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Global Business Today with CD and OLC premium card

by
Edition:
4th
ISBN13:

9780073191751

ISBN10:
0073191752
Format:
Paperback
Pub. Date:
1/4/2005
Publisher(s):
McGraw-Hill/Irwin

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Summary

Charles W. L. Hill's Global Business Today is praised by instructors and students alike for its unique and relevant examples, readability, and knack for making difficult international business concepts interesting and understandable. The Fourth Edition boasts a new chapter on ethics in international business and includes new part-ending cases on sustainable global enterprises. These features, combined with the text's culturally diverse "Another Perspective" boxes and the popular end-of-chapter "Focus on Managerial Implications" feature, which summarizes how chapter concepts are relevant in the real world, make it no surprise that instructors and students enjoy using it. Book jacket.

Table of Contents

Preface xii
PART ONE Globalization
2(42)
Globalization
2(42)
Opening Case: Planet Starbucks
2(2)
Introduction
4(3)
What is Globalization?
7(2)
The Globalization of Markets
7(1)
The Globalization of Production
8(1)
The Emergence of Global Institutions
9(2)
Drivers of Globalization
11(7)
Declining Trade and Investment Barriers
11(3)
The Role of Technological Change
14(4)
The Changing Demographics of the Global Economy
18(8)
The Changing World Output and World Trade Picture
18(2)
The Changing Foreign Direct Investment Picture
20(2)
The Changing Nature of the Multinational Enterprise
22(1)
The Changing World Order
23(2)
The Global Economy of the 21st Century
25(1)
The Globalization Debate
26(9)
Antiglobalization Protests
26(2)
Globalization, Jobs, and Income
28(2)
Globalization, Labor Policies, and the Environment
30(2)
Globalization and National Sovereignty
32(2)
Globalization and the World's Poor
34(1)
Managing in the Global Marketplace
35(2)
Key Terms
37(1)
Summary
37(1)
Critical Thinking and Discussion Questions
38(1)
Research Task
38(1)
Closing Case: Ecuadorean Valentine Roses
39(1)
Closing Case: Who's Reading Your X-Ray?
40(4)
Sustainability in Practice: Adidas-Solomon: Supply-Chain Management
42(2)
PART TWO Country Differences
44(118)
National Differences in Political Economy
44(46)
Opening Case: The Poorest Continent
44(2)
Introduction
46(2)
Political Systems
48(5)
Collectivism and Individualism
48(3)
Democracy and Totalitarianism
51(2)
Economic Systems
53(2)
Market Economy
53(1)
Command Economy
54(1)
Mixed Economy
54(1)
Legal Systems
55(8)
Different Legal Systems
55(1)
Differences in Contract Law
56(1)
Property Rights
57(2)
The Protection of Intellectual Property
59(4)
Product Safety and Product Liability
63(1)
The Determinants of Economic Development
63(10)
Differences in Economic Development
63(4)
Broader Conceptions of Development: Amartya Sen
67(3)
Political Economy and Economic Progress
70(2)
Geography, Education, and Economic Development
72(1)
States in Transition
73(10)
The Spread of Democracy
73(2)
The New World Order and Global Terrorism
75(2)
The Spread of Market-Based Systems
77(1)
The Nature of Economic Transformation
78(4)
Implications of Changing Political Economy
82(1)
Focus on Managerial Implications
83(3)
Benefits
83(1)
Costs
84(1)
Risks
84(1)
Overall Attractiveness
85(1)
Key Terms
86(1)
Summary
86(1)
Critical Thinking and Discussion Questions
87(1)
Research Task
87(1)
Closing Case: The Changing Political Economy of India
88(2)
Differences in Culture
90(38)
Opening Case: Guanxi---Ties That Bind
90(3)
Introduction
93(1)
What is Culture?
94(3)
Values and Norms
94(2)
Culture, Society, and the Nation-State
96(1)
The Determinants of Culture
96(1)
Social Structure
97(5)
Individuals and Groups
97(2)
Social Stratification
99(3)
Religious and Ethical Systems
102(9)
Christianity
104(1)
Islam
105(2)
Hinduism
107(1)
Buddhism
108(2)
Confucianism
110(1)
Language
111(2)
Spoken Language
111(1)
Unspoken Language
112(1)
Education
113(1)
Culture and the Workplace
114(2)
Cultural Change
116(5)
Focus on Managerial Implications
121(2)
Cross-Cultural Literacy
121(1)
Culture and Competitive Advantage
122(1)
Key Terms
123(1)
Summary
124(1)
Critical Thinking and Discussion Questions
124(1)
Research Task
125(1)
Closing Case: McDonald's and Hindu Culture
125(3)
Ethics in International Business
128(34)
Opening Case: Nike
128(2)
Introduction
130(1)
Ethical Issues in International Business
131(9)
Employment Practices
132(1)
Human Rights
132(2)
Environmental Pollution
134(3)
Corruption
137(2)
Moral Obligations
139(1)
Ethical Dilemmas
140(1)
The Roots of Unethical Behavior
141(4)
Philosophical Approaches to Ethics
145(7)
Straw Men
146(3)
Utilitarian and Kantian Ethics
149(1)
Rights Theories
150(1)
Justice Theories
151(1)
Ethical Decision Making
152(6)
Hiring and Promotion
153(1)
Organization Culture and Leadership
153(1)
Decision-Making Processes
154(2)
Ethics Officers
156(1)
Moral Courage
157(1)
Summary of Decision-Making Steps
157(1)
Key Terms
158(1)
Summary
158(1)
Critical Thinking and Discussion Questions
159(1)
Research Task
159(1)
Closing Case: Etch-A-Sketch Ethics
159(3)
Sustainability in Practice: BC Hydro's Aboriginal Relations Program
161(1)
PART THREE Cross-Border Trade and Investment
162(146)
International Trade Theory
162(34)
Opening Case: Hollowing Out the U.S. Knowledge-Based Economy
162(2)
Introduction
164(1)
An Overview of Trade Theory
165(4)
The Benefits of Trade
166(1)
The Pattern of International Trade
166(1)
Trade Theory and Government Policy
167(2)
Mercantilism
169(1)
Absolute Advantage
170(2)
Comparative Advantage
172(5)
The Gains from Trade
173(1)
Qualifications and Assumptions
174(1)
Simple Extensions of the Ricardian Model
175(2)
Heckscher-Ohlin Theory
177(2)
The Leontief Paradox
178(1)
The Product Life-Cycle Theory
179(3)
Evaluating the Product Life-Cycle Theory
180(2)
New Trade Theory
182(4)
Increasing Product Variety and Reducing Costs
183(1)
Economies of Scale, First-Mover Advantages, and the Pattern of Trade
183(1)
Implications of New Trade Theory
184(2)
National Competitive Advantage: Porter's Diamond
186(4)
Factor Endowments
187(1)
Demand Conditions
187(1)
Related and Supporting Industries
187(1)
Firm Strategy, Structure, and Rivalry
188(2)
Evaluating Porter's Theory
190(1)
Focus on Managerial Implications
190(2)
Location
190(1)
First-Mover Advantages
191(1)
Government Policy
191(1)
Key Terms
192(1)
Summary
192(1)
Critical Thinking and Discussion Questions
193(1)
Research Task
194(1)
Closing Case: Logitech
194(2)
The Political Economy of International Trade
196(36)
Opening Case: The Politics of Trade in Steel
196(2)
Introduction
198(2)
Instruments of Trade Policy
200(6)
Tariffs
200(1)
Subsidies
201(2)
Import Quotas and Voluntary Export Restraints
203(2)
Local Content Requirements
205(1)
Administrative Policies
205(1)
Antidumping Policies
206(1)
The Case for Government Intervention
206(7)
Political Arguments for Intervention
206(5)
Economic Arguments for Intervention
211(2)
The Revised Case for Free Trade
213(1)
Retaliation and Trade War
213(1)
Domestic Politics
214(1)
Development of the World Trading System
214(12)
From Smith to the Great Depression
215(1)
1947--1979: GATT, Trade Liberalization, and Economic Growth
215(1)
1980--1993: Protectionist Trends
216(1)
The Uruguay Round and the World Trade Organization
216(2)
WTO: Experience to Date
218(4)
The Future of the WTO: Unresolved Issues and the Doha Round
222(4)
Focus on Managerial Implications
226(2)
Trade Barriers and Firm Strategy
226(1)
Policy Implications
227(1)
Key Terms
228(1)
Summary
228(2)
Critical Thinking and Discussion Questions
230(1)
Research Task
230(1)
Closing Case: Agricultural Subsidies and Development
230(2)
Foreign Direct Investment
232(38)
Opening Case: The Globalization of Toyota
232(3)
Introduction
235(1)
Foreign Direct Investment in the World Economy
236(9)
Trends in FDI
236(2)
The Direction of FDI
238(3)
The Source of FDI
241(1)
The Form of FDI: Acquisitions versus Green-Field Investments
242(3)
Foreign Direct Investment in the World Economy
245(5)
Why Foreign Direct Investment?
245(2)
The Pattern of Foreign Direct Investment
247(2)
The Eclectic Paradigm
249(1)
Political Ideology and Foreign Direct Investment
250(3)
The Radical View
250(1)
The Free Market View
251(1)
Pragmatic Nationalism
252(1)
Shifting Ideology
253(1)
Benefits and Costs of FDI
253(7)
Host-Country Benefits
253(4)
Host-Country Costs
257(1)
Home-Country Benefits
258(1)
Home-Country Costs
259(1)
International Trade Theory and FDI
259(1)
Government Policy Instruments and FDI
260(3)
Home-Country Policies
260(1)
Host-Country Policies
261(1)
International Institutions and the Liberalization of FDI
262(1)
Focus on Managerial Implications
263(2)
The Theory of FDI
263(2)
Government Policy
265(1)
Key Terms
265(1)
Summary
266(1)
Critical Thinking and Discussion Questions
266(1)
Research Task
267(1)
Closing Case: Ford and General Motors in Russia
267(3)
Regional Economic Integration
270(38)
Opening Case: Drug Companies and the European Union
270(2)
Introduction
272(2)
Levels of Economic Integration
274(2)
The Case for Regional Integration
276(1)
The Economic Case for Integration
276(1)
The Political Case for Integration
276(1)
Impediments to Integration
277(1)
The Case against Regional Integration
277(2)
Regional Economic Integration in Europe
279(10)
Evolution of the European Union
280(1)
Political Structure of the European Union
280(2)
The Single European Act
282(3)
The Establishment of the Euro
285(3)
Enlargement of the European Union
288(1)
Regional Economic Integration in the Americas
289(7)
The North American Free Trade Agreement
289(4)
The Andean Community
293(1)
Mercosur
294(1)
Central American Common Market and Caricom
295(1)
Free Trade Area of the Americas
295(1)
Regional Economic Integration Elsewhere
296(3)
Association of Southeast Asian Nations
296(1)
Asia-Pacific Economic Cooperation
297(1)
Regional Trade Blocs in Africa
298(1)
Focus on Managerial Implications
299(2)
Opportunities
299(1)
Threats
300(1)
Key Terms
301(1)
Summary
301(1)
Critical Thinking and Discussion Questions
302(1)
Research Task
303(1)
Closing Case: Increasing Competition in the European Automobile Market
303(5)
Sustainability in Practice: Foreign Investment for Sustainable Community Development: Multinationals Learning from the Grameen Example
305(3)
PART FOUR Global Money System
308(68)
The Foreign Exchange Market
308(32)
Opening Case: Volkswagen's Hedging Strategy
308(2)
Introduction
310(1)
The Functions of the Foreign Exchange Market
311(6)
Currency Conversion
311(2)
Insuring against Foreign Exchange Risk
313(4)
The Nature of the Foreign Exchange Market
317(2)
Economic Theories of Exchange Rate Determination
319(8)
Prices and Exchange Rates
319(6)
Interest Rates and Exchange Rates
325(1)
Investor Psychology and Bandwagon Effects
326(1)
Summary
326(1)
Exchange Rate Forecasting
327(3)
The Efficient Market School
327(1)
The Inefficient Market School
327(1)
Approaches to Forecasting
328(2)
Currency Convertibility
330(2)
Focus on Managerial Implications
332(3)
Transaction Exposure
332(1)
Translation Exposure
332(1)
Economic Exposure
332(1)
Reducing Translation and Transaction Exposure
333(1)
Reducing Economic Exposure
334(1)
Other Steps for Managing Foreign Exchange Risk
334(1)
Key Terms
335(1)
Summary
336(1)
Critical Thinking and Discussion Questions
337(1)
Research Task
337(1)
Closing Case: Hedging the Euro at Axis
337(3)
The International Monetary System
340(36)
Opening Case: China's Exchange Rate Policy
340(2)
Introduction
342(2)
The Gold Standard
344(2)
Mechanics of the Gold Standard
344(1)
Strength of the Gold Standard
344(1)
The Period between the Wars: 1918--1939
345(1)
The Bretton Woods System
346(2)
The Role of the IMF
347(1)
The Role of the World Bank
348(1)
The Collapse of the Fixed Exchange Rate System
348(2)
The Floating Exchange Rate Regime
350(2)
The Jamaica Agreement
350(1)
Exchange Rates since 1973
350(2)
Fixed versus Floating Exchange Rates
352(3)
The Case for Floating Exchange Rates
352(1)
The Case for Fixed Exchange Rates
353(1)
Who Is Right?
354(1)
Exchange Rate Regimes in Practice
355(2)
Pegged Exchange Rates
355(1)
Currency Boards
356(1)
Crisis Management by the IMF
357(12)
Financial Crises in the Post-Bretton Woods Era
357(2)
Mexican Currency Crisis of 1995
359(2)
The Asian Crisis
361(4)
Evaluating the IMF's Policy Prescriptions
365(4)
Focus on Managerial Implications
369(2)
Currency Management
369(1)
Bustiness Strategy
369(1)
Corporate--Government Relations
370(1)
Key Terms
371(1)
Summary
372(1)
Critical Thinking and Discussion Questions
373(1)
Closing Case: The Tragedy of the Congo (Zaire)
373(3)
Sustainability in Practice: A Tax on Currency Speculation to Finance Sustainable Development and Other Suggestions for a Sustainable Global Economy
375(1)
PART FIVE Competing in a Global Marketplace
376(183)
The Strategy of International Business
376(40)
Opening Case: Wal-Mart's Global Expansion
376(3)
Introduction
379(1)
Strategy and the Firm
380(8)
Value Creation
380(2)
Strategic Positioning
382(1)
Operations: The Firm as a Value Chain
383(2)
Organization: The Implementation of Strategy
385(2)
In Sum: Strategic Fit
387(1)
Profiting from Global Expansion
388(7)
Location Economies
388(3)
Experience Effects
391(2)
Leveraging Core Competencies
393(1)
Leveraging Subsidiary Skills
394(1)
Pressures for Cost Reductions and Local Responsiveness
395(5)
Pressures for Cost Reductions
396(1)
Pressures for Local Responsiveness
397(3)
Strategic Choices
400(6)
International Strategy
400(1)
Multidomestic Strategy
401(1)
Global Strategy
402(1)
Transnational Strategy
403(3)
Strategy Summary
406(1)
Strategic Alliances
406(5)
The Advantages of Strategic Alliances
406(1)
The Disadvantages of Strategic Alliances
407(1)
Making Alliances Work
408(3)
Key Terms
411(1)
Summary
411(1)
Critical Thinking and Discussion Questions
412(1)
Research Task
412(1)
Closing Case: Global Strategy at MTV Networks
413(3)
Entering Foreign Markets
416(30)
Opening Case: Diebold
416(2)
Introduction
418(1)
Basic Entry Decisions
419(7)
Which Foreign Markets?
419(1)
Timing of Entry
420(1)
Scale of Entry and Strategic Commitments
421(3)
Summary
424(2)
Entry Modes
426(9)
Exporting
426(1)
Turnkey Projects
427(1)
Licensing
427(2)
Franchising
429(3)
Joint Ventures
432(1)
Wholly Owned Subsidiaries
433(2)
Selecting an Entry Mode
435(2)
Core Competencies and Entry Mode
436(1)
Pressures for Cost Reductions and Entry Mode
436(1)
Green-Field Venture or Acquisition?
437(4)
Pros and Cons of Acquisitions
437(3)
Pros and Cons of Green-Field Ventures
440(1)
Green-Field or Acquisition?
440(1)
Key Terms
441(1)
Summary
441(1)
Critical Thinking and Discussion Questions
442(1)
Research Task
443(1)
Closing Case: Merrill Lynch in Japan
443(3)
Exporting, Importing, and Countertrade
446(22)
Opening Case: Exporting by Small U.S. Firms
446(2)
Introduction
448(1)
The Promise and Pitfalls of Exporting
449(1)
Improving Export Performance
450(3)
An International Comparison
450(1)
Information Sources
450(2)
Utilizing Export Management Companies
452(1)
Export Strategy
452(1)
Export and Import Financing
453(7)
Lack of Trust
453(3)
Letter of Credit
456(1)
Draft
457(1)
Bill of Lading
458(1)
A Typical International Trade Transaction
458(2)
Expert Assistance
460(1)
Export-Import Bank
460(1)
Export Credit Insurance
461(1)
Countertrade
461(3)
The Incidence of Countertrade
462(1)
Types of Countertrade
462(1)
The Pros and Cons of Countertrade
463(1)
Key Terms
464(1)
Summary
465(1)
Critical Thinking and Discussion Questions
465(1)
Research Task
466(1)
Closing Case: Megahertz Communications
466(2)
Global Production, Outsourcing, and Logistics
468(28)
Opening Case: Microsoft---Outsourcing Xbox Production
468(2)
Introduction
470(1)
Strategy, Production, and Logistics
471(3)
Where to Produce
474(7)
Country Factors
474(1)
Technological Factors
475(4)
Product Factors
479(1)
Locating Production Facilities
480(1)
The Strategic Role of Foreign Factories
481(3)
Outsourcing Production: Make-or-Buy Decisions
484(6)
The Advantages of Make
484(2)
The Advantages of Buy
486(2)
Trade-offs
488(1)
Strategic Alliances with Suppliers
489(1)
Managing a Global Supply Chain
490(2)
The Role of Just-in-Time Inventory
490(1)
The Role of Information Technology and the Internet
491(1)
Key Terms
492(1)
Summary
492(1)
Critical Thinking and Discussion Questions
493(1)
Research Task
493(1)
Closing Case: Competitive Advantage at Dell
493(3)
Global Marketing and R&D
496(34)
Opening Case: Astro Boy---Marketing Japanese Anime to the World
496(2)
Introduction
498(1)
The Globalization of Markets and Brands
499(1)
Market Segmentation
500(2)
Product Attributes
502(2)
Cultural Differences
503(1)
Economic Development
503(1)
Product and Technical Standards
504(1)
Distribution Strategy
504(4)
Differences between Countries
505(2)
Choosing a Distribution Strategy
507(1)
Communication Strategy
508(7)
Barriers to International Communication
508(1)
Push versus Pull Strategies
509(4)
Global Advertising
513(2)
Pricing Strategy
515(3)
Price Discrimination
515(1)
Strategic Pricing
516(2)
Regulatory Influences on Prices
518(1)
Configuring the Marketing Mix
518(1)
New-Product Development
519(6)
The Location of R&D
521(1)
Integrating R&D, Marketing, and Production
522(1)
Cross-Functional Teams
523(1)
Building Global R&D Capabilities
524(1)
Key Terms
525(1)
Summary
526(1)
Critical Thinking and Discussion Questions
526(1)
Research Task
527(1)
Closing Case: Procter & Gamble in Japan
527(3)
Global Human Resource Management
530(29)
Opening Case: Molex
530(3)
Introduction
533(1)
The Strategic Role of International HRM
534(1)
Staffing Policy
534(9)
Types of Staffing Policy
535(3)
Expatriate Managers
538(5)
Training and Management Development
543(3)
Training for Expatriate Managers
543(1)
Repatriation of Expatriates
544(1)
Management Development and Strategy
545(1)
Performance Appraisal
546(1)
Performance Appraisal Problems
546(1)
Guidelines for Performance Appraisal
547(1)
Compensation
547(4)
National Differences in Compensation
547(2)
Expatriate Pay
549(2)
International Labor Relations
551(2)
The Concerns of Organized Labor
551(1)
The Strategy of Organized Labor
551(1)
Approaches to Labor Relations
552(1)
Key Terms
553(1)
Summary
553(1)
Critical Thinking and Discussion Questions
554(1)
Research Task
554(1)
Closing Case: Degrussa: Strategy and Human Resources in China
555(4)
Sustainability in Practice: Interface: An Environmentally Sustainable Commitment to Business and Material Management
556(3)
Glossary 559(10)
Notes 569(34)
Index 603


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