Week 13 Flashcards
What is law?
Law refers to rules identified as binding because they emanate from state authorities.
What is public law?
Public law concerns relations between the citizen and the state
E.g., Tax, social security
What is private law?
Private law concerns relations between individuals or companies
E.g., Employment law, contract law
What is litigation?
Litigation is the process of settling civil disputes in court
E.g., Uber engaging in legal proceedings as integral part of global business strategy
What are Types of Legal risk?
Regulatory: results from uncertainty about how a branch or agency will act in the future
Structural: stem from uncertainty about how to do business or uncertainty about the future of an industry or technology.
Litigation: refers to the risk of being sued
Contractual: companies don’t knowingly create
unenforceable contracts
What is the worldwide governance indicators?
1.Voice and Accountability
2.Political Stability and Absence of Violence/Terrorism
3.Government Effectiveness
4. Regulatory Quality
5. Rule of Law
6. Control of Corruption
What is Voice and Accountability
the extent to which a country’s citizens
are able to participate in selecting their government, freedom of expression, freedom of association, free media.
What is Political Stability and Absence of Violence/Terrorism?
the likelihood that the government will be destabilized by
unconstitutional or violent means, including terrorism.
What is Government Effectiveness?
the quality of public services, the capacity of the civil service and its independence from political pressures; and the quality of policy formulation.
What is regulatory Quality?
the ability of the government to provide sound policies and regulations that enable and promote private sector development.
What is Rule of Law?
the extent to which agents have confidence in and abide by the rules of society (e.g., contract enforcement, property rights, police, courts, crime and violence).
What is control of corruption?
the extent to which public power is exercised for
private gain, as well as “capture” of the state by elites and private interests.
