U.S. businesses must follow U.S. laws and regulations in conducting business globally, although legislation such as the
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U.S. businesses must follow U.S. laws and regulations in conducting business globally, although legislation such as the Foreign Corrupt Practices Act of 1978 can create competitive disadvantages. This law prohibits “questionable” or “dubious” payments to foreign officials to secure business contracts.38 That runs contrary to practices in some countries (generally developing countries), where corporate or government bribery is not merely acceptable but perhaps the only way to secure a lucrative contract. With that being said, what can U.S. businesses do to better compete against other foreign companies that are not bound by the Foreign Correct Practices Act?
Expert Answer:
The Foreign Corrupt Practices Act FCPA enacted in 1977 generally prohibits the payment of bribes to foreign officials to assist in obtaining or retain... View the full answer
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