After reading this chapter you should be able to:

Understand the meaning of institutional voids within the context of emerging markets.

Understand the consequent importance of institutions and their impact on both individuals and MNCs.

Know the basic political and economic systems and implications for international business operations in emerging markets.

Appreciate the various legal systems around the world.

Understand political risk and ways companies can prepare for political risk.

Learn about the world's key religions and implications for multinational operations.

Know how MNCs can prepare for institutional voids in emerging markets.