National Differences in Political Economy

Rules and procedures are general expectations and behaviours that need to be followed at all times in a business. If rules and procedures are not followed at all time then that person could be at risk of losing their job purely because they are breaking the law. It is important to follow

With rules and regulations put in place, it allows individuals to understand what is acceptable and what cannot be justified. For example, a rule has been strictly put into place stating that every public service worker is forbidden from consuming any amount of alcohol whilst on duty or before shift.

Under the Civil Law system, the laws are written and codified that the judges have to follow verbatium. Whereas, under the common law system that is followed by Australia, India and the United Kingdom, the laws are codified, doctrine of precedents is followed but the higher courts have the power to over-rule old judgements and existing law in cases where the law breaches the basic structure. (Peterson)

The rule of law is whereby the government and all those who govern are bound by the law and everyone must follow the law. Rule of law is also known as nomocracy. Government individual officials are not entitled to make any decision which is not in accordance to the law (Paulsen, Calabresi, McConnell & Bray, 2013). All the citizens are governed by the law including those who make the laws. A. V. Dicey has highly advocated for rule of law in modern times and has popularized it. In history the idea of rule of law can be traced back to the ancient civilizations like China, Mesopotamia, and Rome among others.

The rule of law is treating all persons equally under the law in a society that is not run by any arbitrary power. Everyone is subject to the rules of law, including those in government and court positions; it is consistent throughout society and essential to achieving justice. An example of the rule of law being successfully applied to achieve justice in the

2. "A rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority"

Global Political Economy is essentially a study of a political battle between the winners and losers of global economic exchange. In fact, understanding global economy relies on a clear knowledge of the process of political competition. Political power possessed by actors regulates economic activity and in turn this creates the basis for and affects political power. Through, critical analysis of the concept of global political economy it becomes clear that there are three prominent theories that form GPE, mercantilism, economic liberalism and Marxism.

Law is a system of rules that are enforced through social institutions to govern behavior. (Robertson, Crimes against humanity, 90).Laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or by judges through binding precedent, normally in common jurisdictions.

As mentioned in the text “Law is a body of rules established by government officials that bind government, individuals, and nongovernment organization.” These rules were established to maintain stability and justice. The five sources of law are common law, constitutional law, legislation, executive orders and administrative law. Common law is judge made and is grounded in tradition and previous judicial decisions, instead of in written laws. It was a tradition beginning in England as the United States had former ties to England, they were influenced by it. Constitutional law is the body of law that comes out of the courts in cases involving the interpretation of the constitution. The highest court is the Supreme Court.

Very vaguely, the rule of law is: “the name commonly given to the state of affairs in which a legal system is legally in good shape.”

Legal rule is simple a rule people must follow. An example of a legal rule would be the "Don 't Ask, Don 't Tell” rule for the military. The rule was created to protect the homosexuals and bisexual members of the military. This is a bigger issue if people think about the full situation. By not wanting to talk about being gay or bisexual, the military

meaning of the rule of law is a state of order in which events conform

Nowadays every legal system wants to achieve justice. Different legal traditions in the world have given a different meaning of this concept by following one of the two legal systems: a civil law system and a common law system. The civil law system emerged from Roman law and throughout many centuries has been developed in continental Europe and often is called a “continental legal system”, achieving its prominence through development of aqui communitare in Europe. The common law system emerged in England during the Anglo-Saxon period and was developed by British colonies, reaching its peak in the United Kingdom and the United States of America.

Japan has a relatively stable political and legal environment which reduces the risks associated with entering the foreign market. The political system is a democratic system, with a Westminster form of government similar to Australia, which is favourable for western cultures when conducting international business. The legal environment on the other hand, is built on the foundations of the European Civil Law system with an English-American influence. Therefore Australian businesses must understand the differences when conducting business to ensure the