Civil law is considered complete theocratic or

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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
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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.
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