Compare and contrast the rule of law and the rule of man.
Answer: The rule of man has been around for millennia, in the sense that for much of history, the ruler and the rule were synonymous. The law was the will of the ruler, whether in the person of the king, czar, raj, caliph, or emperor. Regardless of the title used today, such as chairman, general, or supreme leader, the principle places ultimate power in the hands of one person, making his (or her) word and will (and whim) law, no matter how unfair, unjust, or nonsensical. Because it grants inherent authority for the ruling party to act without being subject to checks and balances, the rule of man principle is a keystone of totalitarian government.
The rule of law, in contrast, rejects the notion of an omnipotent leader arbitrarily ruling society. Instead, the rule of law, a hallmark of democracy, holds that governmental authority is legitimately exercised in accordance with written, publicly disclosed laws that have been appropriately adopted and are enforced in keeping with established procedure. Ideally, the rule of law institutes a just political and social environment, guarantees the enforceability of commercial contracts and business transactions, and safeguards personal property and individual freedom. Everyone who lives under it expects every legitimately enacted law, code, and statute to be grounded in and validated by the principles of the rule of law. No individual—whether public official or private citizen—stands above the law.
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Multinational Business
- Describe the different types of regional economic integration and give an example of each type.
- Explain the static effects and dynamic effects of economic integration. What is the difference between trade creation and trade diversion resulting from economic integration?
- What are the functions of the European Commission, the European Parliament, the Council, and the European Court of Justice?
- What are the rules of origin and regional content provisions of NAFTA?
- What has been the impact of NAFTA on trade and employment in NAFTA nations?
- Identify and briefly compare the major regional trading groups in Latin America, Asia, and Africa.
- Are commodity agreements effective? Why or why not?
- Why is geography important to most regional trade agreements? Provide examples of RTAs to illustrate your answer.
- In a brief essay, explain the roles of the World Trade Organization and the United Nations in international trade.
- What is the difference between a free trade agreement and a customs union? Provide examples of each in your answer.
- What are the disadvantages of import restrictions in regards to creating domestic employment opportunities?
- Explain the rationale for and problems with making the infant-industry argument work as intended.
- Why do developing countries sometimes impose import restrictions to increase their levels of industrialization?
- What is the difference between import substitution policies and export-led development policies? What are the potential effects of each?
- Many companies and industries argue that they should have the same access to foreign markets as foreign industries and companies have to their markets. In a short essay, discuss this issue of "comparable access," or "fairness."
- What are common reasons that governments enact export restrictions? What are the possible negative consequences of such restrictions?
- What is dumping? What are the possible effects of dumping on a country's economy?
- Briefly discuss the four non economic rationales for governmental intervention in the free movement of trade: maintaining essential industries, preventing shipments to unfriendly countries, maintaining or extending spheres of influence, and preserving national identity.
- Describe and compare the different types of tariffs (duties).
- In a short essay, list and discuss the nontariff barriers that relate to direct price influences: subsidies, aid and loans, customs valuations, and other direct price influences.
- List and define the types of nontariff barriers that limit the quantity of goods traded: quotas, embargoes, buy local legislation, standards and labels, specific permission requirements, administrative delays, and reciprocal requirements.
- What are the main arguments for limiting trade in services? What is your opinion on limiting trade in services?
- As an international business manager, how can you benefit from an understanding of international trade theories?
- In a short essay, discuss the theory of mercantilism, and discuss favorable and unfavorable balances of trade as they apply to international business.
- In a short essay, discuss the theory of absolute advantage and the reasons a country's efficiency improves based on this theory.