This chapter discusses key concepts in political systems, legal systems, property rights, and economic systems relevant to global business. It outlines the differences between democracy and totalitarian forms of government, as well as civil law, common law, and theocratic legal systems. The chapter also explains intellectual property rights such as copyrights and trademarks, and contrasts market, command, and mixed economic models. The overall learning objectives are to understand institutions and their role in reducing uncertainty for global business, and analyze debates around politics, laws, and economics.