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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
Absolute control
Pseudo-democracy
Economic Systems
Market Economy
Supply & demand
Private ownership
Competition
Efficiency
Command Economy
Government control
Inefficiency
Lack of incentive
Mixed Economy
Combination
Legal Systems
Common Law
Precedent
Flexible
Civil Law
Written codes
Less flexible
Theocratic Law
Religion-based
Contract Law
Agreement rules
Common law: detailed
Civil law: shorter
Other Legal Issues
Property Rights
Ownership rights
Crime
Corruption
Intellectual Property
Patents
Copyrights
Trademarks
Product Safety & Liability
Product standards
Legal responsibility
Corruption
Reduces investment
Slows growth
Business Implications
Risk differences
Cost differences
Strategy adaptation