FINALS Flashcards
Great Britain members
England, Scotland, Wales and Northern Ireland.
AFTA Meaning
ASEAN Free Trade Area
NAFTA Meaning
North American Free Trade Agreement
EU Meaning
European Union
2 party in US
Democratic Party
Republican Party
voluntarily offered payment by someone seeking unlawful advantage.
Bribery
payments are extracted under duress by someone in authority from a person seeking only what they are lawfully entitled to.
Extortion
involves a relatively small sum of cash, a gift, or a service given to a low-ranking official in a country where such offerings are not prohibited by law.
Lubrication
generally involves giving large sums of money-frequently not properly accounted for- designed to entice an official to commit an illegal act on behalf of the one offering the bribe.
Subornation
3 Ethical Principles
Utilitarian Ethics
Rights of the parties
Justice or Fairness
does the action optimize the common good or benefits of all constituencies?
Utilitarian ethics
does the action respect the rights of the individuals involved?
Rights of the parties
does the action respect the canons of justice or fairness to all parties involved?
Justice or Fairness
is independent and free from all external control; enjoys full legal equality with other states; governs its own territory; selects its own political, economic, and social systems.
souvereign state
refers to both the powers exercised by a state in relation to other countries and the suprreme powers exercised over its own members.
souvereignty
Important factors in assesing business climate
political parties
Nationalism
an intense feeling of national pride and unity an awakening of a nation’s people to pride in their country.
Nationalism
Political risks of global business
confiscation
Expropriation
Domestication
seizing of a comany’s assets without payment. This the most severe political risk.
Confiscation
less drastic, that requires some reimbursement for the government-seized investment.
expropriation
occurs when host countries take steps to transfer foreign investments to national control and ownership through a series of government decrees.
Domestication
Economic Risks
Exchange controls
local-content Laws
Import Restrictions
Tax Controls
Price Controls
Labor Problems
one or a group of nations may boycott another nation, thereby stopping all trade between the countries, or may issue sanctions against the trade of specific products.
political Sanctions
this can also interrupt the normal flow of trade.
Political and social Activist
Strategies to lessen political Risk
Joint Ventures
Expanding the investment Base
Marketing & Distribution
Licensing
Planned Domestication
an approach in dealing with political vulnerability. This is an attempt to lessen political risks by paying those in power to intervene on behalf of the MNC.
Political Payoffs
MNC Meaning
Multinational Corporation
Can be with locals orother third-country multinational companies
Joint Ventures
will include several investors and banks in financing an investment in the host country.
Expanding the Investment Base
controlling the distribution in markets outside the country.
Marketing & Distribution
- a strategy that eliminates almost all risks is to license for a fee.
Licensing
a strategy that can be effective in forestalling or minimizing the effect of a total takeover.
Planned Domestication
give example of independence of a souvereign state
is independent and free from all external control;
enjoys full legal equality with other states; governs its own territory;
selects its own political, economic, and social systems.
United Arab Emirates
Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, and Fujairah
also known as Sharia Law
Islamic Law
unclos meaning
United Nations Convention on the Law of the sea
is tradition, past practices, and legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings
Common Law
. It derived from English Law and found in England, the United States, Canada, and other countries under English influence.
Common Law
is based on an all-inclusive system of written rules
Code Law
The legal system is generally divided into three separate codes
Commercial Law
Civil Law
Criminal Law
It derived from Roman LAw and found in Germany, Japan, France, and in non-Islamic and non-Marxist countries
Code Law
is interpretation of the Koran
Islamic Law
It encopasses religious duties and obligations as well as the secular aspect of law regulating human acts
Islamic Law
It is a complete system that prescribes specific patterns of social and economic behavior for all individuals. Its overriding objective is social justice.
Islamic Law
also called legal code
Code of law
, is a type of legislation that purports to exhaustively cover a complete system of laws
Code of Law
a particular area of law as it existed at the time the code was enacted, by a process of
Codification
also known as mercantile law or trade law
Commercial Law
is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales
Commercial Law
It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial Law
Commercial law includes within its compass such
titles as principal and agent;
carriage by land and sea;
merchant shipping; guarantee;
marine, fire, life, and accident insurance;
bills of exchange,
negotiable instruments,
contracts and partnership.
The system of law concerned with private relations between members of a community rather than criminal, military, or religious affairs.
Civil Law
The part of the legal system which relates to punishing people who have committed a criminal act
Criminal Law
is a religious law forming part of the Islamic tradition
Sharia Law
It is derived from the religious precepts of Islam, particularly the Quran and the hadith
Sharia Law
refers to God’s immutable divine law and is contrasted with fiqh, which refers to its human scholarly interpretations
shari’ah
refers to its human scholarly interpretations
Fiqh
The manner of its application in modern times has been a subject of dispute between
Muslim Fundamentalists
Modernists
also known as soviet law
Socialist law
denotes a general type of legal system which has been (and continues to be) used in socialist and formerly socialist states
Socialist Law
It is based on the civil law system, with major modifications and additions from Marxist-Leninist ideology
Socialist Law
also known as public international law and law of nations
International Law
, is the set of rules, norms, and standards generally accepted in relations between nations.
International Law
It establishes normative guidelines and a common conceptual framework to guide states across a broad range of domains, including war, diplomacy, trade, and human rights.
International Law
allows for the practice of stable, consistent, and organized international relations
International Law
Legal disputes may arise in three (3) situations
Between Governments
Between a Company and Government
Between two companies
can adjudicate disputes between governments
World Court
International Dispute Resolution:
Conciliation
Arbitration
Litigation
is a nonbinding agreement between parties to resolve disputes by asking a third party to mediate differences
Conciliation
A method of alternative dispute resolution whereby a third party, who is usually but not necessarily neutral, meets with the parties and assists them to find a way to settle their dispute.
Conciliation
a procedure where the parties involved will select a disinterested and informed party or parties as referee to determine the merits of the case and make a judgement that both parties agree to honor.
Arbitration
Is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding.
Arbitration
An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
Litigation
) of the United Nations is responsible for the promotion of the protection of intellectual property and for the administration fo the various multilateral treaties through cooperation among its member states.
World Intellectual property Organizations
WIPO Meaning
World Intellectual Property Organizations
is the most comprehensive multilateral agreement on intellectual property rights that are embodied in current international agreements.
Trade-Related Aspects of Intellectual Property Rights
TRIPs MEANING
Trade-Related Aspects of Intellectual Property Rights
