18.2.28_Homework1.docx

Civil law is considered complete theocratic or

Info icon This preview shows pages 5–7. Sign up to view the full content.

View Full Document Right Arrow Icon
three codes (commercial, civil, and criminal). Civil law is considered complete. Theocratic or religious law is strongly influenced by religious beliefs, ethical codes, and moral values viewed as mandated by a supreme being. Mixed systems consist of two or more legal systems operating together. 2) Explain the difference between individualistic paradigm and communitarian paradigm. Individualistic paradigm believes in a limited role of government in which a series of checks and balances separates government from business. Individualistic paradigm endorses the principle that an individual has the freedom the pursue his or her interest, even at the risk of threatening the common good. Advocates of individualistic paradigm can be traced to ancient Greek philosopher Plato, it is associated with the free market as well as capitalistic ideals. In Communitarian paradigm, government tends to be prestigious, and can be democratic or autocratic. Business is conducted in the context of a group and the overarching philosophy is that a person’s social identity and personality are largely molded by community relationships. 3) Briefly discuss three ways economies can be categorized based on ownership and control. 5
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
HOMEWORK ASSIGNMENT 1: CHAPTER 1-7, 15 There are three ways economies can be categorized bayed on ownership and control Totalitarianism, Socialism and Democracy. Totalitarianism is where the state attempts to regulate most aspects of public and private behavior. Socialism exists where capital and wealth are vested in state and used primarily as a means of production and not profit. Democracy is characterized by to major features, private property rights, and limited government. Chapter 7 1) Discuss four types of regional economic integration. Give one example of each Advantages of Euro. There are four main types of economic integration which include Free Trade Area (FTA), Customs Union, Common Market and Economic & Monetary Union (EU). FTA is the most basic form of economic cooperation. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations. Examples include NAFTA, Mexico, U.S. and Canada. Customs Union provides for economic cooperation as in a free trade zone. Barriers to trade are removed between member countries. The primary difference between Customs Union and FTA is that members agree to treat trade with nonmember countries in a similar manner. Examples include Mercosur, Brazil, Chile, Paraguay, and Argentina. Common Market allows for the creation of economically integrated markets between member countries. Trade barriers are removed, as are any restrictions on movement of labor and capital between member countries. There is a common trade policy for trade with nonmember nations and the primary advantage to workers is that they no longer need a visa or work permit to work in another member country of a common market. Examples are Peru and Ecuador, ANCOM and Chile. Finally, and Econmic Union is created when countries enter into an economic agreement to remove barriers to trade and adopt common economic policies. An example is the EU.
Image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern