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this risky investment? Has any firm(s) made mistakes – if so, what are they? How consistent are
their entry decisions with their broader firm strategy? Which firm’s entry strategy was the best, in
your opinion and why?
Further Readings (Recommended not required):
“Russian Taxman Irks Investors,” WSJ, 11-10-04: A15.
“India Slips Far Behind China, Once its Close Economic Rival,” WSJ, 11-19-02: A1.
“In Brazil, Thicket of Red Tape Spoils Recipe for Growth,” WSJ, 5-24-05: A1.
Hernando de Soto, Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (Basic Books,
2002).
Amartya Sen, Development as Freedom (1999) on why democracies and economic development are linked.
Daniel Yergin, The Prize: The Epic Quest for Oil, Money and Power (1991) on why the Mid-East works as it does.
Robert Kuttner, Everything for Sale: the Virtues and Limits of Markets (1996) on why markets work and don’t.
Kimberly Ann Elliot, Corruption and the Global Economy (Institute for International Economics, 1997).
Jim Mann, Beijing Jeep: The Short, Unhappy Romance of American Business in China (1989) story of AMC’s 1979
joint venture in China.
Witold Henisz. "The Institutional Environment for Multinational Investment," Journal of Law Economics and
Organization, 16 (2000).
15
Class 8, Public Policy Environment of Business
Class Overview (Approximate)
Time Topic/Activity
8 - 8:30 Policy Matters
* Why Public Policies Matters to the Private Competitive Environment of Business
8:30 - 9:45 Reelection Imperative and Legislator Activities
* Legislator Motivation and Activities; Median Voter Theorem
* Frontline Video, “The Choice” on 1996 Clinton-Dole Presidential Election, 10 minutes
Break
10 - 11:30 The Committee Structure of Congress
11:30 - noon Constituencies of Legislators vs. Presidents
Class Readings:
Reading Availability
“Hog Wild for Pollution Trading,” Fortune, 9-2-02:137. Blackboard class e-room
“Cautiously, Starbucks puts Lobbying on Menu, Wall St J, 4-12-05: A1. Blackboard class e-room
Schnietz, Note on Public Policy in Aircraft: Boeing v. Airbus Blackboard class e-room
“The President’s Past,” New York Times Magazine, July 31, 1994:20. Blackboard class e-room
“Rep. Engel Triumphs by Being Dull in DC,” Wall St J, 6-11-96: A1. Blackboard class e-room
R.K Weaver, “Politics Blame Avoidance,” Journal Public Policy (1986): 37-39. Blackboard class e-room
Schnietz, Note on the Median Voter. Blackboard class e-room
Schnietz, Note on Congressional Procedures and Organization Blackboard class e-room
Garret Hardin, “Tragedy of the Commons,” Science (1968): 1243 Blackboard class e-room
Questions:
1. How does the public policy environment affect the private competitive environment of firms in the “Hog
Wild” “Starbucks” and Boeing-Airbus articles? Which of the 5 forces is impacted the most by the public
policy described?
2. Political scientists claim legislators are motivated by many things: a desire to serve the public, personal
ambition, self-interest, a need for attention, and reelection. What does the NY Times article about Bill
Clinton suggest? So what? Why do managers need to know what motivates legislators?
3. What kind of activities do legislators need to engage in to be reelected? What does the article on Rep. Engel
suggest? Why might blame-avoidance be more important for legislators seeking reelection than creditclaiming
(Weaver)?
4. Who is the median voter (to whom candidates cater) in a general election, like the 2004 Presidential election
(Median Voter Note)? Who is the median voter on an issue like R&D tax allowances? Are managers more
or less likely to be the median voter on policy issues than a member of the general public?
5. How does the committee system further the reelection imperative of legislators (Note on Congressional
Organization)? What are some of the business implications of the committee system and congressional
norms?
6. How are legislators like the herdsman in the Tragedy of the Commons reading? How are Presidents different
from Congress?
Recommended (not required) additional readings:
* House of Representatives www.house.gov; Senate www.senate.gov; portal to all branches www.thomas.loc.gov
* CQ Weekly and National Journal (Pepperdine searchable databases) provide weekly coverage of legislative activities.
* Walter J. Oleszek, Congressional Procedures and the Policy Process, (CQ Press, 2003), and Roger Davidson & Walter J. Oleszek,
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