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| Ethnocentrism/Parochialism |
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| The way the countries do things are the right way for that country |
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| the extent to which people at the bottom of the hierarchy accept the differences in the hierarchy |
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| Responsibilities of extended group/Whole |
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| Responsibility to look after themselves and their nuclear family |
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| How they deal with the unknown |
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| Low Uncertainty Avoidance |
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| High Uncertainty Avoidance |
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| Rule for no matter what happens |
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| value materialism and accomplishment/strict separation of gender roles |
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| Value kindness, relationships, and quality of life/blurred gender roles |
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| Universal rules that are always true |
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| focus on particulars of a given situation/certain circumstances that differ from the norm |
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| You should not express your emotions openly/Should not affect decision making |
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| If you don't express them your not being human/Of course they should affect your decision making |
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| rely on the context or background |
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| do not rely on context/state everything explicitly and directly |
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| Bundles of different types of cultural dimensions that go together |
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| quality of life part of Hofstede's femininity dimension |
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| Institutional Collectivism |
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much talk of prospects, potentials, aspirations, future achievements
planning and strategizing done enthusiastically
great interest in the youthful and future potentials
present and past used, even exploited for future advantage |
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| awarding status based upon accomplishments |
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| a situation where you do not trade with the outside world |
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| Absolute Advantage Theory |
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| ® Proposed by Adam Smith/Should specialize in what you do best and trade for what you do not do well |
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| Comparative Advantage Theory |
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® Theory attributed to David Richardo/
Specialise in the thing where your advantage is the greatest or where your disadvantage is the least |
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| taxes on goods that move across the border |
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| by value (ex. 7% of the value) |
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| numerical restrictions on quantity or dollar value |
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| Administrative Restrictions |
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Definition
| red tape, permits, discriminatory regulations, abusive inspections, etc. |
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| This import system established a quota and a two-tier tariff regime for affected commodities. Imports within the quota enter at a lower (in-quota) tariff rate while a higher (out- of-quota) tariff rate is used for imports above the concessionary access level. |
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| Why do countries restrict trade? |
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Definition
Security (military, food, etc.)
Health (e.g. Food safety; precautionary principle vs. Proof)
Industrial policy (e.g. Infant industries)
Labour & environment (e.g. Carbon tariff)
Protections of Jobs & Votes |
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Definition
| tariffs are generally higher as one moves from raw materials to semi-finished to finished goods |
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| negative effects of a tariff on importing country |
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Definition
| Reduced consumption/Excessive, inefficient production |
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| Positive effects of a tariff on importing country |
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| tariff revenue to government (just a transfer)/market power may force price reductions from supplier(s) |
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