Formal institutions: Economic, political and legal systems
28 important questions on Formal institutions: Economic, political and legal systems
What is an institutional framework?
What are informal institutions?
What is a regulatory pillar?
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What are the 3 pillars in which institutions can be classified?
2. the normative pillar
3. Cognitive pillar
What is the normative pillar?
What is the cognitive pillar?
What is an institutional transition?
What is the key role of institutions?
What are transition economies?
What are the 2 primary political systems?
2. Democracy
What is a democracy?
What are the variations among democracies?
2. Direct vs indirect elections of governments (choosing the president directly vs choosing representatives that elect government)
3. Representative versis direct democracy
4. Centralisation of power
What is proportional representation in a democracy?
What is a first-past-the-post system in a democracy?
Why do politics matter for international business?
2. Political systems determine where and how businesses may be able to influence legislative processes through lobbying and corruption
3. Influence how frequently rules of game for business are changed
What is political risk?
What is the economic system?
What are theoretical prototypes of markets?
2. Command economy
What is a command economy?
What is the varieties of capitalism view?
What is the legal system?
What is civil law?
What are property rights?
What are intellectual property rights?
What is intellectual property?
What is a patent?
What is a trademark?
What are the 4 E's necessary to protect IPRs?
2. Education
3. External pressure
4. Economic growth
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