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Question		Answer
opportunistic behaviour start learning		taking disadvantage of another person's trust out of purely selfish reasons
institutional transitions start learning		fundamental and comprehensive changes introduced to the formal and informal rulesof the game that affect organizations as players
institution-based view start learning		firms and managers rationally pursue their interests and make choices within the given institutional framework; formal and informal institutions are combined to govern firm behaviour
formal institutions start learning		political systems, economic systems, legal systems
political systems start learning		systems of the rules of the game on how a country is governed politically; democracry, authoritarianism
political risk start learning		risks associated with political changes that can negatively impact domestic and foreign firms
economic systems start learning		rules of the game on how a country is governed economically; market economy, command economy
market economy start learning		"invisible hand" of market forces exists
command economy start learning		all factors of production are owned and controlled by the government or the state
the varieties-of-capitalism view start learning		economies have different inherent logics of how markets coordinate economic activity
apprenticeship system start learning		vocational training system for crafts and professions
legal systems start learning		the rules of the game on how a country's laws are enacted and enforced
civil law start learning		codified in books of law
common law start learning		precedents and traditions shape legal tradition
case law start learning		the rule of law that has been created by precedents of cases in court
intellectual property rights start learning		patents, copyrights, trademarks
patents start learning		legal rights awarded by government authorities to inventors of new technological ideas, who are given exclusive (monopoly) rights to derive income from such inventions
copyrights start learning		exclusive legal rights of authors and publishers to publish and disseminate their work
trademarks start learning		exclusive rights of firms to use specific names, brands and designs to differentiate their products from others
institutions (according to Douglas North) start learning		humanly devised constraints that structure political, economic and social interaction
regulatory constraints start learning		formal constraints that consist of formal rules, laws and agreements
normative constraints start learning		half fromal, half informal constraints, that consist of informal expectations, attitudes, and transaction rules; they answer the question of how one should behave
cognitive constraints start learning		informal constraints that consist of broadly shared convictions and cognitive structures; deeply ingrained ground rules
institutions (economists view) start learning		reduce uncertainty; make transaction costs visible
institutions (sociologists view) start learning		shape behaviour
institutional isomorphism start learning		the processes that force a unit within a population to become more similar to other units with a similar institutional context
isomorphism types start learning		coercive (through regulation), mimetic (through imitation), normative (through shared norms)
corporate governance start learning		rules on how shareholders and other stakeholderscan control managers
institutional spheres start learning		the state, the market, civil society
iron hand start learning		corrective approach, rules result from rationalization and regulation of human activities; the state
invisible hand start learning		competitive approach, rules result from free market of supply and demand; the market
intangible hand start learning		cooperative approach, rules result from respect and esteem for, connectedness with, loyalty to the group
varieties of capitalism start learning		Liberal Market Model (anglo-saxon model), Coordinated Market Model (social market model), Asian Model
path dependency start learning		the dependence of economic outcomes on the path of previous outcomes; how history matters, and how it shapes the present
stages of economic development (Douglas North) start learning		1. Trade within the village, 2. Trade beyond the village, 3. Long Distance Trade, 4. Urbanisation, 5. Modern Trade
institutional voids start learning		gaps in the institutional framework; absence of intermediary firms; omissions in regulatory systems on which multinational companies depend
institutional development start learning		process of turning less complex system into a more complex one
institutional transition start learning		changing the system from one, to another type; shock therapy/gradual approach
shock therapy start learning		rapid replacement, all at once (e.g. Poland, Russia)
gradual approach start learning		emphasizes learning and slow adaptation (e.g. China, Vietnam)

IB - Module 3

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