Premium Essay

National Differences in Political Economy

In: Business and Management

Submitted By airwar
Words 2950
Pages 12
Chapter 02
National Differences in Political Economy

True / False Questions

1. A country's political economy and culture are independent of each other.
True False

2. It is not possible to have democratic societies that emphasize a mix of collectivism and individualism.
True False

3. The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship.
True False

4. In an individualist society, the welfare of society is best served by letting people pursue their own economic self-interest.
True False

5. The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based.
True False

6. There is a global trend of societies shifting from individualism toward collectivism.
True False

7. It is possible to have a democratic state where collective values predominate.
True False

8. It is possible to have a totalitarian state that is hostile to collectivism and where some degree of individualism is encouraged.
True False

9. The most practical form of democracy is direct democracy.
True False

10. Most modern democratic states practice representative democracy.
True False

11. In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.
True False

12. The number of command economies has fallen dramatically since the demise of communism in the late 1980s.
True False

13. Because international businesses are headquartered in different countries, a nation's legal system is usually of very little interest to international business managers.
True False

14. A country's legal system can affect the…...

Similar Documents

Premium Essay

Int' Political Economy

...International political economy (IPE), also known as global political economy, is an academic discipline within the social sciences that analyzes international relations in combination with political economy. As an interdisciplinary field it draws on many distinct academic schools, most notably political science and economics, but also sociology, history, and cultural studies. The academic boundaries of IPE are flexible, and along with acceptable epistemologies are the subject of robust debate. This debate is essentially framed by the discipline's status as a new and interdisciplinary field of study. Despite such disagreements, most scholars can concur that IPE ultimately is concerned with the ways in which political forces (states, institutions, individual actors, etc.) shape the systems through which economic interactions are expressed, and conversely the effect that economic interactions (including the power of collective markets and individuals acting both within and outside them) have upon political structures and outcomes. IPE scholars are at the center of the debate and research surrounding globalization, both in the popular and academic spheres. Other topics that command substantial attention among IPE scholars are international trade (with particular attention to the politics surrounding trade deals, but also significant work examining the results of trade deals), development, the relationship between democracy and markets, international finance, global markets,......

Words: 6475 - Pages: 26

Premium Essay

Global Political Economy of Pakistan

...PAKISTAN’S ECONOMIC FUTURE DR. ISHRAT HUSAIN Economists have a very poor track record of forecasting the future as the dynamic interactions between complex variables, an imperfect understanding of the non-economic factors and the occurrence of unanticipated exogenous shocks turn their judgements into hit and miss episodes. Despite these weaknesses economic forecasting flourishes as a discipline and the economists show indomitable courage to sketch out their scenarios of an uncertain and unknown future. This article therefore examines the past developments, current trends of Pakistani economy and the future global and regional outlook and builds the most likely scenario for the medium term economic prospects of the country (next 10 years or so) and then reviews the downside risks and upside gains around this scenario. 2. Pakistan is still a low income country and it would require at least next 14 years of 7 percent average annual GDP growth to double its per-capita income to around $ 2000 (official exchange rate conversion). This growth rate should also be able to reduce the incidence of poverty by half and meet the Millennium Development Goal. 3. It is easy to make this normative statement but more difficult question is how can this growth rate be achieved on a sustained basis? The prophets of doom and gloom in Pakistan (and there are plenty of them) who are constantly polluting the minds of our younger generation and turning them into cynics at very early age......

Words: 2214 - Pages: 9

Free Essay

International Political Economy

...Syllabus INTA 3301: International Political Economy Spring 2013 Class meets MWF 1:05-1:55, Instructional Center 109   Instructor: Michael Murphree Sam Nunn School of International Affairs 137 Habersham Building Email: michael.murphree@gatech.edu Office Hours: Monday 2:00-3:00, 137 Habersham, or by appointment TA: Kathleen Thompson Email: kthompson136@gatech.edu   Political economy is the study of the role of government, politics and collective human behavior in shaping economic outcomes. This exciting field is both old and new. Political economy predates both political science and economics but only reemerged as a distinct field in the 1960s and 70s. It is concerned with understanding how political forces (broadly defined) shape and are shaped by economic ones (broadly defined). There are many research and policy-relevant questions addressed in this field: 1. What is globalization and is it really good for everyone? 2. Is free trade really the only “appropriate” means for international exchange? 3. Why are some countries or regions rich while others struggle? 4. How did the global casino of high finance emerge and what is its purpose? 5. Is economic performance the root of power or power the root of economic performance? 6. What should be the role of government in the economy? 7. Is there a best practice for government economic policy or are there many workable practices? 8. Why has Asia seemed to perform so well over the......

Words: 1381 - Pages: 6

Free Essay

International Political Economy

...International Political Economy TITLE One cannot speak of International Political Economy without at least wading through the fundamental debate between the degree of importance of political structures and market forces in economic development. This dynamic serves as one of the basic foundations of the discipline itself as well as subsequent major schools of thought. Theories in International Economy have been founded on empirical observations on the economic conditions of a set of cases and are, as Robert Cox posits, critical of the circumstances from which certain politico-economic configurations emerge[1]. A contemporary theory that has surfaced in the last few decades is the developmental state theory which sought to explain the precipitous economic progress of East Asian states after the Second World War. Although the initial outcome of adopting developmental strategies among East Asian states have shown the theory’s potency as a basis for economic development policies, subsequent events especially the results of Southeast Asian attempts to pattern itself after developmental strategies have put into question the developmental state’s efficacy as a long-term arrangement. Specifically, the Philippines’ status as an “anti-developmental” state[2] serves as a channel for criticism of the developmental state theory through other IPE theories not only in terms of strategies and policies, but also in the deeper level of societal conflict and political......

Words: 2283 - Pages: 10

Free Essay

Political Economy

...Chapter 2: Political Economy Steven Schrader September 12, 2013 BUS 385 – Online Ed Bruning After reading Chapter 2 in the textbook and watching Jean-Claude Trichet’s lecture about the political economy and the Financial Crisis a few years back, I really grasped more knowledge about the subject matter and the applications discussed can really boost my knowledge as I pursue a degree in the financial field. I really thought that the first guy speaking gave a very pleasant and informative introduction of Mr. Trichet – it really set the stage for the entire lecture. I thought it was very neat how they could bring someone in who was so closely tied in with the entire crisis. The major issue discussed in this video is how Europe and the United States used different tactics with their governmental policies to dig themselves out of one of the worst financial holes the world has ever seen. Mr. Trichet goes deep into his discussion talking about the European government and the certain policies that were applied worldwide to dig themselves out of the crisis. In 2007-2008, there was a Worldwide Financial Crisis that by many, is considered to be the greatest economic collapse the world has seen since the Great Depression back in the 1930’s. Trichet stated many times that this crises was focused on the “advanced” economy. Monetary policy was something that was talked about, and a few years ago, there were situations that stemmed from this policy. According to Trichet, one......

Words: 727 - Pages: 3

Premium Essay

Global Political Economy

...RELATIONS AND DIPLOMACY STUDENT GUIDELINE NOTES GLOBAL POLITICAL ECONOMY MODULE Paste the notes here… Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy (e.g. Adam Smith was Professor of Moral Philosophy at the University of Glasgow), it developed in the 18th century as the study of the economies of states — polities, hence political economy. In late nineteenth century, the term "political economy" was generally replaced by the term economics, used by those seeking to place the study of economy upon mathematical and axiomatic bases, rather than the structural relationships of production and consumption (cf. marginalism, Alfred Marshall). History of the term Originally, political economy meant the study of the conditions under which production was organized in the nation-states. The phrase économie politique (translated in English as political economy) first appeared in France in 1615 with the well known book by Antoyne de Montchrétien: Traicté de l’oeconomie politique. French physiocrats, Adam Smith, David Ricardo and Karl Marx were some of the exponents of political economy. In 1805, Thomas Malthus became England's first professor of political economy, at the East India Company College, Haileybury, Hertfordshire. The world's first professorship in political economy was established in 1763 at the University of......

Words: 39122 - Pages: 157

Premium Essay

Germany Political and Economy

...Linh Pham Germany – Political Structure and Economy HIS200 Dr. Joanne McKay November 24 2013 Germany – Political Structure and Economy After the World War II, the winner of the war divided Germany and its capital, Berlin, among themselves. East Germany, a brand new country that promised to show the world why socialism was the best political system, was occupied and controlled by The Soviet Union. West Germany, called the Federal Republic, was occupied by the Americans, British and French, who would establish a new democratic government that stood in direct opposition to Communism. Because of the citizen’s emigration to West Germany, East Germany government decided to seal the border to stop their people keep moving to the West. On August 13, 1961, the city of Berlin was cut in two by a wall. Everyone could see that the wall was not protecting this country, but imprisoning and hurting people. It has separated friends, families, and a nation for 28 years. Later, when the Soviet Union fell, East Germany made the decision to get rid of the wall. Finally, the Berlin Wall, symbol of Communist Oppression, fell after 28 years marked by violence and tragedy on November 9, 1989. The country has officially reunited. Since then, Germany political system and economy have changed a lot. Unlike a lot of other countries’ political system which essentially have existed in its current form for a long time ago, the current German political system is a much more recent construct......

Words: 1807 - Pages: 8

Premium Essay

National Economy

...Version 1         General Certificate of Education (A-level) January 2013         Economics   ECON2   (Specification 2140)       Unit 2: The National Economy                                     Final                         Mark Scheme             Mark schemes are prepared by the Principal Examiner and considered, together with the relevant questions, by a panel of subject teachers. This mark scheme includes any amendments made at the standardisation events which all examiners participate in and is the scheme which was used by them in this examination. The standardisation process ensures that the mark scheme covers the candidates’ responses to questions and that every examiner understands and applies it in the same correct way. As preparation for standardisation each examiner analyses a number of candidates’ scripts: alternative answers not already covered by the mark scheme are discussed and legislated for. If, after the standardisation process, examiners encounter unusual answers which have not been raised they are required to refer these to the Principal Examiner.   It must be stressed that a mark scheme is a working document, in many cases further developed and expanded on the basis of candidates’ reactions to a particular paper. Assumptions about future mark schemes on the basis of one year’s document should be avoided; whilst the guiding principles of assessment remain constant, details will change, depending...

Words: 6784 - Pages: 28

Premium Essay

Political Economy

...Bangladesh Civil Service Administration Academy Bangladesh Public Administration Training Centre Center for Policy Dialogue Made possible through the appropriate use of information and communication technology and/or electronic / digitals systems. Government of Bangladesh Human Resources Human Resources Development Human Resources Management BCS BCSR BCSAA BPATC CPD e-enabled GoB HR HRD HRM ICT ISSB JICA KOICA KPI KRA MATT MoE NGO NPD PAR PARC POA PSC SMP UNDP WB Information and Communication Technology Inter-Services Selection Board Japan International Cooperation Agency Korea International Cooperation Agency Key Performance Indicator Key Result Area Managing at the Top Ministry of Establishment Non-Governmental Organization National Project Director Public Administration Reform Public Administration Reform Commission Plan of Action (the Bangladesh) Public Service Commission Senior Management Pool United Nations Development Programme World Bank UNDP Mission report on BCSR programme 2007 Page 5 / 120 1. Executive Summary: Aiming at Public Confidence and Sustained Transformation in the Civil Service 1.1. Objectives and Approaches of the Mission The objective of this UNDP Formulation Mission was to hold multi-stakeholder consultations, to identify existing drawbacks within the civil service and to recommend practical measures to restructure/reorganize the civil service. The mission searched for implementable civil service reform initiatives in the......

Words: 47588 - Pages: 191

Premium Essay

Political Differences

...Marketing Plan 1. Political system Comparing the American and Australian Political Systems Like Australia, the United States has a system of government that enshrines the idea of indirect democracy. Like Australia, the American system is based on principles of political equality, majority rule and the preservation of minority rights. The United States is the oldest continuing democracy in the world today and one of the first to embrace the idea of popular sovereignty. However, it is relatively unique in the world with its emphasis on ideas of personal liberty. Similarities * Both are Federal systems (Federal and State governments). * Both have a parliament (called a congress in the US) composed of two houses - a House of Representatives and a Senate. * Both have a House that is popularly elected with electorate size determined by voting population. * Both have a Senate that represents the States equally - 2 senators per state in the US, 12 per state in Australia. Senators in both countries serve 6 year terms. * All legislation must be passed by both houses of parliament. * Both have constitutions which delineate the powers of the Federal Government. * Both have an independent judiciary (Supreme Court in US, High Court in Australia) which interprets the constitution and acts as a final court of appeals. Differences * The US is a republic, whereas Australia is a constitutional monarchy. * In Australia, the government (ministry,......

Words: 562 - Pages: 3

Free Essay

National Differences in Political Economy

... National Differences in Political Economy By: Roberta Gandy National University November 30, 2014 There are many differences between business in the United States and other countries with the way the political, economic and legal systems are setup. Cultural practices have an influence with the growth of business to include the size of the population, education and the skills learned and practiced for business. Cost, risks, and benefits will help international businesses decide if they want to do business in other countries. The two differences in communist and democratic political systems have a big difference to how some organizations could run and can affect the business even more. I will focus on the political economy which talks about the political, economic and legal systems in the forefront for discussion. Poland grew 1.5% during the 2008-09 financial crisis while others contracted. 1989 Poland became a democracy after four decades of communist rule. 2004 Poland joined European Union giving access to the large consumer markets. Poland embraced market-based economic policies and exports 40% GDP making it a major exporter. Poland kept public debt in check by not allowing it to expand, like other countries did, during a recession. Poland achieved investor confidence and was able to prevent large outflow of funds during economic turmoil. Other countries had their investor pull money out of these economies causing......

Words: 2716 - Pages: 11

Free Essay

Political Economy of Reform

...National University of Singapore Lee Kuan Yew School of Public Policy PP5145 Political Economy of Reform Special Term 2014 – 2015 (as at 8 April 2015) (Tentative) Instructor: Office: Phone: Email: Website: YEE, (Henry) Wai-Hang, Ph.D. Li Ka Shing Building 02-03 6516 5832 sppywh@nus.edu.sg http://www.spp.nus.edu.sg/Faculty_Yee_Wai_Hang.aspx Class Hours: Office Hours: Monday 14:00 – 17:00; Thursday 14:00 – 17:00 By appointment Course Description Public managers need to master the skills of not only managing organizations but also managing projects, programs, and particularly larger-scale policy reforms. Good understanding of the political economy embedded in policy and administrative reforms are thus essential. This course examines the political-economic dynamics embedded in the reform process from an institutional perspective. It is a master–level course designed for practitioners in the field of public administration and public policy. It discusses strategies for achieving and enhancing reform outcomes. Theories and practices proposed by academics and practitioners will be drawn on as learning resources for the class. Class Format To achieve a high level of synergy and make the most out of our classroom meetings, I expect students to learn from both the instructor and one another in the class. Each of our class will be divided into 2 parts. In the first part, I will begin by giving a general introduction of the assigned readings.......

Words: 1550 - Pages: 7

Premium Essay

Non-Viable National Economies

...Grace Lee 105 Korea The Political Philosophy of Juche Grace Lee Introduction The political philosophy known as juche became the official autarkic state ideology of the Democratic People’s Republic of Korea (DPRK) in 1972.1 Although foreign scholars often describe juche as “self-reliance,” the true meaning of the term is much more nuanced. Kim Il Sung explained: Establishing juche means, in a nutshell, being the master of revolution and reconstruction in one’s own country. This means holding fast to an independent position, rejecting dependence on others, using one’s own brains, believing in one’s own strength, displaying the revolutionary spirit of self-reliance, and thus solving one’s own problems for oneself on one’s own responsibility under all circumstances. The DPRK claims that juche is Kim Il Sung’s creative application of Marxist-Leninist principles to the modern political realities in North Korea.2 Kim Il Sung and his son Kim Jong Il have successfully wielded the juche idea as a political shibboleth to evoke a fiercely nationalistic drive for North Korean independence and to justify policies of self-reliance and self-denial in the face of famine and economic stagnation in North Korea. Kim Il Sung envisioned three specific applications of juche philosophy: political and ideological independence, especially from the Soviet Union and China; economic self-reliance and self-sufficiency; and a viable national defense system.3 This paper begins with a discussion of......

Words: 4612 - Pages: 19

Premium Essay

Political Economy

...Theories of Political Economy Instructor: Professor Béla Greskovits Office phone: 327-3079 e-mail: greskovi@ceu.hu Time: tba. Room: tba. Office Hours: tba. This course introduces students into three traditions of thought on the relationship between politics and the economy: both the economic constraints on politics and the political embeddedness of the economy. The conceptual frameworks studied include Neo-Marxist and Marx-inspired theories, historical institutionalism, and economic approaches to politics based on the assumptions of neo-classical economics. Students will be acquainted with these lines of thought by discussing important works by representative authors. Readings by Wallerstein, Cardoso and Faletto, Wright, and Mamalakis, represent world-sytem analysis, the dependencia thought, analytic Marxism, and sectoral theory. Historical institutionalism is discussed on the basis of the path-breaking work of Polanyi, and the comparative studies of Schoenfield, Katzenstein, and Gourevitch, who focus, respectively, on the changing balance of public and private power, variants of corporatism, and state autonomy in capitalist societies. Finally, Downs’ economic theory of democracy, the rival views of collective action by Olson, and Hirschman, and North’s work on the relationship between institutional change and economic performance introduce the economic approaches to politics. Requirements and grading Active participation in in-class discussions (20% of......

Words: 642 - Pages: 3

Premium Essay

International Political Economy

.... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251 Index of Names . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 7 8 A Theory of Socialism and Capitalism Hans-Hermann Hoppe 9 Chapter 1 Introduction T he following study on the economics, politics and morals of socialism and capitalism is a systematic treatise on political theory. Interdisciplinary in scope, it will discuss the central problems of political economy and political philosophy: how to organize society so as to promote the production of wealth and eradicate poverty, and how to arrange it so as to make it a just social order. But in doing this I will also constantly touch upon and illuminate social and political problems in the narrower, more common sense of these terms. In fact, it is one of the major goals of this treatise to develop and explain the conceptual and argumentative tools, economic and moral, needed to analyze and evaluate any kind of empirical social or political system, to understand or appraise any process of social change, and to explain or interpret similarities as well as differences in the social structure of any two or more different societies. At the end of the treatise it should be clear that only by means of a theory, economic or moral, which is not itself derived from experience but rather starts from a logically incontestable statement (which is something very different from an “arbitrarily postulated axiom”) and proceeds in a purely......

Words: 92669 - Pages: 371