Topic 5 - Culture and Business in Latin America

Question 1

Venezuela:

Answer 1

• PD – 81, AI – 76, IDV – 12, MAS – 73
• Abundance of natural resources – high dependence on oil exports
• Increasing government intervention in the economy and business
• Poverty and inequality levels have dropped
• Government controls the media
• Strong inflation
• Poor infrastructure
• Legal uncertainty and corruption
• Appearance and friendships are very important in business

Question 2

Argentina

Answer 2

• PD – 49, AI – 86, IDV – 46, MAS – 56
• Economic crises / political instability / inflation makes it difficult to do business
• Country of connections – quite dominant in the business world
• FORMAL negotiation atmosphere
• RELAXED negotiation style
• SUBJECTIVE APPROACH to issues
• TIME needed to build personal relationships
• Hierarchical organisational structures
• Tough negotiators

Question 3

Brazil

Answer 3

• PD – 68, AI – 76, IDV – 38, MAS – 49
• Largest market in L. Am and 6th largest economy in the world
• High level of professionalism
• Local contacts are vital
• Agreements negotiated globally
• Individualistic and hierarchical

Question 4

Chile

Answer 4

• PD – 63, AI – 86, IDV (23), MAS (28)
• Most stable economy in L. Am
• Ability to act professionally is very important
• Decision – making is very hierarchical
• ETHICAL values
• Negotiations tend to be slow