BUAD Exam Study Guide Essay

1793 WordsFeb 22, 20148 Pages
BUAD 500 Equivalency Exam Study Sheet International Business Multiple Choice, True/False, Short Answer Essay, Fill in the Blank, Matching Books Either: Wild, Wild, Han, International Business (Prentice-Hall) or Charles Hill, International Business: Competing in the Global Marketplace (McGraw-Hill). Topics The worldwide transition to globalization Globalization if the process of integration and interconnectedness among economies. The process is characterized by declining trade barriers, increasing (cost and profit driven) collaborations, shrinking distances (due to advancements in communication technologies) and so forth. It’s a shift toward a more integrated and interdependent economy. Globalization has a…show more content…
Having said that, legal codes are not always detailed and specific. This creates vagueness, which, in turn opens up room for individual interpretations and assessments. Theocratic law: This legal system is based on religion and religious interpretations. An example of this legal system is the Islamic law. It governs all aspects of life, including commercial activities. Contracts laws illustrate well the differences between the above legal systems. Civil law contracts, for example, tend to be short and less detailed than common law contracts. The latter tend to have a lot of lengthy contingencies to minimize vagueness and possible interpretations since contracts are not covered by existing codes (in a sense, the writers of common law contracts try to incorporate codes within individual contracts, therefore making it more specific and objective). Some of the legal systems are more conducive to public actions, which are government actions to extort income, property, and other resources from businesses and citizens. Taxation, excessive licensing, and such as examples showcasing the ways government can engage into public actions. Some of these systems are also conducive to corruption, which is estimated to be billions of dollars paid in bribes. Needless to say that high levels of corruption tend to reduce the level of foreign investments and capital. This, in turn, reduces the economic growth rate. Foreign Corrupt

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