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Successfully prepare students for the international marketplace. International Business illustrates how successful managers must function in a competitive world. Packed with current examples that reflect the vibrancy of the international business field, this student-friendly text offers a managerial approach that keeps an emphasis on skills development, emerging markets and geographical literacy. MyManagementLab for International Business is a total learning package. MyManagementLab is an online homework, tutorial, and assessment program that truly engages students in learning. It helps students better prepare for class, quizzes, and examsresulting in better performance in the courseand provides educators a dynamic set of tools for gauging individual and class progress. Please note that the product you are purchasing does not include MyManagementLab.
Describe how differences in political economy influence economic development 89 Twelve of the 15 Newly Independent States established a forum called the Commonwealth of Independent States. Describe how differences in political economy influence economic development 93 All four countries that are part of the Four Tigers have a Chinese heritage.
Describe how differences in political economy influence economic development 95 Singapore's economy relies on reexporting. Why do you think international trade is such a small component of the U. The United States has the world's largest economy, accounting for almost 21 percent of the world's GDP.
Although international trade has become increasingly more important during the past decade, it is a relatively small component of the U. However, this figure is somewhat misleading.
Because of the country's large size, trade that might be counted as international in smaller countries is considered domestic in the United States.
For example, the money spent for a hotel room in neighboring Belgium by a Dutch motorist trapped in a thunderstorm 50 miles from home late at night is counted in the international trade statistics of both Belgium and the Netherlands.
A similar expenditure by a Connecticut motorist stuck in New Jersey after watching a football game at the Meadowlands is a purely domestic transaction. Critical Thinking Objective: Define the fundamental concepts of international business How important is international trade to the U. Which country is the largest trading partner to the U. International trade is a relatively small component of the U. Canada is the U. Discuss the roles of exporting, importing, and countertrade in international business Define the term invoicing currency.
Invoicing currency is the currency in which the sale of goods and services is denominated. Why does the U. Flight capital is money sent out of a politically or economically unstable country to one perceived as a safe haven. The U. What is its purpose? Gorbachev's economic and political reforms led to the Soviet Union's collapse in and subsequent declarations of independence by the 15 Soviet republics, which are now often referred to as the Newly Independent States.
How do these concepts relate to the Russian economy? Soviet leader Mikhail Gorbachev's reform initiatives of glasnost openness and perestroika economic restructuring triggered the region's political, economic, and social revolutions. A keiretsu is a large family of interrelated companies. Sogo shosha is an export trading company used by keiretsu members to export their products.
Discuss the roles of exporting, importing, and countertrade in international business What are the main characteristics of the Australian marketplace? How do these characteristics affect Australia's exporting?
Australia is rich in natural resources but has a relatively small workforce. Why are these countries known as the Four Tigers? These countries have made rapid economic strides since , so they are collectively known as the "Four Tigers," a reference to the Chinese heritage that three of the four countries share. What has been the history of chaebol?
A chaebol is a family of interrelated firms in South Korea. To promote economic development after the Korean War, South Korea relied on tight cooperation between the government and 30 or so large, privately owned, and family-centered conglomerates that dominate the Korean economy.
Unfortunately, Korea's growth came to a screeching halt as a result of the Asian currency crisis, and many of the chaebol were plunged into financial difficulties. Many observers argued that their problems were due to overexpansion and the poor lending practices of Korean banks. Many of the chaebol seemed to be more interested in size than profitability and borrowed money to enter industries already burdened by overcapacity, such as automobiles, computer chips, and steel manufacturing.
Some of the chaebol learned their lesson and emerged from the crisis as stronger and leaner competitors. Briefly explain how this is possible. Singapore is a major reexporter because of its shipping ports and facilities.
Briefly discuss these historic relationships. How do past relationships impact international business in these markets today? As a consequence of the "opium war," Hong Kong was ceded to the British. In , the British obtained possession of Kowloon and later they were granted a year lease on the area.
The lease expired on July 1, On that date China again assumed political control of Hong Kong and designated it a special administrative region SAR. It has its own legislature, economic freedom, free-port status, and a separate taxation system. Hong Kong will enjoy these privileges until However, China has made it clear that it will impose its own political will on Hong Kong. India was part of the British Empire until , when the Indian subcontinent was partitioned along religious lines into India, where Hindus were in the majority, and Pakistan, where Muslims were dominant.
India adopted many aspects of British government, including the parliamentary system, a strong independent judiciary, and a professional bureaucracy. Most of Africa was colonized in the late nineteenth century by the major European powers for strategic military purposes or to meet domestic political demands.
The tide of colonialism began to reverse in the mids, as one by one the European powers surrendered control of their colonies. Vestiges of colonialism remain in today's Africa, however, affecting opportunities available to international businesses.
They link their currencies to that of France and follow French legal, educational, and governmental procedures. Because of these ties, French manufacturers, financial institutions, and service-sector firms often dominate international commerce with these countries. Similarly, the public institutions of Kenya, Zimbabwe, and the Republic of South Africa are modeled along British lines, giving British firms a competitive advantage in these countries.
Reflective Thinking Skill: Synthesis Objective: In the aftermath of the civil war in China between the nationalist forces and the communist forces, General Chiang Kai-shek fled to Taiwan. He declared the island the Republic of China and himself the rightful governor. In , India's Prime Minister implemented market-opening reforms which reduced trade barriers, opened the door to increased FDI, and modernized the country's financial sector.
For over half a century the Mexican government implemented a program of economic nationalism under which Mexico discouraged foreign investment and erected high tariff walls to protect its domestic industries. During the past three decades, however, Mexico has abandoned these policies and opened its markets to foreign goods and investors. Mexico also reduced the government's role in its economy by selling off many publicly owned firms.
Thousands of foreign companies have established new factories in Mexico to take advantage of NAFTA, generating hundreds of thousands of new jobs in the process. Describe how differences in political economy influence economic development Why would a global firm most likely consider the Middle East a risky marketplace? As a global manager, how would you determine if the benefits in the Middle East outweighed the risks?
The Middle East has a long history of conflict and political unrest. Packed with current examples that reflect the vibrancy of the international business field, this student-friendly text offers a managerial approach that keeps an emphasis on skills development, emerging markets and geographical literacy.
MyManagementLab for International Business is a total learning package. MyManagementLab is an online homework, tutorial, and assessment program that truly engages students in learning. It helps students better prepare for class, quizzes, and examsresulting in better performance in the courseand provides educators a dynamic set of tools for gauging individual and class progress. Please note that the product you are downloading does not include MyManagementLab.
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She is much beloved. Advances in transportation also have stimulated growth in international tourism. Montgomery August 5. Most international business activity took place between members of the First World.
It has been trans. Some wear red pigtail wigs and the globe. She has also linked the merchants of PEI to paint freckles on their faces to better honor their idol. Thousands known as Anne of Green Gables or as Anne of Red more journey to Cavendish to visit sites associated with Hair—has touched the hearts of young readers around Anne and her creator.
Some enroll in classes taught by the L. August Changes in communications technology. Shakespeare once wrote. These technological advances make managing distant businesses far easier today than execu- tives would have dreamed possible just a few decades ago. Exxon Mobil. The Second World walled itself off to commerce with the First World. Anne key chains. Calvin Trillin. This is no longer the case: The collapse of European Communism. During the cold war between the United States and the Soviet Union.
The political changes discussed above have played a major role in this process. It is also marked by an expansion of such activity into new markets previously insulated from the international marketplace. No one really knows.
The connecting flight to Halifax. Globalization and Emerging Markets We noted above that globalization has led to an intensification of international business activity. In Japan. August 6. Thomas L.
Others represents globalization of commerce and the forces that argue that the dominant institutions of the era of homogenize aspirations. IBM enjoyed a 25 percent increase in sales to Russia. Others are not so sure. Mexico and Poland account for a fifth of the recent growth of sales of Jack Daniels.
Eastern Europe. Human rights. Consider that two of these emerging mar- kets. William Finnegan. April 6. Addressing these and related trees are what give us the warmth of family. April Their economies are growing significantly faster than that of the world as a whole. Friedman argues that globalization production from developed countries to developing and the nation-state will continue to be major. Other researchers have used the term to describe the so- called Big Ten—Argentina.
Many companies are finding that much of their sales and profit growth is attributable to emerging markets. In his metaphor.
China and India. South Korea. New York Times cor. May General Electric predicts 60 percent of its revenue growth this decade will be attributable to emerging markets. Regardless of the definition. In his influential from developed countries to shirk their responsibilities book The Lexus and the Olive Tree. At each increasingly specific level within that context.
Chapter 1 has supplied some background definitions and discussed the con- temporary global business environment. Part Two discusses the inter- national environment in more detail. To do so. We have structured the contents of the book to move from relatively macro. Our goal is to help them become more confident and effective managers in the competitive global market- place. Our rationale is that managers must fully understand the context of international business to work effectively within it.
Chapter 5 addresses the social responsibility challenges that international busi- nesses must address in the era of globalization. Chapters 3 and 4 describe the national environments of international business—the more specific. This broad. Part One comprises Chapters 1 through 5. World Development Report Part Four covers the manage- ment of specific international business functions: Part Three adopts the perspective of a specific organization.
What are the basic forms of international business activity? Questions for Discussion 1.
Someday environments have no doubt facilitated the explosive growth you may work for a foreign-owned firm. Importing 1. Which markets are more important to international 6. What are the basic reasons for the recent growth of inter- mercial transactions with individuals.
Strategic imperatives include the need to leverage from domestic business because of differences in curren. These trans. What is international business? How does it differ from involves downloading products made in other countries for use domestic business?
Why do some industries become global while others 4. Foreign direct investments 2. International business can differ changes.
What is the impact of the Internet on international tional business? Why or why not? Which companies and which countries will 5. Although strategic impera- Studying international business is important for several tives indicate why firms wish to internationalize their opera- reasons. What is portfolio investment? An international business is one that engages in com.
Defend your answer. The growth of the Internet and other informa- tion in international settings. What are some of the differences in skills that may gain as Internet usage increases throughout the world? International business activity can take various forms. Does your college or university have any international remain local or regional? Does this make the institution an interna- 2.
How do merchandise exports and imports differ from ser- Other common forms of international business activity vice exports and imports? Would you want to work for a foreign-owned firm? Why is it important for you to study international business? World War II. Determine ness on your daily lives. Department of Defense. Bangalore is ing their government to continue to deregulate. Discuss the relative impact of international busi- favorite CD.
The Indian software industry has thrived because of its ket niches. In which country is the firm headquartered? After you have developed 2. A to higher-valued-added activities like engineering develop. New Delhi. The third. It reduced trade barriers. Why do you think it was manufactured there?
Compile a combined list of the 10 most common your list. General Electric. BPO services provided by There are some dark clouds. Where was the item most likely manufactured? Indian software executives are lobby- and information technology firms see Map 1. Such is the case in Bangalore.. Wipro has introduced a stock option program of its own. Try to identify the brands of each product that are from its home market?
What percentage comes made by foreign firms. Texas Instruments. American rivals. Try to identify the brands of each product that are 1. The compa. In many areas of Indian firms range from traditional call-center activities tele. DVD player—perhaps even your 1.
Although occupying different mar. Tata Consultancy ter compete against their Asian. An estimated 7 million people today information technology and BPO industries will employ 4 mil.
Does your list of 10 products include items that 3.