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National Differences in Political, Economic, and Legal Systems - Coggle…
National Differences in Political, Economic, and Legal Systems
Political Economy
Political system
Economic system
Legal system
Interdependent
Political Systems
Collectivism
Group > individual
Socialism (Marx)
Individualism
Freedom
Market economy
Democracy
Elected government
Totalitarianism
One-party control
Pseudo-democracy
Economic Systems
Market Economy
Supply & demand
Private ownership
Command Economy
Government control
Inefficiency
Mixed Economy
Combination
Legal Systems
Common Law
Precedent, flexible
Civil Law
Written codes
Theocratic Law
Religion-based
Contract Law
Agreement rules
Common law: detailed
Civil law: shorter
Other Legal Issues
Property Rights
Intellectual Property
Patents
Copyrights
Product Safety & Liability
Corruption
Reduces investment
Slows growth
Business Implications
Risk differences
Cost differences
Strategy adaptation