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Definition
| Process of applying management concepts and techniques in a multinational environment and adapting management practices to different economic, political, and cultural environments. . |
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-Any company that engages in business functions beyond domestic borders
-Can be large and small
-Single owners and partnerships. |
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| Multinational Corporations |
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Definition
-Publicly owned through stocks
-All large multinational are corporations
-A firm having operations in more than once country, int'l sales, and a nationality mix of managers and owners. |
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-U.S. wanted to stay isolated (did not join League of nations)
-distrusted other nations after wwi
-Depression caused an attitude of protection of domestic industries
-Made depression worse; exporting and importing industries hurt. |
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-1930
-Increased tariffs on almost all goods imported
-Repealed 1934 |
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-Producing goods domestically and selling to other countries
-Purchasing goods produces in other countries
-Theories to explain int'l trade: Specialization and comparative advantage, and product life cycle theory. |
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| Exchange of currencies w/ int'l trade |
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Definition
| Demand for currencies causes changes in exchange rates and the value of various currencies in relation to each other. |
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-Investment in foreign firms. Stocks and bonds.
-Foreign aid in exchange for military bases or other stuff. |
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| Process of social, political, economic, cultural, and technological integration. Creating one world unit, borderless and closely connected. |
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| Process of business crossing national and cultural boundaries. |
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Term
| Mechanisms of globalization |
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Definition
Offshoring-moving production to other countries
Outsourcing-contracting out functions to other countries previously performed in house. |
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Term
| Globalization: exploitation of developing countries. |
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Definition
| Labor, Native cultures, Social institutions, Environment. World Trade Oganizations not responsive to developing countries problems because developed countries dominate the organization. |
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Definition
-1947
-Make agreements to lower and eliminate trade barriers.
-Type of barriers: Tariffs, subsidies, quotas. |
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Definition
Eighth round took place in Uruguay. It established the WTO to replace GATT.
-Established to oversee trade around the world.
-Intended to be stronger than the loosely constructed GATT. |
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Term
| Millenium Round in Seattle |
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Definition
Failed for two reasons:
-Thousands of protesters against globalization were able to disrupt the meetings.
-Developing nations wanted developed nations to make compromises on subsidizing their price supports for agriculture. |
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Term
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Definition
Mature economy
high per-capita GDP
int'l trade and investment |
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| Developing or emerging countries |
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Definition
| Grown extensively over the last two decades yet have struggled periodically. |
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Definition
| Low GDP, low per-capita GDP, high unemployment, workforce unskilled and semiskilled. |
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| Brazil, Russia, India, China. they will become stronger economically over the next 30 years while the US and the EU will lose some of their domincance. |
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| Capitalist or market economy |
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Definition
| use and ownership of resources and products determined by industrial members of society. |
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| Use and ownership of resources and products by the state |
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| gov't run by strong person |
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| gov't elected by society with royal family |
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| gov't run by strong single political party |
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| gov't run by strong religion |
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| assets taken over by gov't with compensation |
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| assets taken by gov't without compensation |
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| assets destroyed without compensation |
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| everything just destroyed. Against executives and assets. |
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| legal system based at least partially on religion |
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| legal system based on state ownership |
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| legal system on common law established by precedent of court cases. |
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| legal system based on a detailed set of rules or legal code |
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| legal system based on custom passed down from previous generations. |
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| formal laws and rules rather than situations |
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| based on situations and rather than on rules and laws |
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| show emotions easily and naturally |
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| people recognized for what they do and how well they do it |
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| People recognized for who they are based on background, family status, age, etc... |
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| One worldwide approach to management is the most effective and efficient. Manage the same way in other countries as at home. Managers can perform the same functions across companies and industries. Managers can perform the same functions across countries and cultures. |
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Definition
| View the world through one's own eyes and perspectives. No need to change how you do things or your perspectives when managing in another country |
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| Interact with managers from their countries the same way. |
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| doing things the same way lowers costs. Globalization imperative. |
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| High and low end products |
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Definition
| People by them for the same reasons regardless of country or culture. |
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Term
| National Responsiveness imperative |
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Definition
| Management should be responsive to national cultures and do things differently depending on the culture |
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Term
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Definition
Decision making and authority rests at the top
respect for authority
Authority not questioned
Call people by titles and last names |
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Definition
decision making and authority rests at lower levels
respect for authority but authority can be questioned
call people by names |
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