Chapter 11 Outline

Chapter 11 Outline - International Business Chapter 11...

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International Business Chapter 11 Outline Vocabulary Brazilianization – An economic system that is oriented toward ensuring the continued dominance of the wealthy, particularly through trade barriers that protect inefficient domestic manufacturers and allow them to profit from a captive customer base. Capitalistic – Refers to an economic system characterized by the private ownership of the means of production and by independent buyers and suppliers in the marketplace deciding what goods will be produced, how many will be produced, and at what price they will be sold. It is the leading economic system in the world today, although it is interpreted in many ways by different countries. Command economy - An economic system characterized by government ownership of the means of production and by government deciding what goods will be produced, how many will be produced, how many will be produced, and at what price they will be sold. It is an economic system practiced by only a few countries in the world today. China is the largest remaining practitioner of it, but the Chinese government is steadily moving toward an economic system that is based more on the characteristics of capitalism. Cowboy capitalism – An economic system in which there are few laws restraining the actions of business, in which enforcement of those laws generally is weak, and in which corruption is fairly high. Democratic – Refers to a political system characterized by the primacy of the individual. The foundation stones of democracy are the rights to express oneself freely (including the right to associate freely with others) and the right to vote freely in periodic elections in which there is more than one viable political party. Deregulation – The process of reducing government rules and oversight of the economic system and granting more freedom to firms to conduct business activities. While some regulation is generally agreed by free marketers to be good (e.g., laws against child labor and laws against coercion in the workplace), too much regulation interferes in the ability of companies to adapt quickly to changing market pressures. Free market –
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This note was uploaded on 04/25/2008 for the course IB 201 taught by Professor Engle during the Spring '07 term at Quinnipiac.

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Chapter 11 Outline - International Business Chapter 11...

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