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International Management The Political Legal And Technological Environment Notes

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The Political, Legal and Technological Environment

TERMS

Individualism - The political philosophy that people should be free to pursue economic and political endeavours without constraint

Collectivism - The political philosophy that views the needs or goals of society as a whole as more important than individual desires

Socialism - A moderate form of collectivism in which there is government ownership of institutions and profit is not the ultimate goal.

Democracy - A political system in which the government is controlled by the citizens either directly or through elections.

Totalitarianism - A political system in which there is only one representative party which exhibits control over every facet of political and human life.

Principle of Sovereignty - An international principle of law which holds that governments have the right to rule themselves as they see fit.

Biotechnology - The integration of science and technology to create agricultural or medical products through industrial use and manipulation of living organisms.

POLITICAL ENVIRONMENT

Domestic and international political environments have a major impact on MNC's. As government policies change MNC's must adjust their strategies and practices.

Underlying the actions of a government is the ideology informing the beliefs, values, behaviour and culture of the nation and its political system.

Effective management occurs when different ideologies and philosophies are recognised and understood.

A political system can be evaluated along two dimensions o

Focuses on the rights of citizens under governments (ideology of the system)

o

Measures whether the focus is on the individuals or broader collective (Degree of individualism/collectivism)

Democratic = individualism

Totalitarian = collectivism

Ideologies

Idea is that working in in a group requires less energy per person to achieve the same goal, but an individual will work as hard as he or she has to in order to survive in a competitive environment.

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