
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Nationalism
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Devotion of a people to their nation's interests and advancement.
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Confiscation
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Forced transfer of assets from a company to the government without compensation.
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Property Rights
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Legal rights to resources and any income they generate.
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