Question

Find an article related to National Differences in Political Economy and TYPE a brief summary in your own words. Do you agree or disagree with the article? Explain (Maximum 6 Sentences) Make sure to include article name.

Answer 1

Hill, C. H. (2011). International business: Competing in the global marketplace. New York City: Irwin professional pub.

Brief Summary

When i read this article i learned,The legal system guides business relations by applying the law of contract that ensures that parties fulfill their pledges. Therefore, governments get involved in businesses by formulating policies and laws that effectuate the aspect of advanced economic activities and relations.

The role of the political system includes ensuring that individual property rights are safeguarded. This prevents theft and misuse and hence guarantees maximum utilization for personal and national benefit. However, this aspect is different in various nations due to policy differential and the level of compliance with the law. Corruption jeopardizes economic activities and thus hinders growth and development in countries highly affected.

Therefore, fighting corruption is essential in ensuring valuable and efficient national growth and international business’ competitive base (Hill, 2011). Intellectual rights include patents, trademarks, and copyrights that protect an individual’s work such as music, formulas, and other innovations. The government should implement policies aimed at maximum protection of personal ideas in order to guarantee international competition.

Economic development is affected by political, legal, as well as economic systems. Different countries perform at varying economic levels when gross national income is measured comparative to each other. Hence, a country’s level of economic development is affected by political and legal decisions. Economic growth and development are motivated by innovations and entrepreneurial actions that promote trade. Therefore, useful policies and economic environments guarantee success in local and international businesses.