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Global Business Today with CD and OLC premium card

by: Hill, Charles W. L.

Global Business Today with CD and OLC premium card

by: Hill, Charles W. L.

ISBN 13:
9780073191751
ISBN 10:
0073191752
Edition: 4th
Format: Paperback
Copyright: 01/04/2005
Publisher: 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.

Preface

xii

PART ONE Globalization

(42)

Globalization

(42)

Opening Case: Planet Starbucks

(2)

Introduction

(3)

What is Globalization?

(2)

The Globalization of Markets

(1)

The Globalization of Production

(1)

The Emergence of Global Institutions

(2)

Drivers of Globalization

(7)

Declining Trade and Investment Barriers

(3)

The Role of Technological Change

(4)

The Changing Demographics of the Global Economy

(8)

The Changing World Output and World Trade Picture

(2)

The Changing Foreign Direct Investment Picture

(2)

The Changing Nature of the Multinational Enterprise

(1)

The Changing World Order

(2)

The Global Economy of the 21st Century

(1)

The Globalization Debate

(9)

Antiglobalization Protests

(2)

Globalization, Jobs, and Income

(2)

Globalization, Labor Policies, and the Environment

(2)

Globalization and National Sovereignty

(2)

Globalization and the World's Poor

(1)

Managing in the Global Marketplace

(2)

Key Terms

(1)

Summary

(1)

Critical Thinking and Discussion Questions

(1)

Research Task

(1)

Closing Case: Ecuadorean Valentine Roses

(1)

Closing Case: Who's Reading Your X-Ray?

(4)

Sustainability in Practice: Adidas-Solomon: Supply-Chain Management

(2)

PART TWO Country Differences

(118)

National Differences in Political Economy

(46)

Opening Case: The Poorest Continent

(2)

Introduction

(2)

Political Systems

(5)

Collectivism and Individualism

(3)

Democracy and Totalitarianism

(2)

Economic Systems

(2)

Market Economy

(1)

Command Economy

(1)

Mixed Economy

(1)

Legal Systems

(8)

Different Legal Systems

(1)

Differences in Contract Law

(1)

Property Rights

(2)

The Protection of Intellectual Property

(4)

Product Safety and Product Liability

(1)

The Determinants of Economic Development

(10)

Differences in Economic Development

(4)

Broader Conceptions of Development: Amartya Sen

(3)

Political Economy and Economic Progress

(2)

Geography, Education, and Economic Development

(1)

States in Transition

(10)

The Spread of Democracy

(2)

The New World Order and Global Terrorism

(2)

The Spread of Market-Based Systems

(1)

The Nature of Economic Transformation

(4)

Implications of Changing Political Economy

(1)

Focus on Managerial Implications

(3)

Benefits

(1)

Costs

(1)

Risks

(1)

Overall Attractiveness

(1)

Key Terms

(1)

Summary

(1)

Critical Thinking and Discussion Questions

(1)

Research Task

(1)

Closing Case: The Changing Political Economy of India

(2)

Differences in Culture

(38)

Opening Case: Guanxi---Ties That Bind

(3)

Introduction

(1)

What is Culture?

(3)

Values and Norms

(2)

Culture, Society, and the Nation-State

(1)

The Determinants of Culture

(1)

Social Structure

(5)

Individuals and Groups

(2)

Social Stratification

(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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9780073191751

0073191752

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Global Business Today with CD and OLC premium card

Global Business Today with CD and OLC premium card

9780073191751

0073191752

Summary

Table of Contents

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