Analyze the effects of culture, politics and economic systems in the context of international business (Lo 1.9 & 2.1)

Identify the major components of international business management (Lo 1.2)

Carry out effective self-evaluation through discussing economic systems in the international business context (Lo. 3.6)

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The economic system put in place by President Chavez was a command economy. Command economy is characterized by the government being the central decision-maker (Hilbert & Wright, 2017). Chavez’s government was also responsible for resource allocation and deciding on which products need to be produced, their quantity, and by whom. For instance, after oil prices for the country rose in 2003, Venezuela…

 

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