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LB5236 International Political Economy Report Sample

The aim of this assessment is to develop a briefing paper. For this briefing paper you are to choose a country from the list above (i.e., Australia, New Zealand, Singapore, Canada, Papua New Guinea, Italy, Argentina, South Africa) but it must not be the country that you chose for Assessment 1. The country briefing paper should be of no more than 5 pages (not including references and appendices). It should include the following points and a final section on prospects for the future.

In general, the following aspects might be included in your report:

• The political/economic structures and the historical basis forthem

• Culture(s) of the country and implications for business

• Political and economic systems of the country and how they may affect business

• Nature of business systems in the chosen country, focusing on business organisation, leadership, human resource management and change management principles, and how each may affect business operations

• Differences in finance and banking systems and how these may affect business

• Any difference in legal systems and how these may affect business

• Important ethical matters of that chosen country and how they may affect business.

Solution

Introduction

A nation's Political and economic stability shapes its businesses. The political, cultural, economic and business systems of Canada will be depicted here, along with their influence on the country’s businesses. The differences between financial and banking systems, legal systems, and ethical matters and their effect on business organisations will be explained here.

Political/economic Structures and Their Historical Basis

The Canadian political structure involves the Canadian government, where the country’s Parliament is composed of its monarch, the house of Commons and the Senate (Elections Canada, 2024). There are different political parties, and the head of the state is included in this system, which involves the UK’s monarch. The historical background of Canada’s economy depicts its connection with British institutions after World War II. International trade, social welfare systems and the highest level of financial freedom are included in Canada’s economic system. As the country is a constitutional monarchy, its political structure is associated with the UK’s monarchy (Elections Canada, 2024). Natural resources, industrialisation, and different trades give shape to the economic structure of the country. Canada’s economic structure involves indigenous people, real estate, mining and more.

Canada’s Cultures and Implications for Business

Canadian culture prefers formality and conservatism, which is reflected in business relations. Loud conversation or informal greetings are not accepted, and negotiation requires a lot of knowledge on behalf of the people involved. A direct approach and minute analysis of the business scenario are done. Canadians maintain punctuality in appointments and meetings; therefore, cultural implications value business decisions and effective approaches. Titles are used in all the correspondences that affect the business process. The Iceberg theory, propounded by Hall, can be described here. This theory suggests the layers of cultural elements driving national prosperity. There are both hidden and surface cultures (Santhosh, 2024). The surface culture of Canada involves the vision, mission, behaviours of people and particular strategies.

Canadians prefer scrutiny of business details and motivation to affect the business consequences. Research shows that women have a high regard for business, which impacts business values and productivity. Canadians do not prefer the casual approach towards the business and this is effective in adding to business cohesion. Cultural norms and requirements have the most significant values in the place, and they continue with the business values and precision. Cultural details are aligned with business implications, and this is associated with business productivity. Hidden Canadian culture prefers the unconscious beliefs, norms, values, expectations and assumptions. Consumer expectation is much important in defining culture (Pakseresht, Kaliji & Canavari, 2022). This prioritises politeness and friendly manners while dealing with the business people to finalise the deal as well as the contracts.

Canada’s Political and Economic Systems and Their Impact on Business

The political system consists of a constitutional monarchy and the House of Commons has a direct connection with the country's business management. The Canadian government maintains a cohesive link with international trade and maintains harmonious international relations with peacekeeping strategies and value-based opinions. USMCA will help strengthen Canada's Free Trade Agreement with other nations. The agreement ensures the trade flow with dynamic interests (Egger, Larch & Yotov, 2022). Government rules help in progressing the rules related to CSR, and partnerships are fostered and networks developed. Disputes are resolved and dialogues are facilitated. Canadian organisations maintain the guiding principles of the United Nations. Mechanisms are credible in developing the organisational culture as well as the values. Anti-bribery policies and anti-bribery rules affect the continuity of the business. The policies also aim at innovating human resources, markets, competitive demands and environmental sustainability.

Since 2022, the corporate income tax rate has increased by 1.5% (Miller, 2024). Canada has strengthened its support for Russia in the wake of the conflict between Russia and Ukraine. Canada constitutes one of the top 50 economies in the world and the economy's growth in 2021 witnessed a downturn in 2022.

Figure 1: GDP growth of Canada
Source: (Miller, 2024)

As shown in the figure, the Canadian economy has witnessed a decline in GDP, and it is predicted that the Canadian GDP might decrease in the future. 5.5 % is the current unemployment level in Canada, and this is affecting business growth (Miller, 2024). Industries such as automobiles, luxury companies, and organisations dealing with industrial goods are affected by interest rate changes.

Canada’s Business Systems and Their Impact on Business Operations

Canada's business systems combine both private and public businesses along with strong banking and financial services. The Accessible Canada Act helps businesses to prevent barriers to people with disability, and the county's business follows this law (Government of Canada, 2024). Businesses in Canada include technological innovations that aid in having a competitive advantage to its businesses (Boucher & Pigeon, 2024). As an example, it is seen that Loblaw Companies Limited in Canada is a food and pharmacy business with 2,500 outlets and an e-commerce business (Loblaw Companies Limited, 2024). The company has a great leadership style and proper corporate culture that inspires its employees to work efficiently (Loblaw Companies Limited, 2023). The core values such as care, ownership, respect and others aid the company in creating a proper culture and HR systems. In addition to this, the collaborative work environments in Loblaw tend to aid employees in working properly and increasing their productivity. Thus, businesses located in Canada for the Assignment Help Canada is concerned about their employees' well-being. Hence, business-friendly nations excel in executing different business operations due to their positive work culture and provide more financial stability to the country's economy. Proper communication plans, training programs and other changes in the vision of the country's businesses tend to impact their organisational performance.

Differences in Finance and Banking Systems and Their Impact on Business

Revenue for the finance market in Canada is estimated to reach 26.73 million US dollars in 2022 (Statista, 2024). The market has an annual growth rate that consists of market demands, industrial growth, and others. That is why the market report exposed that the annual growth rate of finance holds 6% of CAGR, which is estimated to last until 2029 (Statista, 2024).

Figure 2: Market revenue of finance in Canada
Source: (Statista, 2024)

As for the current time of the Canadian market, the given image portrayed the revenue of the market in 2024 as 33.88 million US dollars (Statista, 2024). Therefore, this financial stability and growth have ensured efficiency in Canada's overall business environment. Certain key impacts have been identified as,

Financial feasibility has led the Canadian business environment to offer 2000 dollars’ worth of direct payments to skilled employees (Deaton & Deaton, 2020). Canadian emergency wages have also been adequate for covering 75% of salaries, including for government-qualified businesses (Deaton & Deaton, 2020).

Banking in Canada is seen to include specific federal jurisdiction, such as legislative authority and the ‘Incorporation of Banks’ that issue paper money to firms (GLI, 2024). At the same time, Canada's banking governance introduced the Bank Act and its regulations. Due to the regulations, businesses have attained customer protection and payment efficacy.

Differences in Legal Systems and Their Impact on Business

Canada’s legal structure indicates the inclusion of logical and political recognition, which prioritises national unity. At the same time, Canada’s legal system also acknowledges ‘Indigenous knowledge’, which has been the key for nations to manage diverse challenges (Lajoie-O’Malley et al. 2023). On the other hand, Canada’s legal system was developed following the French and English legal systems (Canada, 2024). Due to the stability of the legal system, Canadian businesses also have to follow protocols under the ‘Canada Consumer Product Safety Act’. In general, 38% of individual incomes are taxable incomes, among which 15% is the net tax rate after tax reduction (Canada.ca, 2024). The manageable amount deduction has created a profitable standpoint for businesses.

Canada’s Ethical Matters Affecting Business

The carbon reduction scenario has become quite an effective aspect of the Canadian business environment, as it has encouraged redesigning Canada’s carbon emissions and sustainable prosperity (Jackson & Victor, 2020). Even the per-capita greenhouse gas emission evaluation has portrayed Canada as the 11th largest CO2 emitter across the globe, contributing 1.5% of global CO2 emissions (Tiseo, 2024). As for its effect, stock flow consistent with Canada has been influenced by macroeconomic stimulations. That is why sustainable stances have been the key indicator for Canadian businesses to gain compatibility and trust from consumers. At the same time, strictness regarding integrity and fairness has been crucial for Canadian businesses to foster stakeholder engagement.

Conclusion

This is inferred from the above discussion that political and economic factors in Canada contribute towards business improvement. The government of Canada takes a responsible approach to setting up international peace. Canadian culture prefers formal business relationships with etiquette. Sustainable policies form the business values and adequate responsibilities.

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