International Business The Challenges Of Globalizatiori .
InternationalBusinessThe Challenges of GlobalizatioriEighth EditionGlobal EditionJohn J. WildUniversity of Wisconsin, MadisonKenneth L. WildUniversity of London, EnglandPEARSONBostonColumbusDubaiLondonMexico CityIndianapolisMadridSäo PauloNew YorkMilanSydneySan Francisco AmsterdamMunichHong KongParisMontrealSeoulCape TownToronto DelhiSingapore TaipeiTokyo
ContentsPreface 19PART 1 Global Business Environment 30Chapter 1Globalization 30Apple's Global iMpact 31Key Players in International Business 33Multinational Corporations 33Entrepreneurs and Small Businesses 33What Is Globalization? 34Globalization of Markets 35Globalization of Production 36 GLOBAL SUSTAINABILITY:Three Markets, Three Strategies 37Forces Driving Globalization 38Falling Barriers to Trade and Investment 38Technological Innovation 42Measuring Globalization 43Debate Over Jobs and Wages 44Against Globalization 44For Globalization 45Summary of the Jobs and Wages Debate 46Debate Over Income Inequality 46Inequality within Nation: 46Inequality between Nations 47Global Inequality 48Debate Over Culture, Sovereignty, and the Environment 49Globalization and Culture 49Globalization and National Sovereignty 49 CULTURE MATTERS: The Culture Debate 49 MANAGER'S BRIEFCASE: The Keys to Global Success 50Globalization and the Environment 51The Global Business Environment 51The Road Ahead for International Business 53 BOTTOM LINE FOR BUSINESS 54Chapter Summary 54 Key Terms 56 Talk About It 1 56 TalkAbout It 2 56 Ethical Challenge 56 Teaming Up 56 MarketEntry Strategy Project 57 PRACTICING INTERNATIONAL MANAGEMENT GASE: 10 Interactive—Storytelling Goes Global 58AppendixWorld Atlas 597
PART 2National Business Environments 68Chapter 2Chapter 3Cross-Cultural Business 68Hold the Pork, Please! 69What Is Culture? 70National Culture 70Subcultures 71Physical Environment 71Need for Cultural Knowledge 72 CULTURE MATTERS: Creating a Global Mindset 72Values and Behavior 73Values 74Attitudes 74Aesthetics 74Appropriate Behavior 75 MANAGER S BRIEFCASE: A Globetrotter's Guide to Meetings 76Social Structure and Education 76Social Group Associations 76Social Status 77Social Mobility 77Education 78Religion 79Christianity 79Islam 82Hinduism 82Buddhism 83Confucianism 84Judaism 84Shinto 84Personal Communication 85Spoken and Written Language 85 GLOBAL SUSTAINABILITY: Speaking in FewerTongues 85Body Language 87Culture in the Global Workplace 88Perception of Time 88View of Work 88Material Culture 89Cultural Change 90Studying Culture In The Workplace 91 BOTTOM LINE FOR BUSINESS 95Chapter Summary 95 Key Terms 96 TalkAboutltl 97 TalkAbout It 2 97 Ethical Challenge 97 Teaming Up 97 MarketEntry Strategy Project 98 PRACTICING INTERNATIONAL MANAGEMENT CASE: A Tale of TwoCultures 99Political Economy and Ethics 100Understanding Vietnamese Business Culture 101Political Systems 103Totalita rianism 103 GLOBAL SUSTAINABILITY: From Civil War to Civil Society 105Democracy 105 MANAGER S BRIEFCASE: Your Global Security Checklist 107
CONTENTSEconomic Systems 108Centrally Planned Economy 108Mixed Economy 109Market Economy 111Legal Systems 113 CULTURE MATTERS: Playing by the Rules 113Common Law 116Civil Law 116Theocratic Law 117Global Legal Issues 117Intellectual Property 117Product Safety and Liability 119Taxation 119Antitrust Regulations 120Ethics and Social Responsibility 121Philosophies of Ethics and Social Responsibility 121Bribery and Corruption 122Labor Conditions and Human Rights 122Fair Trade Practices 123Environment 123 BOTTOM LINE FOR BUSINESS 127Chapter Summary 128 Key Terms 129 Talk About It 1 129 TalkAbout It 2 129 Ethical Challenge 129 Teaming Up 130 MarketEntry Strategy Project 130 PRACTICING INTERNATIONAL MANAGEMENT CASE: Pirates ofGlobalization 131Chapter 4Economic Development of Nations 132India'sTech King 133Economic Development 134Classifying Countries 134National Production 135Purchasing Power Parity 138Human Development 139Economic Transition 140Managerial Expertise 140Shortage of Capital 140Cultural Differences 141Sustainability 141Political Risk 141 GLOBAL SUSTAINABILITY: Public Health Goes Global 142Conflict and Violence 142Terrorism and Kidnapping 143Property Seizure 143Policy Changes 146Local Content Requirements 147Managing Political Risk 147Adaptation 147Information Gathering 148Political Influenae 148International Relations 149The United Nations 1499
10CONTENTSEmerging Markets and Economic Transition 150China's Profile 150Chinese Patience and Guarixi 151China's Challenges 151 CULTURE MATTERS: Guidelines for Good Guarixi 152Russia's Profile 153 MANAGER'S BRIEFCASE: Russian Rules of the Game 153Russia's Challenges 154 BOTTOM LINE FOR BUSINESS 154Chapter Summary 155 Key Terms 156 Talk About It 1 156 TalkAbout It 2 157 Ethical Challenge 157 Teaming Up 157 MarketEntry Strategy Project 157 PRACTICING INTERNATIONAL MANAGEMENT GASE: The Role of Socialand Political Factors in the Lebanese Economy 159PART 3 International Trade and Investment 160Chapter 5International Trade Theory 160China's Caribbean Connection 161Benefits, Volume, and Patterns of International Trade 162Benefits of International Trade 162Volume of International Trade 162International Trade Patterns 163Trade Interdependence 166 CULTURE MATTERS: Business Culture in the Pacific Rim 166Mercantilism 167How Mercantilism Worked 168Flaws of Mercantilism 168Theories of Absolute and Comparative Advantage 169Absolute Advantage 169Comparative Advantage 171Factor Proportions Theory 173Labor versus Land and Capital Equipment 174Evidence on Factor Proportions Theory: The Leontief Paradox 174International Product Life Cycle 174Stages of the Product Life Cycle 174Limitations of the Theory 175 MANAGER'S BRIEFCASE: Five Fulfillment Mistakes 176New Trade Theory 176First-Mover Advantage 177National Competitive Advantage 177Factor Conditions 177 GLOBAL SUSTAINABILITY: Foundations of Development 178Demand Conditions 178Related and Supporting Industries 178Firm Strategy, Structure, and Rivalry 179Government and Chance 179 BOTTOM LINE FOR BUSINESS 179Chapter Summary 180 Key Terms 181 Talk About It 1 181 TalkAbout It 2 182 Ethical Challenge 182 Teaming Up 182 MarketEntry Strategy Project 182 PRACTICING INTERNATIONAL MANAGEMENT CASE: BT in Local andInternational Markets 183
CONTENTSChapter 6Political Economy of Trade 184Lord of the Movies 185Why Do Government; Intervene in Trade? 186Political Motives 186 GLOBAL SUSTAINABILITY: Managing Security in the Age of Globalization 187Economic Motives 188Cultural Motives 189 CULTURE MATTERS: Myths of Small Business Exporting 190Instruments of Trade Promotion 191Subsidies 191Export Financing 191Foreign Trade Zones 192 MANAGER'S BRIEFCASE: Experts in Export Financing 192Special Government Agencies 193Instruments of Trade Restriction 193Tariffs 193Quotas 194Embargoes 196Local Content Requirements 196Administrative Delays 197Currency Controls 197Global Trading System 197General Agreement on Tariffs and Trade (GATT) 198World Trade Organization (WTO) 199 BOTTOM LINE FOR BUSINESS 201Chapter Summary 202 Key Terms 203Talk About It 1 203 TalkAbout It 2 203 Ethical Challenge 204Teaming Up 204 MarketEntry Strategy Project 204 PRACTICING INTERNATIONAL MANAGEMENT GASE: The NewProtectionism 205Chapter 7Foreign Direct Investment 206Das Auto 207Pattern of Foreign Direct Investment 208Ups and Downs of FDI 208 CULTURE MATTERS: The Cowboy of Manchuria 210Worldwide Flows of FDI 210Theories of Foreign Direct Investment 211International Product Life Cycle 211Market Imperfections (Internalization) 211Eclectic Theory 212Market Power 212Management Issues and Foreign Direct Investment 213Control 213Purchase-or-Build Decision 213 MANAGER'S BRIEFCASE: Surprises of Investing Abroad 214Production Costs 214Customer Knowledge 215 GLOBAL SUSTAINABILITY: Greening the Supply Chain 216Following Clients 216Following Rivals 216Why Government; Intervene in FDI 217Balance of Payments 21711
12CONTENTSReasons for Intervention by the Host Country 218Reasons for Intervention by the Home Country 219Government Policy Instruments and FDI 220Host Countries: Promotion 221Host Countries: Restriction 221Home Countries: Promotion 222Home Countries: Restriction 222 BOTTOM LINE FOR BUSINESS 222Chapter Summary 223 Key Terms 224 Talk About It 1 224 TalkAbout It 2 225 Ethical Challenge 225 Teaming Up 225 MarketEntry Strategy Project 225 PRACTICING INTERNATIONAL MANAGEMENT CASE: Driving the GreenCar Market in Australia 227Chapter 8Regional Economic Integration 228Nestle's Global Recipe 229Levels of Integration and the Debate 230Free Trade Area 230Customs Union 231Common Market 231Economic Union 231Political Union 231The Case for Regional Integration 231The Case Against Regional Integration 233Integration in Europe 234European Union 235 CULTURE MATTERS: Czech List 240European Free Trade Association (EFTA) 242Integration in the Americas 242North American Free Trade Agreement (NAFTA) 242Central American Free Trade Agreement (CAFTA-DR) 244Andean Community (CAN) 244Southern Common Market (MERCOSUR) 245Central America and the Caribbean 245Free Trade Area of the Americas (FTAA) 246Integration in Asia and Elsewhere 246Association of Southeast Asian Nations (ASEAN) 246Asia Pacific Economic Cooperation (APEC) 246 MANAGER'S BRIEFCASE: The Ins and Outs of ASEAN 247Closer Economic Relations (CER) Agreement 247GuIfCooperation Council (GCC) 247Economic Community of West African States (ECOWAS) 248African Union (AU) 248 BOTTOM LINE FOR BUSINESS 249Chapter Summary 249 Key Terms 250 Talk About It 1 250 Talk About It 2 251 Ethical Challenge 279 TeamingUp 251 Market Entry Strategy Project 251 PRACTICING INTERNATIONAL MANAGEMENT CASE: Global Food Trade:Fair Trade or Safe Consumption? 253
CONTENTSPART 4 The International Financial System 254Chapter 9International Financial Markets 254Wii Is the Champion 255Importance of the International Capital Market 256Purposes of National Capital Markets 257Purposes of the International Capital Market 257 GLOBAL SUSTAINABILITY: Big Results from Microfinance 258Forces Expanding the International Capital Market 258World Financial Centers 259International Capital Market Components 260International Bond Market 260International Equity Market 261Eurocurrency Market 261The Foreign Exchange Market 262Functions of the Foreign Exchange Market 262Currency Quotes and Rates 264Quoting Currencies 264Spot Rates 267Forward Rates 267Swaps, Options, and Futures 268Market Instruments and Institutions 268Trading Centers 269Important Currencies 269Interbank Market 270Securities Exchanges 270Over-The-Counter Market 270 MANAGER'S BRIEFCASE: Managing Foreign Exchange 271Currency Restriction 271Instruments for Restricting Currencies 272 BOTTOM LINE FOR BUSINESS 272Chapter Summary 273 Key Terms 274 Talk About It 1 274 TalkAbout It 2 274 Ethical Challenge 275 Teaming Up 275 MarketEntry Strategy Project 275 PRACTICING INTERNATIONAL MANAGEMENT CASE: The Effect of theAsian Crisis on Southeast Asian Corporations 276AppendixCalculating Percent Change in Exchange Rates 277Chapter 10International Monetary System 278Euro Rollercoaster 279Importance of Exchange Rates 280Desire for Predictability and Stability 281Efficient versus Inefficient Market View 281Forecasting Techniques 282Difficulties of Forecasting 282 CULTURE MATTERS: The Long Arm of the Law 283What Factors Determine Exchange Rates? 283Law of One Price 283Purchasing Power Parity 28413
14CONTENTSFixed Exchange Rate Systems 288The Gold Standard 288Bretten Woods Agreement 290System of Floating Exchange Rates 292Today's Exchange-Rate Arrangements 292European Monetary System 293 MANAGER'S BRIEFCASE: Adjusting to Currency Swings 293Recent Financial Crises 294Future of the International Monetary System 297 BOTTOM LINE FOR BUSINESS 297Chapter Summary 298 Key Terms 299 Talk About It 1 299 TalkAbout It 2 299 Ethical Challenge 300 Teaming Up 300 MarketEntry Strategy Project 300 PRACTICING INTERNATIONAL MANAGEMENT CASE: Banking onForgiveness 301PART 5 International Business Management 302Chapter 11International Strategy and Organization 302Flying High with Low Fares 303Company Analysis 304Company Mission and Goals 304Gore Competency and Value-Creation 305 MANAGER'S BRIEFCASE: Ask Questions before Going Global 307Strategy Formulation 308Two International Strategies 308Corporate-Level Strategies 309Business-Level Strategies 310Department-Level Strategies 312Issues of Organizational Structure 313Centralization versus Decentralization 313Coordination and Flexibility 314Types Of Organizational Structure 315International Division Structure 315International Area Structure 316Global Product Structure 317Global Matrix Structure 317Work Teams 318A Final Word 319Chapter Summary 320 Key Terms 321 Talk About It 1 321 TalkAbout It 2 321 Ethical Challenge 321 Teaming Up 322 PRACTICING INTERNATIONAL MANAGEMENT CASE: IKEA's GlobalStrategy 323Chapter 12Analyzing International Opportunities 324Rovio Soars Globally 325Basic Appeal and National Factors 326Step 1: Identify Basic Appeal 326Step 2: Assess the National Business Environment 328 MANAGER'S BRIEFCASE: Conducting Global e Business 332Measure and Select the Market or Site 332Step 3: Measure Market or Site Potential 332Step 4: Select the Market or Site 335
CONTENTSSecondary Market Research 338International Organizations 338Government Agencies 338Industry and Trade Associations 340Service Organizations 340Internet 340Problems with Secondary Research 341Primary Market Research 342Trade Shows and Trade Missions 342Interviews and FocusGroups 342 CULTURE MAUERS: is the World Your Oyster? 343Surveys 343Environmental Scanning 344Problems with Primary Research 344A Final Word 344Chapter Summary 345 Key Terms 345 Talk About It 1 346 TalkAbout It 2 346 Ethical Challenge 346 Teaming Up 346 PRACTICING INTERNATIONAL MANAGEMENT GASE: Singapore Rises toProminence in the World Market 347Chapter 13Selecting and Managing Entry Modes 348License to Thrill 349Exporting, Importing, and Countertrade 350Why Companies Export 350Developing an Export Strategy: A Four-Step Model 351Degree of Export Involvement 352Avoiding Export and Import Blunders 353Countertrade 354Export/Import Financing 355Advance Payment 355Documentary Collection 356Letter of Credit 357Open Account 358 MANAGER'S BRIEFCASE: Collecting International Debts 358Contractual Entry Modes 359Licensing 359Franchising 360Management Contracts 362Turnkey Projects 362Investment Entry Modes 364Wholly Owned Subsidiäres 364Joint Ventures 364Strategie Alliances 366Strategie Factors in Selecting an Entry Mode 367Selecting Partners for Cooperation 367Cultural Environment 368 CULTURE MATTERS: Negotiating Market Entry 368Political and Legal Environments 369Market Size 369Production and Shipping Costs 369International Experience 369A Final Word 37015
16CONTENTSChapter Summary 370 Key Terms 371 Talk About It 1 371 TalkAbout It 2 371 Ethical Challenge 372 Teaming Up 372 PRACTICING INTERNATIONAL MANAGEMENT CASE: Game: Competingin Africa's Playing Fields 373Chapter 14Developing and Marketing Products 374It's a Cross-Cultural McWorld! 375Developing Product Strategies 376Laws and Regulations 376Cultural Differences 377Brand and Product Names 377National Image 378Counterfeit Goods and Black Markets 379Shortened Product Life Cycles 379Creating Promotional Strategies 380Push and Pull Strategies 380 MANAGER'S BRIEFCASE: Managing an International Sales Force 381International Advertising 381Blending Product and Promotional Strategies 383 CULTURE MATTERS: Localizing Websites 385Designing Distribution Strategies 386Designing Distribution Channels 386Influenae of Product Characteristics 387Special Distribution Problems 387Developing Pricing Strategies 388Worldwide Pricing 388Dual Pricing 389Factors That Affect Pricing Decisions 389A Final Word 390Chapter Summary 391 Key Terms 391 Talk About It 1 392 TalkAbout It 2 392 Ethical Challenge 392 Teaming Up 392 PRACTICING INTERNATIONAL MANAGEMENT CASE: Psychology of GlobalMarketing 393Chapter 15Managing International Operations 394Toyota Races Ahead 395Production Strategy 396Capacity Flanning 396Facilities Location Flanning 396Process Flanning 398Facilities Layout Flanning 399Acquiring Physical Resources 399Make-or-Buy Decision 399Raw Materials 402Fixed Assets 402Key Production Concerns 403Quality Improvement Efferts 403 MANAGER'S BRIEFCASE: World-Class Standards 404Shipping and Inventory Costs 404Reinvestment versus Divestment 405Financing Business Operations 405Borrowing 406Issuing Equity 406
CULTURE MATTERS: Financing Business from Abroad 408Internal Funding 408Capital Structure 409A Final Word 410Chapter Summary 410 Key Terms 411 Talk About It 1 411 TalkAbout It 2 411 Ethical Challenge 412 Teaming Up 412 PRACTICING INTERNATIONAL MANAGEMENT CASE: Toyota's Strategy forProduction Efficiency 413Chapter 16Hiring and Managing Employees 414Leaping Cultures 415International Staffing Policies 416Ethnocentric Staffing 416Polycentric Staffing 418Geocentric Staffing 418Recruiting and Selecting Human Resources 419Human Resource Flanning 419 MANAGER'S BRIEFCASE: Growing Global 419Recruiting Human Resources 420Selecting Human Resources 420Culture Shock 421Reverse Culture Shock 421 CULTURE MATTERS: A Shocking Ordeal 422Training and Development 422Methods of Cultural Training 423Compiling a Cultural Profile 424Nonmanagerial Worker Training 425Employee Compensation 425Managerial Employees 425Nonmanagerial Workers 426Labor-Management Relations 427Importance of Labor Unions 427A Final Word 428Chapter Summary 428 Key Terms 429 Talk About It 1 430 TalkAbout It 2 430 Ethical Challenge 430 Teaming Up 430 PRACTICING INTERNATIONAL MANAGEMENT CASE: BP: Challengesin Global Staffing 431Endnotes 432Glossary 437Name Index 445Subject Index 448
Eighth Edition Global Edition John J. Wild University of Wisconsin, Madison Kenneth L. Wild . The Global Business Environment 51 The Road Ahead for International Business 53 . Today's Exchange-Rate Arrangements 292 European Monetary System 293
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
