FINALS Flashcards by Baylon, Clint

Great Britain members

England, Scotland, Wales and Northern Ireland.

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AFTA Meaning

ASEAN Free Trade Area

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NAFTA Meaning

North American Free Trade Agreement

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EU Meaning

European Union

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2 party in US

Democratic Party
Republican Party

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voluntarily offered payment by someone seeking unlawful advantage.

Bribery

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payments are extracted under duress by someone in authority from a person seeking only what they are lawfully entitled to.

Extortion

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involves a relatively small sum of cash, a gift, or a service given to a low-ranking official in a country where such offerings are not prohibited by law.

Lubrication

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generally involves giving large sums of money-frequently not properly accounted for- designed to entice an official to commit an illegal act on behalf of the one offering the bribe.

Subornation

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3 Ethical Principles

Utilitarian Ethics
Rights of the parties
Justice or Fairness

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does the action optimize the common good or benefits of all constituencies?

Utilitarian ethics

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does the action respect the rights of the individuals involved?

Rights of the parties

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does the action respect the canons of justice or fairness to all parties involved?

Justice or Fairness

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is independent and free from all external control; enjoys full legal equality with other states; governs its own territory; selects its own political, economic, and social systems.

souvereign state

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refers to both the powers exercised by a state in relation to other countries and the suprreme powers exercised over its own members.

souvereignty

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Important factors in assesing business climate

political parties
Nationalism

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an intense feeling of national pride and unity an awakening of a nation’s people to pride in their country.

Nationalism

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Political risks of global business

confiscation
Expropriation
Domestication

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seizing of a comany’s assets without payment. This the most severe political risk.

Confiscation

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less drastic, that requires some reimbursement for the government-seized investment.

expropriation

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occurs when host countries take steps to transfer foreign investments to national control and ownership through a series of government decrees.

Domestication

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Economic Risks

Exchange controls
local-content Laws
Import Restrictions
Tax Controls
Price Controls
Labor Problems

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one or a group of nations may boycott another nation, thereby stopping all trade between the countries, or may issue sanctions against the trade of specific products.

political Sanctions

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this can also interrupt the normal flow of trade.

Political and social Activist

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Strategies to lessen political Risk

Joint Ventures Expanding the investment Base Marketing & Distribution Licensing Planned Domestication

an approach in dealing with political vulnerability. This is an attempt to lessen political risks by paying those in power to intervene on behalf of the MNC.

Political Payoffs

MNC Meaning

Multinational Corporation

Can be with locals orother third-country multinational companies

Joint Ventures

will include several investors and banks in financing an investment in the host country.

Expanding the Investment Base

controlling the distribution in markets outside the country.

Marketing & Distribution

- a strategy that eliminates almost all risks is to license for a fee.

Licensing

a strategy that can be effective in forestalling or minimizing the effect of a total takeover.

Planned Domestication

give example of independence of a souvereign state

is independent and free from all external control; enjoys full legal equality with other states; governs its own territory; selects its own political, economic, and social systems.

United Arab Emirates

Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, and Fujairah

also known as Sharia Law

Islamic Law

unclos meaning

United Nations Convention on the Law of the sea

is tradition, past practices, and legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings

Common Law

. It derived from English Law and found in England, the United States, Canada, and other countries under English influence.

Common Law

is based on an all-inclusive system of written rules

Code Law

The legal system is generally divided into three separate codes

Commercial Law Civil Law Criminal Law

It derived from Roman LAw and found in Germany, Japan, France, and in non-Islamic and non-Marxist countries

Code Law

is interpretation of the Koran

Islamic Law

It encopasses religious duties and obligations as well as the secular aspect of law regulating human acts

Islamic Law

It is a complete system that prescribes specific patterns of social and economic behavior for all individuals. Its overriding objective is social justice.

Islamic Law

also called legal code

Code of law

, is a type of legislation that purports to exhaustively cover a complete system of laws

Code of Law

a particular area of law as it existed at the time the code was enacted, by a process of

Codification

also known as mercantile law or trade law

Commercial Law

is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales

Commercial Law

It is often considered to be a branch of civil law and deals with issues of both private law and public law.

Commercial Law

Commercial law includes within its compass such

titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.

The system of law concerned with private relations between members of a community rather than criminal, military, or religious affairs.

Civil Law

The part of the legal system which relates to punishing people who have committed a criminal act

Criminal Law

is a religious law forming part of the Islamic tradition

Sharia Law

It is derived from the religious precepts of Islam, particularly the Quran and the hadith

Sharia Law

refers to God's immutable divine law and is contrasted with fiqh, which refers to its human scholarly interpretations

shari'ah

refers to its human scholarly interpretations

Fiqh

The manner of its application in modern times has been a subject of dispute between

Muslim Fundamentalists Modernists

also known as soviet law

Socialist law

denotes a general type of legal system which has been (and continues to be) used in socialist and formerly socialist states

Socialist Law

It is based on the civil law system, with major modifications and additions from Marxist-Leninist ideology

Socialist Law

also known as public international law and law of nations

International Law

, is the set of rules, norms, and standards generally accepted in relations between nations.

International Law

It establishes normative guidelines and a common conceptual framework to guide states across a broad range of domains, including war, diplomacy, trade, and human rights.

International Law

allows for the practice of stable, consistent, and organized international relations

International Law

Legal disputes may arise in three (3) situations

Between Governments Between a Company and Government Between two companies

can adjudicate disputes between governments

World Court

International Dispute Resolution:

Conciliation Arbitration Litigation

is a nonbinding agreement between parties to resolve disputes by asking a third party to mediate differences

Conciliation

A method of alternative dispute resolution whereby a third party, who is usually but not necessarily neutral, meets with the parties and assists them to find a way to settle their dispute.

Conciliation

a procedure where the parties involved will select a disinterested and informed party or parties as referee to determine the merits of the case and make a judgement that both parties agree to honor.

Arbitration

Is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding.

Arbitration

An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

Litigation

) of the United Nations is responsible for the promotion of the protection of intellectual property and for the administration fo the various multilateral treaties through cooperation among its member states.

World Intellectual property Organizations

WIPO Meaning

World Intellectual Property Organizations

is the most comprehensive multilateral agreement on intellectual property rights that are embodied in current international agreements.

Trade-Related Aspects of Intellectual Property Rights

TRIPs MEANING

Trade-Related Aspects of Intellectual Property Rights