Global corporations and companies with international portfolios increasingly concentrate their activities not only on the international expansion of their products or services and global diversifi cation of their capital portfolios, but also on an effective integration in the global value chain...

The paper is based on a broader study of three authors: Mlcoch, Machonin and Sojka. The underestimation of institutions both formal and informal ones, including business ethics was the key weakness of ex-Prime Minister Václav Klaus Czech way of transition during 1989-99. Then, the rhetoric of...