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30 Cards in this Set
- Front
- Back
Civil Law
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a legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgements
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Cognitive Pillar
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the internalized (taken-for-granted) values and beliefs that guide individual and firm behavior
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Command Economy
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an economy that is characterized by gvernment ownership and control of the factors of production
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Common law
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a legal tradition that uses comprehensive statutes and codes as a primary means to form legal judgements
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Copyrights
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exclusive legal rights of authors and publishers to publish and disseminate their work
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Democracy
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a political system in which citizens elect representatives to govern their country on their behalf
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Economic system
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Rules of the game on how a country is governed economically
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Formal institutions
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institutions represented by laws, regulations, and rules.
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institutional framework
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formal and informal institutions that govern individual and firm behavior
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institutional transitions
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fundamental and comprehensive changes introduced tot eh formal and informal rules of the game that affects firms as players
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institution-based view
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a leading perspective in global business that suggests that the success and failure of firms are enabled and contrained by institutions
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institutions
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Formal and informal rules of the game
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intellectual property
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intangible property that is the result of intellectual activity
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IPR
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intellectual property rights. Rights associated with the ownership of intellectual property.
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legal system
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the rules of the game on how a country's laws are enacted and enforced.
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Market Economy
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An economy that is characterized by the invisible hand of market forces
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mixed economy
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an economy that has elements of both a market economy and a command economy
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moral hazard
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recklessness when people or organizations (including firms and governments) do not have to face the full consequences of their actions.
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normative pillar
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the mechanism through which norms influence the focal individuals and firms
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opportunism
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the act of seeking self-interest with guile
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Patents
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exclusive legal rights of inventors of new products or processes to derive income from such inventions
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political risk
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risk associated with political changes that may negatively impact domestic and foreign firms
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Political system
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the rules of the game on how a country is governee
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property rights
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the elgal rights to use an economic property (resource) and to derive income and benefits from it
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Regulatory pillar
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the coercive power of governments
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Theocratic law
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a legal system based on religious teachings
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totalitarianism (dictatorship)
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a political system in which one person or party excercises absolute political control over the population
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trademarks
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exclusive legal rights of firms to use specific names, brands, and designs to differentiate their products from others
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transaction costs
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the costs associated with economic transactions or, more broadly, the costs of doing business
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Washington Consensus
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a view centered on the unquestioned belief in the superiority of private ownership voer state ownership in economic policy making, which is often spearheaded by two washington-based international organizations: the international money fund (IMF) and the World Bank.
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