MKT 310 Chapter Notes - Chapter 2: Totalitarianism, Collectivism, Individualism
Document Summary
Political economy: the political, economic, and legal systems of a country: this is why international business is more complicated than domestic. Collectivism vs. individualism: collectivism: political system that emphasizes collective goals as opposed to individual goals, individualism: emphasis on the importance of guaranteeing individual freedom and self-expression. Socialist: believes in public ownership of the means of production for the common good of society. Communist: those who believe socialism can be achieved only through revolution and totalitarian dictatorship. Social democrat: those committed to achieving socialism by democratic means. Democracy: government is the by the people either directly or through representation. Totalitarianism: one person or party has absolute control over all spheres of human life. Representative democracy: citizens periodically elect individuals to represent them in government. Types of totalitarianism: communist, theocratic, tribal, right-wing. Protection of intellectual property: patents, copyrights, trademarks. Product safety laws: set certain safety standards to which a product must adhere.
