International Business--Chapter 2

India adopted a democratic system of government.

Private companies could only expand with government permission.

GDP-$310Less than half the population could readAverage household income was $2,484

Much of the industrial licensing system was dismantled.

The political system that stresses the primacy of collective foals over individual goals.--Plato--argued that individual rights should be sacrificed for the good of the majority and that property should be owned in common.

The political system that believes in state ownership of a country's means of production, distribution, and exchange so that all can benefit.

Believed that socialism could only be achieved through violent revolution and totalitarian dictatorship.--North Korea, Cuba.

Committed to achieving socialism by democratic means. Public good rather than private profit.

The sale of state-owned enterprises to private investors.

Refers to a philosophy that an individual should have freedom in his or her economic and political pursuits. Aristotle argued that communal property receives little care, whereas property that is owned by an individual will receive the greatest care and therefor be most productive.