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Global Business Today



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McGraw-Hill College
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Table of Contents

Prefacep. xii
Globalizationp. 2
Globalizationp. 2
Opening Case: Planet Starbucksp. 2
Introductionp. 4
What is Globalization?p. 7
The Globalization of Marketsp. 7
The Globalization of Productionp. 8
The Emergence of Global Institutionsp. 9
Drivers of Globalizationp. 11
Declining Trade and Investment Barriersp. 11
The Role of Technological Changep. 14
The Changing Demographics of the Global Economyp. 18
The Changing World Output and World Trade Picturep. 18
The Changing Foreign Direct Investment Picturep. 20
The Changing Nature of the Multinational Enterprisep. 22
The Changing World Orderp. 23
The Global Economy of the 21st Centuryp. 25
The Globalization Debatep. 26
Antiglobalization Protestsp. 26
Globalization, Jobs, and Incomep. 28
Globalization, Labor Policies, and the Environmentp. 30
Globalization and National Sovereigntyp. 32
Globalization and the World's Poorp. 34
Managing in the Global Marketplacep. 35
Key Termsp. 37
Summaryp. 37
Critical Thinking and Discussion Questionsp. 38
Research Taskp. 38
Closing Case: Ecuadorean Valentine Rosesp. 39
Closing Case: Who's Reading Your X-Ray?p. 40
Sustainability in Practice: Adidas-Solomon: Supply-Chain Managementp. 42
Country Differencesp. 44
National Differences in Political Economyp. 44
Opening Case: The Poorest Continentp. 44
Introductionp. 46
Political Systemsp. 48
Collectivism and Individualismp. 48
Democracy and Totalitarianismp. 51
Economic Systemsp. 53
Market Economyp. 53
Command Economyp. 54
Mixed Economyp. 54
Legal Systemsp. 55
Different Legal Systemsp. 55
Differences in Contract Lawp. 56
Property Rightsp. 57
The Protection of Intellectual Propertyp. 59
Product Safety and Product Liabilityp. 63
The Determinants of Economic Developmentp. 63
Differences in Economic Developmentp. 63
Broader Conceptions of Development: Amartya Senp. 67
Political Economy and Economic Progressp. 70
Geography, Education, and Economic Developmentp. 72
States in Transitionp. 73
The Spread of Democracyp. 73
The New World Order and Global Terrorismp. 75
The Spread of Market-Based Systemsp. 77
The Nature of Economic Transformationp. 78
Implications of Changing Political Economyp. 82
Focus on Managerial Implicationsp. 83
Benefitsp. 83
Costsp. 84
Risksp. 84
Overall Attractivenessp. 85
Key Termsp. 86
Summaryp. 86
Critical Thinking and Discussion Questionsp. 87
Research Taskp. 87
Closing Case: The Changing Political Economy of Indiap. 88
Differences in Culturep. 90
Opening Case: Guanxi-Ties That Bindp. 90
Introductionp. 93
What is Culture?p. 94
Values and Normsp. 94
Culture, Society, and the Nation-Statep. 96
The Determinants of Culturep. 96
Social Structurep. 97
Individuals and Groupsp. 97
Social Stratificationp. 99
Religious and Ethical Systemsp. 102
Christianityp. 104
Islamp. 105
Hinduismp. 107
Buddhismp. 108
Confucianismp. 110
Languagep. 111
Spoken Languagep. 111
Unspoken Languagep. 112
Educationp. 113
Culture and the Workplacep. 114
Cultural Changep. 116
Focus on Managerial Implicationsp. 121
Cross-Cultural Literacyp. 121
Culture and Competitive Advantagep. 122
Key Termsp. 123
Summaryp. 124
Critical Thinking and Discussion Questionsp. 124
Research Taskp. 125
Closing Case: McDonald's and Hindu Culturep. 125
Ethics in International Businessp. 128
Opening Case: Nikep. 128
Introductionp. 130
Ethical Issues in International Businessp. 131
Employment Practicesp. 132
Human Rightsp. 132
Environmental Pollutionp. 134
Corruptionp. 137
Moral Obligationsp. 139
Ethical Dilemmasp. 140
The Roots of Unethical Behaviorp. 141
Philosophical Approaches to Ethicsp. 145
Straw Menp. 146
Utilitarian and Kantian Ethicsp. 149
Rights Theoriesp. 150
Justice Theoriesp. 151
Ethical Decision Makingp. 152
Hiring and Promotionp. 153
Organization Culture and Leadershipp. 153
Decision-Making Processesp. 154
Ethics Officersp. 156
Moral Couragep. 157
Summary of Decision-Making Stepsp. 157
Key Termsp. 158
Summaryp. 158
Critical Thinking and Discussion Questionsp. 159
Research Taskp. 159
Closing Case: Etch-A-Sketch Ethicsp. 159
Sustainability in Practice: BC Hydro's Aboriginal Relations Programp. 161
Cross-Border Trade and Investmentp. 162
International Trade Theoryp. 162
Opening Case: Hollowing Out the U.S. Knowledge-Based Economyp. 162
Introductionp. 164
An Overview of Trade Theoryp. 165
The Benefits of Tradep. 166
The Pattern of International Tradep. 166
Trade Theory and Government Policyp. 167
Mercantilismp. 169
Absolute Advantagep. 170
Comparative Advantagep. 172
The Gains from Tradep. 173
Qualifications and Assumptionsp. 174
Simple Extensions of the Ricardian Modelp. 175
Heckscher-Ohlin Theoryp. 177
The Leontief Paradoxp. 178
The Product Life-Cycle Theoryp. 179
Evaluating the Product Life-Cycle Theoryp. 180
New Trade Theoryp. 182
Increasing Product Variety and Reducing Costsp. 183
Economies of Scale, First-Mover Advantages, and the Pattern of Tradep. 183
Implications of New Trade Theoryp. 184
National Competitive Advantage: Porter's Diamondp. 186
Factor Endowmentsp. 187
Demand Conditionsp. 187
Related and Supporting Industriesp. 187
Firm Strategy, Structure, and Rivalryp. 188
Evaluating Porter's Theoryp. 190
Focus on Managerial Implicationsp. 190
Locationp. 190
First-Mover Advantagesp. 191
Government Policyp. 191
Key Termsp. 192
Summaryp. 192
Critical Thinking and Discussion Questionsp. 193
Research Taskp. 194
Closing Case: Logitechp. 194
The Political Economy of International Tradep. 196
Opening Case: The Politics of Trade in Steelp. 196
Introductionp. 198
Instruments of Trade Policyp. 200
Tariffsp. 200
Subsidiesp. 201
Import Quotas and Voluntary Export Restraintsp. 203
Local Content Requirementsp. 205
Administrative Policiesp. 205
Antidumping Policiesp. 206
The Case for Government Interventionp. 206
Political Arguments for Interventionp. 206
Economic Arguments for Interventionp. 211
The Revised Case for Free Tradep. 213
Retaliation and Trade Warp. 213
Domestic Politicsp. 214
Development of the World Trading Systemp. 214
From Smith to the Great Depressionp. 215
1947-1979: GATT, Trade Liberalization, and Economic Growthp. 215
1980-1993: Protectionist Trendsp. 216
The Uruguay Round and the World Trade Organizationp. 216
WTO: Experience to Datep. 218
The Future of the WTO: Unresolved Issues and the Doha Roundp. 222
Focus on Managerial Implicationsp. 226
Trade Barriers and Firm Strategyp. 226
Policy Implicationsp. 227
Key Termsp. 228
Summaryp. 228
Critical Thinking and Discussion Questionsp. 230
Research Taskp. 230
Closing Case: Agricultural Subsidies Developmentp. 230
Foreign Direct Investmentp. 232
Opening Case: The Globalization of Toyotap. 232
Introductionp. 235
Foreign Direct Investment in the World Economyp. 236
Trends in FDIp. 236
The Direction of FDIp. 238
The Source of FDIp. 241
The Form of FDI: Acquisitions versus Green-Field Investmentsp. 242
Foreign Direct Investment in the World Economyp. 245
Why Foreign Direct Investment?p. 245
The Pattern of Foreign Direct Investmentp. 247
The Eclectic Paradigmp. 249
Political Ideology and Foreign Direct Investmentp. 250
The Radical Viewp. 250
The Free Market Viewp. 251
Pragmatic Nationalismp. 252
Shifting Ideologyp. 253
Benefits and Costs of FDIp. 253
Host-Country Benefitsp. 253
Host-Country Costsp. 257
Home-Country Benefitsp. 258
Home-Country Costsp. 259
International Trade Theory and FDIp. 259
Government Policy Instruments and FDIp. 260
Home-Country Policiesp. 260
Host-Country Policiesp. 261
International Institutions and the Liberalization of FDIp. 262
Focus on Managerial Implicationsp. 263
The Theory of FDIp. 263
Government Policyp. 265
Key Termsp. 265
Summaryp. 266
Critical Thinking and Discussion Questionsp. 266
Research Taskp. 267
Closing Case: Ford and General Motors in Russiap. 267
Regional Economic Integrationp. 270
Opening Case: Drug Companies and the European Unionp. 270
Introductionp. 272
Levels of Economic Integrationp. 274
The Case for Regional Integrationp. 276
The Economic Case for Integrationp. 276
The Political Case for Integrationp. 276
Impediments to Integrationp. 277
The Case against Regional Integrationp. 277
Regional Economic Integration in Europep. 279
Evolution of the European Unionp. 280
Political Structure of the European Unionp. 280
The Single European Actp. 282
The Establishment of the Europ. 285
Enlargement of the European Unionp. 288
Regional Economic Integration in the Americasp. 289
The North American Free Trade Agreementp. 289
The Andean Communityp. 293
Central American Common Market and CARICOMp. 295
Free Trade Area of the Americasp. 295
Regional Economic Integration Elsewherep. 296
Association of Southeast Asian Nationsp. 296
Asia-Pacific Economic Cooperationp. 297
Regional Trade Blocs in Africap. 298
Focus on Managerial Implicationsp. 299
Opportunitiesp. 299
Threatsp. 300
Key Termsp. 301
Summaryp. 301
Critical Thinking and Discussion Questionsp. 302
Research Taskp. 303
Closing Case: Increasing Competition in the European Automobile Marketp. 303
Sustainability in Practice: Foreign Investment for Sustainable Community Development: Multinationals Learning from the Grameen Examplep. 305
Global Money Systemp. 308
The Foreign Exchange Marketp. 308
Opening Case: Volkswagen's Hedging Strategyp. 308
Introductionp. 310
The Functions of the Foreign Exchange Marketp. 311
Currency Conversionp. 311
Insuring against Foreign Exchange Riskp. 313
The Nature of the Foreign Exchange Marketp. 317
Economic Theories of Exchange Rate Determinationp. 319
Prices and Exchange Ratesp. 319
Interest Rates and Exchange Ratesp. 325
Investor Psychology and Bandwagon Effectsp. 326
Summaryp. 326
Exchange Rate Forecastingp. 327
The Efficient Market Schoolp. 327
The Inefficient Market Schoolp. 327
Approaches to Forecastingp. 328
Currency Convertibilityp. 330
Focus on Managerial Implicationsp. 332
Transaction Exposurep. 332
Translation Exposurep. 332
Economic Exposurep. 332
Reducing Translation and Transaction Exposurep. 333
Reducing Economic Exposurep. 334
Other Steps for Managing Foreign Exchange Riskp. 334
Key Termsp. 335
Summaryp. 336
Critical Thinking and Discussion Questionsp. 337
Research Taskp. 337
Closing Case: Hedging the Euro at Axisp. 337
The International Monetary Systemp. 340
Opening Case: China's Exchange Rate Policyp. 340
Introductionp. 342
The Gold Standardp. 344
Mechanics of the Gold Standardp. 344
Strength of the Gold Standardp. 344
The Period between the Wars: 1918-1939p. 345
The Bretton Woods Systemp. 346
The Role of the IMFp. 347
The Role of the World Bankp. 348
The Collapse of the Fixed Exchange Rate Systemp. 348
The Floating Exchange Rate Regimep. 350
The Jamaica Agreementp. 350
Exchange Rates since 1973p. 350
Fixed versus Floating Exchange Ratesp. 352
The Case for Floating Exchange Ratesp. 352
The Case for Fixed Exchange Ratesp. 353
Who Is Right?p. 354
Exchange Rate Regimes in Practicep. 355
Pegged Exchange Ratesp. 355
Currency Boardsp. 356
Crisis Management by the IMFp. 357
Financial Crises in the Post-Bretton Woods Erap. 357
Mexican Currency Crisis of 1995p. 359
The Asian Crisisp. 361
Evaluating the IMF's Policy Prescriptionsp. 365
Focus on Managerial Implicationsp. 369
Currency Managementp. 369
Bustiness Strategyp. 369
Corporate-Government Relationsp. 370
Key Termsp. 371
Summaryp. 372
Critical Thinking and Discussion Questionsp. 373
Closing Case: The Tragedy of the Congo (Zaire)p. 373
Sustainability in Practice: A Tax on Currency Speculation to Finance Sustainable Development and Other Suggestions for a Sustainable Global Economyp. 375
Competing in a Global Marketplacep. 376
The Strategy of International Businessp. 376
Opening Case: Wal-Mart's Global Expansionp. 376
Introductionp. 379
Strategy and the Firmp. 380
Value Creationp. 380
Strategic Positioningp. 382
Operations: The Firm as a Value Chainp. 383
Organization: The Implementation of Strategyp. 385
In Sum: Strategic Fitp. 387
Profiting from Global Expansionp. 388
Location Economiesp. 388
Experience Effectsp. 391
Leveraging Core Competenciesp. 393
Leveraging Subsidiary Skillsp. 394
Pressures for Cost Reductions and Local Responsivenessp. 395
Pressures for Cost Reductionsp. 396
Pressures for Local Responsivenessp. 397
Strategic Choicesp. 400
International Strategyp. 400
Multidomestic Strategyp. 401
Global Strategyp. 402
Transnational Strategyp. 403
Strategy Summaryp. 406
Strategic Alliancesp. 406
The Advantages of Strategic Alliancesp. 406
The Disadvantages of Strategic Alliancesp. 407
Making Alliances Workp. 408
Key Termsp. 411
Summaryp. 411
Critical Thinking and Discussion Questionsp. 412
Research Taskp. 412
Closing Case: Global Strategy at MTV Networksp. 413
Entering Foreign Marketsp. 416
Opening Case: Dieboldp. 416
Introductionp. 418
Basic Entry Decisionsp. 419
Which Foreign Markets?p. 419
Timing of Entryp. 420
Scale of Entry and Strategic Commitmentsp. 421
Summaryp. 424
Entry Modesp. 426
Exportingp. 426
Turnkey Projectsp. 427
Licensingp. 427
Franchisingp. 429
Joint Venturesp. 432
Wholly Owned Subsidiariesp. 433
Selecting an Entry Modep. 435
Core Competencies and Entry Modep. 436
Pressures for Cost Reductions and Entry Modep. 436
Green-Field Venture or Acquisition?p. 437
Pros and Cons of Acquisitionsp. 437
Pros and Cons of Green-Field Venturesp. 440
Green-Field or Acquisition?p. 440
Key Termsp. 441
Summaryp. 441
Critical Thinking and Discussion Questionsp. 442
Research Taskp. 443
Closing Case: Merrill Lynch in Japanp. 443
Exporting, Importing, and Countertradep. 446
Opening Case: Exporting by Small U.S. Finnsp. 446
Introductionp. 448
The Promise and Pitfalls of Exportingp. 449
Improving Export Performancep. 450
An International Comparisonp. 450
Information Sourcesp. 450
Utilizing Export Management Companiesp. 452
Export Strategyp. 452
Export and Import Financingp. 453
Lack of Trustp. 453
Letter of Creditp. 456
Draftp. 457
Bill of Ladingp. 458
A Typical International Trade Transactionp. 458
Export Assistancep. 460
Export-Import Bankp. 460
Export Credit Insurancep. 461
Countertradep. 461
The Incidence of Countertradep. 462
Types of Countertradep. 462
The Pros and Cons of Countertradep. 463
Key Termsp. 464
Summaryp. 465
Critical Thinking and Discussion Questionsp. 465
Research Taskp. 466
Closing Case: Megahertz Communicationsp. 466
Global Production, Outsourcing, and Logisticsp. 468
Opening Case; Microsoft-Outsourcing Xbox Productionp. 468
Introductionp. 470
Strategy, Production, and Logisticsp. 471
Where to Producep. 474
Country Factorsp. 474
Technological Factorsp. 475
Product Factorsp. 479
Locating Production Facilitiesp. 480
The Strategic Role of Foreign Factoriesp. 481
Outsourcing Production: Make-or-Buy Decisionsp. 484
The Advantages of Makep. 484
The Advantages of Buyp. 486
Trade-offsp. 488
Strategic Alliances with Suppliersp. 489
Managing a Global Supply Chainp. 490
The Role of Just-in-Time Inventoryp. 490
The Role of Information Technology and the Internetp. 491
Key Termsp. 492
Summaryp. 492
Critical Thinking and Discussion Questionsp. 493
Research Taskp. 493
Closing Case: Competitive Advantage at Dellp. 493
Global Marketing and R&Dp. 496
Opening Case: Astro Boy-Marketing Japanese Anime to the Worldp. 496
Introductionp. 498
The Globalization of Markets and Brandsp. 499
Market Segmentationp. 500
Product Attributesp. 502
Cultural Differencesp. 503
Economic Developmentp. 503
Product and Technical Standardsp. 504
Distribution Strategyp. 504
Differences between Countriesp. 505
Choosing a Distribution Strategyp. 507
Communication Strategyp. 508
Barriers to International Communicationp. 508
Push versus Pull Strategiesp. 509
Global Advertisingp. 513
Pricing Strategyp. 515
Price Discriminationp. 515
Strategic Pricingp. 516
Regulatory Influences on Pricesp. 518
Configuring the Marketing Mixp. 518
New-Product Developmentp. 519
The Location of R&Dp. 521
Integrating R&D, Marketing, and Productionp. 522
Cross-Functional Teamsp. 523
Building Global R&D Capabilitiesp. 524
Key Termsp. 525
Summaryp. 526
Critical Thinking and Discussion Questionsp. 526
Research Taskp. 527
Closing Case: Procter & Gamble in Japanp. 527
Global Human Resource Managementp. 530
Opening Case: Molexp. 530
Introductionp. 533
The Strategic Role of International HRMp. 534
Staffing Policyp. 534
Types of Staffing Policyp. 535
Expatriate Managersp. 538
Training and Management Developmentp. 543
Training for Expatriate Managersp. 543
Repatriation of Expatriatesp. 544
Management Development and Strategyp. 545
Performance Appraisalp. 546
Performance Appraisal Problemsp. 546
Guidelines for Performance Appraisalp. 547
Compensationp. 547
National Differences in Compensationp. 547
Expatriate Payp. 549
International Labor Relationsp. 551
The Concerns of Organized Laborp. 551
The Strategy of Organized Laborp. 551
Approaches to Labor Relationsp. 552
Key Termsp. 553
Summaryp. 553
Critical Thinking and Discussion Questionsp. 554
Research Taskp. 554
Closing Case: Degrussa: Strategy and Human Resources in Chinap. 555
Sustainability in Practice: Interface: An Environmentally Sustainable Commitment to Business and Material Managementp. 556
Glossaryp. 559
Notesp. 569
Indexp. 603
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