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introduction to economics introduction to macroeconomic determining output and employment: keynesian macroeconomics and fiscal policy money, financial market,and monetary policy demand and consumer choice product market factor markets market failure , gouvernement failure, and public choice the world economy

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Chapter 1 Introduction to International Business 5 International Business Terminology 8 Business Incident Multinational, Global, and International 8 Definitions Used in This Text History of International Business Explosive Growth 11 Closer Central Control Host Nations' Reaction Summary 24 Why Is International Business Different? 16 Forces in the Environments The Domestic Environment Foreign Environments 18 The International Environment Decision Making More Comnplex 20 International Business Model 20 Central Theme of This Book 21 Chapter 2 Investment 15 Business Incident 33 International Trade 35 Minicase 1-1 Dansk Manufacturing (Galawi) Limited 25 Volume of Trade 35 Direction of Trade 37 Appendix Careers in International Business 28 International Trade and Foreign Major Trading Partners 41 Utility of These Data Foreign Investment 43 Portfolio Investnent Foreign Direct Investment 43 U.S. Foreign Direct Investment Foreign Direct Investment in the United States 47 Why Go Abroad? Increase Profits and Sales 49 Summary 70 Minicase 2-1 Protect Markets, Profits, and Sales 56 How to Enter Foreign Markets Exporting 61 Foreign Manufacturing 62 Paths to Multinationalism Chapter3 Business Incident Method of Entry for Local Manufacturing-The McGrew Company 71 Minicase 2-2 Quick ResearchThe Stanton Bearing Company 72 Mercantilism International Trade Theory 79 Economic Theories on International Trade, Development, and Investment Endowment 83 Introducing Money 84 Rebuttal 89 Theory of Absolute Advantage 80 Theory of Comparative Advantage 81 Heckscher-Oblin Theory of Factor International Product Life Cycle (IPLC) 86 Summary of International Trade Theory 88 Trade Restrictions Kinds of Restrictions 92 Arguments for Trade Restrictions and Their Costs of Barriers to Trade 100 XVi Contents Economic Development Categories Based on Levels of Economic Developnent 101 GNPICapita as an Indicator 101 A Human-Needs More than GNP/Capita Is Required 104 Characteristics of Developing Nations Summary 109 Development 105 International Investment Theories 107 Contemporary Theories of Foreign Direct Investnent 107 Minicase 3-1 Section Two Approach to Economic The Ricardo Case 112 Minicase 3-2 Tarus Manufacturing 113 The International Environment: Organizations and Monetary System Chapter 4 lnternational Organizations 121 Business Incidents The United Nations 123 UN Growth and Change 124 UN Specialized Agencies Career Opportunities 125 UN Publications Useful to Businesses 125 UN Future The World Bank 126 Hard Loans Importance to Business 126 Business Opportunities and Information International Finance Corporation (IFC) 128 International Development Association Privatize the World Bank? 131 International Monetary Fund (IMF) 131 Changes in the IMF 132 European Bank for Reconstruction and Development 134 Regional Developnent Banks Bank tor International Settlements (BIS) 137 General Agreement on Tariffs and Trade (GATT) 138 How GA7T Was Conceived 138 GATT Successes 139 GATT Entirely Successfule 139 Will GATT Survive? 140 s GATT Irrelevant 140 Organization of Petroleum Exporting Countries (OPEC) 140 Oil Companies Should Have Listened 141 Economic Muscle and Political Strength 141 Was OPEC Too Greedy? 141 The European Commnunity (EC) 142 Background 142 EC 1992 144 Fortress Europe? 145 Will Project 1992 Succeed? 146 Other Regional Groupings of Nations 149 European Free Trade Association (EFTA) 150 Former COMECON (Council for Mutual Economic Assistance) and Other European Countries Oueue Up for EC Membership 150 U.S.-Canada Free Trade AgreementAdd Mexico? The Western Hemisphere? 150 Organization for Economic Cooperation and Development (OECD) 152 Summary 152 Balance-of-Payment Equilibrium and Disequilibrium 164 American BOP Deficit 165 Gold Exchange Standard 165 August 15, 1971, and the Next Two Years 166 Politicians versus Speculators 167 1973 to the Present Currency Areas 168 Snake 169 Experience with Floating 169 Money Markets, Foreign Exchange 176 SDRs in the Future 177 Uses of the SDR Summary 183 European Monetary System (EMS) 178 European Currency Unit (ECU) Contract 184 Minicase 5-1 Payment Terms for an International Minicase 5-2 SDR Exchange Risk 184 Chapter 6 Financial Forces Business Incident Fluctuating Currency Values 193 Foreign Exchange Quotations Exchange Rates 194 DM1.7110 = USS1.00 194 So Many Yen, So Few Pounds Currency Exchange Controls Balance of Payments 199 Tariffs or Duties Taxation 202 Fluctuating Exchange Rates Create Risk 198 Taxes as a Percent of GDP 203 Different Taxes in Different Countries 203 Inflation 204 Inflation's Effects on Interest Rates 204 Monetary and Fiscal Policies Affect Inflation 204 Importance of lnflation to Business 205 The Misery Index 206 Accounting Practices 207 Countries Went Bust 207 Causes of Increasing LDC Indebtedness 208 Debt Problem Solutions 208 The Biggest "Debtor"? The United States Summary 215 Minicase 6-1 Interest Rates 216 Minicase 6-2 Deficit 216 Chapter 7 Borrowing Money at the Lowest Management Faces a BOP Economnic and Socioeconomic Forces Business Incident 221 International Economic Analyses 223 Dimensions of the Economy 225 National Economnic Plans 243 Summary 245 Industry Dimensions 245 Minicase 7-1 International Drug Corporation 246 Minicase 7-2 Taiwan's Economic Development Plan, 1986- 1989 Chapter 8 Physical Forces Business Incident 255 Location 256 Political Relationships 2S7 Trade Relationsbips 257 Topography 258 Mountains and Plains 258 Deserts and Tropical Forests 261 Bodies of Water 264 Climate 267 Climate and Development 267 Climatic Implications for Businesspeoțple 268 Natural Resources 269 Alternative Energy Sources 270 Nonfuel Minerals 272 Changes Make Monitoring Necessary 274 Contamination of Resources 275 Summary 278 Minicase 8-1 Brazil Balks at International Pressure to Save the Amazon 280 Minicase 8-2 Bhopal Fallout 281 xvii Contents Chapter 9 Sociocultural Forces Business Incident 287 What Is Culture? Significance of Culture for International Culture Impacts AIl Business Functions 291 Sociocultural Components 293 Aesthetics 293 Attitudes and Beliefs 295 Religion 298 Material Culture 306 Education 309 Language 314 Societal Organization 324 Summary 326 Minicase 9-1 Be Attuned to Business Etiquette 327 Minicase 9-2 Is It a Bribe? 328 Minicase 9-3 Evans Machinery-France 329 Chapter 10 Political Forces Business Incident Ideological Forces Communism 338 Capitalism 340 Socialism 340 Conservative or Liberal 341 Government Ownership of Business 342 Why Firms Are Nationalized 342 Unfair Competition? 344 Government- Private Collaboration Difficult 344 Privatization 344 Privatization in Eastern Europe and the Former U.S.S.R. Nationalism 347 Private Sector More Efficient than State? 346 Other Forms of Privatization Terrorism 349 Government Protection 347 Results 352 Iraq Grabs for Economic-Political Power 348 Government Stability 352 Stability and Instability: Examples and Traditional Hostilities 355 Arab Countries–Israel 355 Vietnam-Cambodia 355 Tamils and Sinhalese in Sri Lanka 356 Croats, Bosnians, and Serbs in Yugoslavia 356 South Africa 356 International Organizations 356 United Nations (UN) 357 World Bank Group 357 IME, GATT, and OPEC 357 Organization for Economic Cooperation and Development (OECD) 358 Labor 358 International Companies (1Cs) 358 Forty Percent of World's Top Econonic Units Are Firmns, Not Nations 358 Country Risk Assessment (CRA) 359 Types of Country Risks 359 Information Content for CRA 359 Who Does Country Risk Assessing? 361 CRA Procedures 362 Lessons of the International Debt Crisis 362 Summary 363 Minicase 10-1 Company Privatization 364 Chapter 11 Legal Forces Business Incident Some Specific National Legal Forces 370 Taxation 370 Antitrust and Restrictive Trade Practices Legislation 373 Tarifs, Quotas, and Other Trade Obstacles 376 Expropriation or Confiscation 378 Domestication 378 Product Liability, Civil and Criminal 378 Price and Wage Controls 380 Labor Laws 381 Currency Exchange Controls 381 Miscellaneous Lauus 381 International Forces 382 Business Contracts 382 Patents, Trademarks, Trade Names, Copyrights, and Trade Secrets 384 International Standardizing Forces U.S. Firms 387 Antitrust 387 U.S. Laws That Affect the International Business of Taxation 388 Foreign Corrupt Practices Act (FCPA) 390 Antiboycott Law 392 1988 Trade Law 393 Some Laws and Agencies Aid U.S. Exports and Investment 393 Common Law or Civil Law? 393 European Practice 396 American Practice 396 Summary 396 Minicase 11-1 Minicase 11-2 American Law 398 Italian Law 398 Chapter 12 Labor Forces Business Incidene 403 Labor Mobility Refsgee Poliical and Ecomomic 405 Labor Shortages and Guest Workers 40s Guest orker Problemes 408 Ne Gest Woêerst 409 Composition of the Labor Force 413 Political or Ecomomic Refgees 413 Labor Force Compositio ad Comparatie Prodectiesty 413 Policies 418 Social Status, Gender, Race, Traditional Society, or Minorities Coniderations in Employment Social Satee 41E Gesder 419 Race 420 Thadtional Society 422 Mieorities422 Employer -Employee Relationshigs 423 Labor UoR Earopeas, Amean, and Japanese 421 Multinatiomal Labor Actieties 42S Codetermiation Workers of the World 427 Summary 429 Seevens 40 Minicase 12-1 CodeterminasoDetsche Minicase 12-2 Racise 431 Chapeer 13 Competitive and Distributive Forces Business lncident 435 Competinon at the Macro Leed (Naticnal Compenitiveness) 437 Ueited Sates 43 Japan 450 Developing Nations 452 Competition at the Industry Level 454 Steel Industry 455S Analysis of the Competitive Forces 457 Is Competitor Assessment New? 457 Sources of Information 458 Distributive Forces International Channel of Distribution Members 461 Indirect Exporting 461 Direct Exporting 466 Foreign Production 467 Channel Selection Information Sources 474 Summary 474 Contents Importer 475 Minicase 13-1 Aikens-Malaysia and the Parallel Minicase 13-2 America-Bashing-To Buy or Not to Buy American? 476 Chapter 14 Market Assessment and Analysis Business Incident Market Screening 487 Initial Screening 487 Second Screening-Financial and Economic Forces 489 Third Screening Political and Legal Forces 492 Fourth Screening--Sociocutural Forces 493 Fifth Screening-Competitive Forces 494 Final Selection of New Markets 494 Recapitulation of the Screening Process 498 International Management Information System (IMIS) 499 Chapter 18 Financial Management Business Incident Fluctuating Currency Exchange Rates 634 Transaction Risks 634 Only for Big Business? 642 Translation Risks FASB 8 and FASB 52 644 Swaps 645 Capital Raising and Investing 647 Decisions 647 Interest Rate Swaps 648 Currency Swaps 650 Sales without Money Countertrade 651 Communist Customers Are Different 650 Industrial Cooperation 653 International Finance Center Rates 654 Volatile, Floating Currency Exchange Center 655 A Racy Convertible from Toyota 656 Summary 656 Minicase 18-1 Dealing with the Transaction Risl Caused by Fluctuations of Relative Currency Values 657 Minicase 18-2 Minicase 18-3 Minicase 18-4 Funds 658 Countertrade Countertrade Company Has a Temporary Surplus of Business Incident CFO Decisions when the Minicase 18-5 Using a Temporary Fund Surpl to Make Some Profit in Currency Forward Markets 658 Chapter 19 Production Systems Lower Costs Minicase 18-6 Short the French Franc 659 Japanese Efforts to Lower Costs and Improve Quality 664 Improve Quality 666 Problems with Inplementing the Jațpanese Just-In-Time System Problems with JIT 667 Synchronous Production 668 and Lower Costs American and European Efforts to Improve Ouality Western Firms that Are Succeeding 669 The Malcomb Baldrige National Quality Award 670 Planning 676 Reasons for Worldwide Standardization of Production Systems and Facilities 672 Organization and Staffing 672 Production Facilities Environmental Forces Contents Impediments to Worldwide Standardization of Some Design Solutions 679 Appropriate Technology 679 The Local Production System 680 Basis for Organization 680 Horizontal and Vertical Integration 680 Design of the Production System 681 Operation of the Production System 683 Summary 688 Minicase 19-1 Site Selection: Johnson Machine Tool Manufacturing (Europa) 689 Minicase 19-2 Maquinas para el Hogar Penwick 690 Chapter 20 Labor Relations Policies and Management Business Incident 695 Personnel Needs, Availability, and Labor Laws 696 Analysis of the Labor Force 696 Employee Facilities 697 Recruitment and Selection 698 Recruitment 698 Selection 699 Training and Development 700 In-House Programs Off-Premises Training and Development 702 Motivation Bonuses, Salaries, and Wages 702 Incentive Pay Plans 703 Workers of the World: Money Rewards Compared 704

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Chapter 1 Introduction to International Business 5 International Business Terminology 8 Business Incident Multinational, Global, and International 8 Definitions Used in This Text History of International Business Explosive Growth 11 Closer Central Control Host Nations' Reaction Summary 24 Why Is International Business Different? 16 Forces in the Environments The Domestic Environment Foreign Environments 18 The International Environment Decision Making More Comnplex 20 International Business Model 20 Central Theme of This Book 21 Chapter 2 Investment 15 Business Incident 33 International Trade 35 Minicase 1-1 Dansk Manufacturing (Galawi) Limited 25 Volume of Trade 35 Direction of Trade 37 Appendix Careers in International Business 28 International Trade and Foreign Major Trading Partners 41 Utility of These Data Foreign Investment 43 Portfolio Investnent Foreign Direct Investment 43 U.S. Foreign Direct Investment Foreign Direct Investment in the United States 47 Why Go Abroad? Increase Profits and Sales 49 Summary 70 Minicase 2-1 Protect Markets, Profits, and Sales 56 How to Enter Foreign Markets Exporting 61 Foreign Manufacturing 62 Paths to Multinationalism Chapter3 Business Incident Method of Entry for Local Manufacturing-The McGrew Company 71 Minicase 2-2 Quick ResearchThe Stanton Bearing Company 72 Mercantilism International Trade Theory 79 Economic Theories on International Trade, Development, and Investment Endowment 83 Introducing Money 84 Rebuttal 89 Theory of Absolute Advantage 80 Theory of Comparative Advantage 81 Heckscher-Oblin Theory of Factor International Product Life Cycle (IPLC) 86 Summary of International Trade Theory 88 Trade Restrictions Kinds of Restrictions 92 Arguments for Trade Restrictions and Their Costs of Barriers to Trade 100 XVi Contents Economic Development Categories Based on Levels of Economic Developnent 101 GNPICapita as an Indicator 101 A Human-Needs More than GNP/Capita Is Required 104 Characteristics of Developing Nations Summary 109 Development 105 International Investment Theories 107 Contemporary Theories of Foreign Direct Investnent 107 Minicase 3-1 Section Two Approach to Economic The Ricardo Case 112 Minicase 3-2 Tarus Manufacturing 113 The International Environment: Organizations and Monetary System Chapter 4 lnternational Organizations 121 Business Incidents The United Nations 123 UN Growth and Change 124 UN Specialized Agencies Career Opportunities 125 UN Publications Useful to Businesses 125 UN Future The World Bank 126 Hard Loans Importance to Business 126 Business Opportunities and Information International Finance Corporation (IFC) 128 International Development Association Privatize the World Bank? 131 International Monetary Fund (IMF) 131 Changes in the IMF 132 European Bank for Reconstruction and Development 134 Regional Developnent Banks Bank tor International Settlements (BIS) 137 General Agreement on Tariffs and Trade (GATT) 138 How GA7T Was Conceived 138 GATT Successes 139 GATT Entirely Successfule 139 Will GATT Survive? 140 s GATT Irrelevant 140 Organization of Petroleum Exporting Countries (OPEC) 140 Oil Companies Should Have Listened 141 Economic Muscle and Political Strength 141 Was OPEC Too Greedy? 141 The European Commnunity (EC) 142 Background 142 EC 1992 144 Fortress Europe? 145 Will Project 1992 Succeed? 146 Other Regional Groupings of Nations 149 European Free Trade Association (EFTA) 150 Former COMECON (Council for Mutual Economic Assistance) and Other European Countries Oueue Up for EC Membership 150 U.S.-Canada Free Trade AgreementAdd Mexico? The Western Hemisphere? 150 Organization for Economic Cooperation and Development (OECD) 152 Summary 152 Balance-of-Payment Equilibrium and Disequilibrium 164 American BOP Deficit 165 Gold Exchange Standard 165 August 15, 1971, and the Next Two Years 166 Politicians versus Speculators 167 1973 to the Present Currency Areas 168 Snake 169 Experience with Floating 169 Money Markets, Foreign Exchange 176 SDRs in the Future 177 Uses of the SDR Summary 183 European Monetary System (EMS) 178 European Currency Unit (ECU) Contract 184 Minicase 5-1 Payment Terms for an International Minicase 5-2 SDR Exchange Risk 184 Chapter 6 Financial Forces Business Incident Fluctuating Currency Values 193 Foreign Exchange Quotations Exchange Rates 194 DM1.7110 = USS1.00 194 So Many Yen, So Few Pounds Currency Exchange Controls Balance of Payments 199 Tariffs or Duties Taxation 202 Fluctuating Exchange Rates Create Risk 198 Taxes as a Percent of GDP 203 Different Taxes in Different Countries 203 Inflation 204 Inflation's Effects on Interest Rates 204 Monetary and Fiscal Policies Affect Inflation 204 Importance of lnflation to Business 205 The Misery Index 206 Accounting Practices 207 Countries Went Bust 207 Causes of Increasing LDC Indebtedness 208 Debt Problem Solutions 208 The Biggest "Debtor"? The United States Summary 215 Minicase 6-1 Interest Rates 216 Minicase 6-2 Deficit 216 Chapter 7 Borrowing Money at the Lowest Management Faces a BOP Economnic and Socioeconomic Forces Business Incident 221 International Economic Analyses 223 Dimensions of the Economy 225 National Economnic Plans 243 Summary 245 Industry Dimensions 245 Minicase 7-1 International Drug Corporation 246 Minicase 7-2 Taiwan's Economic Development Plan, 1986- 1989 Chapter 8 Physical Forces Business Incident 255 Location 256 Political Relationships 2S7 Trade Relationsbips 257 Topography 258 Mountains and Plains 258 Deserts and Tropical Forests 261 Bodies of Water 264 Climate 267 Climate and Development 267 Climatic Implications for Businesspeoțple 268 Natural Resources 269 Alternative Energy Sources 270 Nonfuel Minerals 272 Changes Make Monitoring Necessary 274 Contamination of Resources 275 Summary 278 Minicase 8-1 Brazil Balks at International Pressure to Save the Amazon 280 Minicase 8-2 Bhopal Fallout 281 xvii Contents Chapter 9 Sociocultural Forces Business Incident 287 What Is Culture? Significance of Culture for International Culture Impacts AIl Business Functions 291 Sociocultural Components 293 Aesthetics 293 Attitudes and Beliefs 295 Religion 298 Material Culture 306 Education 309 Language 314 Societal Organization 324 Summary 326 Minicase 9-1 Be Attuned to Business Etiquette 327 Minicase 9-2 Is It a Bribe? 328 Minicase 9-3 Evans Machinery-France 329 Chapter 10 Political Forces Business Incident Ideological Forces Communism 338 Capitalism 340 Socialism 340 Conservative or Liberal 341 Government Ownership of Business 342 Why Firms Are Nationalized 342 Unfair Competition? 344 Government- Private Collaboration Difficult 344 Privatization 344 Privatization in Eastern Europe and the Former U.S.S.R. Nationalism 347 Private Sector More Efficient than State? 346 Other Forms of Privatization Terrorism 349 Government Protection 347 Results 352 Iraq Grabs for Economic-Political Power 348 Government Stability 352 Stability and Instability: Examples and Traditional Hostilities 355 Arab Countries–Israel 355 Vietnam-Cambodia 355 Tamils and Sinhalese in Sri Lanka 356 Croats, Bosnians, and Serbs in Yugoslavia 356 South Africa 356 International Organizations 356 United Nations (UN) 357 World Bank Group 357 IME, GATT, and OPEC 357 Organization for Economic Cooperation and Development (OECD) 358 Labor 358 International Companies (1Cs) 358 Forty Percent of World's Top Econonic Units Are Firmns, Not Nations 358 Country Risk Assessment (CRA) 359 Types of Country Risks 359 Information Content for CRA 359 Who Does Country Risk Assessing? 361 CRA Procedures 362 Lessons of the International Debt Crisis 362 Summary 363 Minicase 10-1 Company Privatization 364 Chapter 11 Legal Forces Business Incident Some Specific National Legal Forces 370 Taxation 370 Antitrust and Restrictive Trade Practices Legislation 373 Tarifs, Quotas, and Other Trade Obstacles 376 Expropriation or Confiscation 378 Domestication 378 Product Liability, Civil and Criminal 378 Price and Wage Controls 380 Labor Laws 381 Currency Exchange Controls 381 Miscellaneous Lauus 381 International Forces 382 Business Contracts 382 Patents, Trademarks, Trade Names, Copyrights, and Trade Secrets 384 International Standardizing Forces U.S. Firms 387 Antitrust 387 U.S. Laws That Affect the International Business of Taxation 388 Foreign Corrupt Practices Act (FCPA) 390 Antiboycott Law 392 1988 Trade Law 393 Some Laws and Agencies Aid U.S. Exports and Investment 393 Common Law or Civil Law? 393 European Practice 396 American Practice 396 Summary 396 Minicase 11-1 Minicase 11-2 American Law 398 Italian Law 398 Chapter 12 Labor Forces Business Incidene 403 Labor Mobility Refsgee Poliical and Ecomomic 405 Labor Shortages and Guest Workers 40s Guest orker Problemes 408 Ne Gest Woêerst 409 Composition of the Labor Force 413 Political or Ecomomic Refgees 413 Labor Force Compositio ad Comparatie Prodectiesty 413 Policies 418 Social Status, Gender, Race, Traditional Society, or Minorities Coniderations in Employment Social Satee 41E Gesder 419 Race 420 Thadtional Society 422 Mieorities422 Employer -Employee Relationshigs 423 Labor UoR Earopeas, Amean, and Japanese 421 Multinatiomal Labor Actieties 42S Codetermiation Workers of the World 427 Summary 429 Seevens 40 Minicase 12-1 CodeterminasoDetsche Minicase 12-2 Racise 431 Chapeer 13 Competitive and Distributive Forces Business lncident 435 Competinon at the Macro Leed (Naticnal Compenitiveness) 437 Ueited Sates 43 Japan 450 Developing Nations 452 Competition at the Industry Level 454 Steel Industry 455S Analysis of the Competitive Forces 457 Is Competitor Assessment New? 457 Sources of Information 458 Distributive Forces International Channel of Distribution Members 461 Indirect Exporting 461 Direct Exporting 466 Foreign Production 467 Channel Selection Information Sources 474 Summary 474 Contents Importer 475 Minicase 13-1 Aikens-Malaysia and the Parallel Minicase 13-2 America-Bashing-To Buy or Not to Buy American? 476 Chapter 14 Market Assessment and Analysis Business Incident Market Screening 487 Initial Screening 487 Second Screening-Financial and Economic Forces 489 Third Screening Political and Legal Forces 492 Fourth Screening--Sociocutural Forces 493 Fifth Screening-Competitive Forces 494 Final Selection of New Markets 494 Recapitulation of the Screening Process 498 International Management Information System (IMIS) 499 Chapter 18 Financial Management Business Incident Fluctuating Currency Exchange Rates 634 Transaction Risks 634 Only for Big Business? 642 Translation Risks FASB 8 and FASB 52 644 Swaps 645 Capital Raising and Investing 647 Decisions 647 Interest Rate Swaps 648 Currency Swaps 650 Sales without Money Countertrade 651 Communist Customers Are Different 650 Industrial Cooperation 653 International Finance Center Rates 654 Volatile, Floating Currency Exchange Center 655 A Racy Convertible from Toyota 656 Summary 656 Minicase 18-1 Dealing with the Transaction Risl Caused by Fluctuations of Relative Currency Values 657 Minicase 18-2 Minicase 18-3 Minicase 18-4 Funds 658 Countertrade Countertrade Company Has a Temporary Surplus of Business Incident CFO Decisions when the Minicase 18-5 Using a Temporary Fund Surpl to Make Some Profit in Currency Forward Markets 658 Chapter 19 Production Systems Lower Costs Minicase 18-6 Short the French Franc 659 Japanese Efforts to Lower Costs and Improve Quality 664 Improve Quality 666 Problems with Inplementing the Jațpanese Just-In-Time System Problems with JIT 667 Synchronous Production 668 and Lower Costs American and European Efforts to Improve Ouality Western Firms that Are Succeeding 669 The Malcomb Baldrige National Quality Award 670 Planning 676 Reasons for Worldwide Standardization of Production Systems and Facilities 672 Organization and Staffing 672 Production Facilities Environmental Forces Contents Impediments to Worldwide Standardization of Some Design Solutions 679 Appropriate Technology 679 The Local Production System 680 Basis for Organization 680 Horizontal and Vertical Integration 680 Design of the Production System 681 Operation of the Production System 683 Summary 688 Minicase 19-1 Site Selection: Johnson Machine Tool Manufacturing (Europa) 689 Minicase 19-2 Maquinas para el Hogar Penwick 690 Chapter 20 Labor Relations Policies and Management Business Incident 695 Personnel Needs, Availability, and Labor Laws 696 Analysis of the Labor Force 696 Employee Facilities 697 Recruitment and Selection 698 Recruitment 698 Selection 699 Training and Development 700 In-House Programs Off-Premises Training and Development 702 Motivation Bonuses, Salaries, and Wages 702 Incentive Pay Plans 703 Workers of the World: Money Rewards Compared 704

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Chapter 1 Introduction to International Business 5 International Business Terminology 8 Business Incident Multinational, Global, and International 8 Definitions Used in This Text History of International Business Explosive Growth 11 Closer Central Control Host Nations' Reaction Summary 24 Why Is International Business Different? 16 Forces in the Environments The Domestic Environment Foreign Environments 18 The International Environment Decision Making More Comnplex 20 International Business Model 20 Central Theme of This Book 21 Chapter 2 Investment 15 Business Incident 33 International Trade 35 Minicase 1-1 Dansk Manufacturing (Galawi) Limited 25 Volume of Trade 35 Direction of Trade 37 Appendix Careers in International Business 28 International Trade and Foreign Major Trading Partners 41 Utility of These Data Foreign Investment 43 Portfolio Investnent Foreign Direct Investment 43 U.S. Foreign Direct Investment Foreign Direct Investment in the United States 47 Why Go Abroad? Increase Profits and Sales 49 Summary 70 Minicase 2-1 Protect Markets, Profits, and Sales 56 How to Enter Foreign Markets Exporting 61 Foreign Manufacturing 62 Paths to Multinationalism Chapter3 Business Incident Method of Entry for Local Manufacturing-The McGrew Company 71 Minicase 2-2 Quick ResearchThe Stanton Bearing Company 72 Mercantilism International Trade Theory 79 Economic Theories on International Trade, Development, and Investment Endowment 83 Introducing Money 84 Rebuttal 89 Theory of Absolute Advantage 80 Theory of Comparative Advantage 81 Heckscher-Oblin Theory of Factor International Product Life Cycle (IPLC) 86 Summary of International Trade Theory 88 Trade Restrictions Kinds of Restrictions 92 Arguments for Trade Restrictions and Their Costs of Barriers to Trade 100 XVi Contents Economic Development Categories Based on Levels of Economic Developnent 101 GNPICapita as an Indicator 101 A Human-Needs More than GNP/Capita Is Required 104 Characteristics of Developing Nations Summary 109 Development 105 International Investment Theories 107 Contemporary Theories of Foreign Direct Investnent 107 Minicase 3-1 Section Two Approach to Economic The Ricardo Case 112 Minicase 3-2 Tarus Manufacturing 113 The International Environment: Organizations and Monetary System Chapter 4 lnternational Organizations 121 Business Incidents The United Nations 123 UN Growth and Change 124 UN Specialized Agencies Career Opportunities 125 UN Publications Useful to Businesses 125 UN Future The World Bank 126 Hard Loans Importance to Business 126 Business Opportunities and Information International Finance Corporation (IFC) 128 International Development Association Privatize the World Bank? 131 International Monetary Fund (IMF) 131 Changes in the IMF 132 European Bank for Reconstruction and Development 134 Regional Developnent Banks Bank tor International Settlements (BIS) 137 General Agreement on Tariffs and Trade (GATT) 138 How GA7T Was Conceived 138 GATT Successes 139 GATT Entirely Successfule 139 Will GATT Survive? 140 s GATT Irrelevant 140 Organization of Petroleum Exporting Countries (OPEC) 140 Oil Companies Should Have Listened 141 Economic Muscle and Political Strength 141 Was OPEC Too Greedy? 141 The European Commnunity (EC) 142 Background 142 EC 1992 144 Fortress Europe? 145 Will Project 1992 Succeed? 146 Other Regional Groupings of Nations 149 European Free Trade Association (EFTA) 150 Former COMECON (Council for Mutual Economic Assistance) and Other European Countries Oueue Up for EC Membership 150 U.S.-Canada Free Trade AgreementAdd Mexico? The Western Hemisphere? 150 Organization for Economic Cooperation and Development (OECD) 152 Summary 152 Balance-of-Payment Equilibrium and Disequilibrium 164 American BOP Deficit 165 Gold Exchange Standard 165 August 15, 1971, and the Next Two Years 166 Politicians versus Speculators 167 1973 to the Present Currency Areas 168 Snake 169 Experience with Floating 169 Money Markets, Foreign Exchange 176 SDRs in the Future 177 Uses of the SDR Summary 183 European Monetary System (EMS) 178 European Currency Unit (ECU) Contract 184 Minicase 5-1 Payment Terms for an International Minicase 5-2 SDR Exchange Risk 184 Chapter 6 Financial Forces Business Incident Fluctuating Currency Values 193 Foreign Exchange Quotations Exchange Rates 194 DM1.7110 = USS1.00 194 So Many Yen, So Few Pounds Currency Exchange Controls Balance of Payments 199 Tariffs or Duties Taxation 202 Fluctuating Exchange Rates Create Risk 198 Taxes as a Percent of GDP 203 Different Taxes in Different Countries 203 Inflation 204 Inflation's Effects on Interest Rates 204 Monetary and Fiscal Policies Affect Inflation 204 Importance of lnflation to Business 205 The Misery Index 206 Accounting Practices 207 Countries Went Bust 207 Causes of Increasing LDC Indebtedness 208 Debt Problem Solutions 208 The Biggest "Debtor"? The United States Summary 215 Minicase 6-1 Interest Rates 216 Minicase 6-2 Deficit 216 Chapter 7 Borrowing Money at the Lowest Management Faces a BOP Economnic and Socioeconomic Forces Business Incident 221 International Economic Analyses 223 Dimensions of the Economy 225 National Economnic Plans 243 Summary 245 Industry Dimensions 245 Minicase 7-1 International Drug Corporation 246 Minicase 7-2 Taiwan's Economic Development Plan, 1986- 1989 Chapter 8 Physical Forces Business Incident 255 Location 256 Political Relationships 2S7 Trade Relationsbips 257 Topography 258 Mountains and Plains 258 Deserts and Tropical Forests 261 Bodies of Water 264 Climate 267 Climate and Development 267 Climatic Implications for Businesspeoțple 268 Natural Resources 269 Alternative Energy Sources 270 Nonfuel Minerals 272 Changes Make Monitoring Necessary 274 Contamination of Resources 275 Summary 278 Minicase 8-1 Brazil Balks at International Pressure to Save the Amazon 280 Minicase 8-2 Bhopal Fallout 281 xvii Contents Chapter 9 Sociocultural Forces Business Incident 287 What Is Culture? Significance of Culture for International Culture Impacts AIl Business Functions 291 Sociocultural Components 293 Aesthetics 293 Attitudes and Beliefs 295 Religion 298 Material Culture 306 Education 309 Language 314 Societal Organization 324 Summary 326 Minicase 9-1 Be Attuned to Business Etiquette 327 Minicase 9-2 Is It a Bribe? 328 Minicase 9-3 Evans Machinery-France 329 Chapter 10 Political Forces Business Incident Ideological Forces Communism 338 Capitalism 340 Socialism 340 Conservative or Liberal 341 Government Ownership of Business 342 Why Firms Are Nationalized 342 Unfair Competition? 344 Government- Private Collaboration Difficult 344 Privatization 344 Privatization in Eastern Europe and the Former U.S.S.R. Nationalism 347 Private Sector More Efficient than State? 346 Other Forms of Privatization Terrorism 349 Government Protection 347 Results 352 Iraq Grabs for Economic-Political Power 348 Government Stability 352 Stability and Instability: Examples and Traditional Hostilities 355 Arab Countries–Israel 355 Vietnam-Cambodia 355 Tamils and Sinhalese in Sri Lanka 356 Croats, Bosnians, and Serbs in Yugoslavia 356 South Africa 356 International Organizations 356 United Nations (UN) 357 World Bank Group 357 IME, GATT, and OPEC 357 Organization for Economic Cooperation and Development (OECD) 358 Labor 358 International Companies (1Cs) 358 Forty Percent of World's Top Econonic Units Are Firmns, Not Nations 358 Country Risk Assessment (CRA) 359 Types of Country Risks 359 Information Content for CRA 359 Who Does Country Risk Assessing? 361 CRA Procedures 362 Lessons of the International Debt Crisis 362 Summary 363 Minicase 10-1 Company Privatization 364 Chapter 11 Legal Forces Business Incident Some Specific National Legal Forces 370 Taxation 370 Antitrust and Restrictive Trade Practices Legislation 373 Tarifs, Quotas, and Other Trade Obstacles 376 Expropriation or Confiscation 378 Domestication 378 Product Liability, Civil and Criminal 378 Price and Wage Controls 380 Labor Laws 381 Currency Exchange Controls 381 Miscellaneous Lauus 381 International Forces 382 Business Contracts 382 Patents, Trademarks, Trade Names, Copyrights, and Trade Secrets 384 International Standardizing Forces U.S. Firms 387 Antitrust 387 U.S. Laws That Affect the International Business of Taxation 388 Foreign Corrupt Practices Act (FCPA) 390 Antiboycott Law 392 1988 Trade Law 393 Some Laws and Agencies Aid U.S. Exports and Investment 393 Common Law or Civil Law? 393 European Practice 396 American Practice 396 Summary 396 Minicase 11-1 Minicase 11-2 American Law 398 Italian Law 398 Chapter 12 Labor Forces Business Incidene 403 Labor Mobility Refsgee Poliical and Ecomomic 405 Labor Shortages and Guest Workers 40s Guest orker Problemes 408 Ne Gest Woêerst 409 Composition of the Labor Force 413 Political or Ecomomic Refgees 413 Labor Force Compositio ad Comparatie Prodectiesty 413 Policies 418 Social Status, Gender, Race, Traditional Society, or Minorities Coniderations in Employment Social Satee 41E Gesder 419 Race 420 Thadtional Society 422 Mieorities422 Employer -Employee Relationshigs 423 Labor UoR Earopeas, Amean, and Japanese 421 Multinatiomal Labor Actieties 42S Codetermiation Workers of the World 427 Summary 429 Seevens 40 Minicase 12-1 CodeterminasoDetsche Minicase 12-2 Racise 431 Chapeer 13 Competitive and Distributive Forces Business lncident 435 Competinon at the Macro Leed (Naticnal Compenitiveness) 437 Ueited Sates 43 Japan 450 Developing Nations 452 Competition at the Industry Level 454 Steel Industry 455S Analysis of the Competitive Forces 457 Is Competitor Assessment New? 457 Sources of Information 458 Distributive Forces International Channel of Distribution Members 461 Indirect Exporting 461 Direct Exporting 466 Foreign Production 467 Channel Selection Information Sources 474 Summary 474 Contents Importer 475 Minicase 13-1 Aikens-Malaysia and the Parallel Minicase 13-2 America-Bashing-To Buy or Not to Buy American? 476 Chapter 14 Market Assessment and Analysis Business Incident Market Screening 487 Initial Screening 487 Second Screening-Financial and Economic Forces 489 Third Screening Political and Legal Forces 492 Fourth Screening--Sociocutural Forces 493 Fifth Screening-Competitive Forces 494 Final Selection of New Markets 494 Recapitulation of the Screening Process 498 International Management Information System (IMIS) 499 Chapter 18 Financial Management Business Incident Fluctuating Currency Exchange Rates 634 Transaction Risks 634 Only for Big Business? 642 Translation Risks FASB 8 and FASB 52 644 Swaps 645 Capital Raising and Investing 647 Decisions 647 Interest Rate Swaps 648 Currency Swaps 650 Sales without Money Countertrade 651 Communist Customers Are Different 650 Industrial Cooperation 653 International Finance Center Rates 654 Volatile, Floating Currency Exchange Center 655 A Racy Convertible from Toyota 656 Summary 656 Minicase 18-1 Dealing with the Transaction Risl Caused by Fluctuations of Relative Currency Values 657 Minicase 18-2 Minicase 18-3 Minicase 18-4 Funds 658 Countertrade Countertrade Company Has a Temporary Surplus of Business Incident CFO Decisions when the Minicase 18-5 Using a Temporary Fund Surpl to Make Some Profit in Currency Forward Markets 658 Chapter 19 Production Systems Lower Costs Minicase 18-6 Short the French Franc 659 Japanese Efforts to Lower Costs and Improve Quality 664 Improve Quality 666 Problems with Inplementing the Jațpanese Just-In-Time System Problems with JIT 667 Synchronous Production 668 and Lower Costs American and European Efforts to Improve Ouality Western Firms that Are Succeeding 669 The Malcomb Baldrige National Quality Award 670 Planning 676 Reasons for Worldwide Standardization of Production Systems and Facilities 672 Organization and Staffing 672 Production Facilities Environmental Forces Contents Impediments to Worldwide Standardization of Some Design Solutions 679 Appropriate Technology 679 The Local Production System 680 Basis for Organization 680 Horizontal and Vertical Integration 680 Design of the Production System 681 Operation of the Production System 683 Summary 688 Minicase 19-1 Site Selection: Johnson Machine Tool Manufacturing (Europa) 689 Minicase 19-2 Maquinas para el Hogar Penwick 690 Chapter 20 Labor Relations Policies and Management Business Incident 695 Personnel Needs, Availability, and Labor Laws 696 Analysis of the Labor Force 696 Employee Facilities 697 Recruitment and Selection 698 Recruitment 698 Selection 699 Training and Development 700 In-House Programs Off-Premises Training and Development 702 Motivation Bonuses, Salaries, and Wages 702 Incentive Pay Plans 703 Workers of the World: Money Rewards Compared 704

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Chapter 1 Introduction to International Business 5 International Business Terminology 8 Business Incident Multinational, Global, and International 8 Definitions Used in This Text History of International Business Explosive Growth 11 Closer Central Control Host Nations' Reaction Summary 24 Why Is International Business Different? 16 Forces in the Environments The Domestic Environment Foreign Environments 18 The International Environment Decision Making More Comnplex 20 International Business Model 20 Central Theme of This Book 21 Chapter 2 Investment 15 Business Incident 33 International Trade 35 Minicase 1-1 Dansk Manufacturing (Galawi) Limited 25 Volume of Trade 35 Direction of Trade 37 Appendix Careers in International Business 28 International Trade and Foreign Major Trading Partners 41 Utility of These Data Foreign Investment 43 Portfolio Investnent Foreign Direct Investment 43 U.S. Foreign Direct Investment Foreign Direct Investment in the United States 47 Why Go Abroad? Increase Profits and Sales 49 Summary 70 Minicase 2-1 Protect Markets, Profits, and Sales 56 How to Enter Foreign Markets Exporting 61 Foreign Manufacturing 62 Paths to Multinationalism Chapter3 Business Incident Method of Entry for Local Manufacturing-The McGrew Company 71 Minicase 2-2 Quick ResearchThe Stanton Bearing Company 72 Mercantilism International Trade Theory 79 Economic Theories on International Trade, Development, and Investment Endowment 83 Introducing Money 84 Rebuttal 89 Theory of Absolute Advantage 80 Theory of Comparative Advantage 81 Heckscher-Oblin Theory of Factor International Product Life Cycle (IPLC) 86 Summary of International Trade Theory 88 Trade Restrictions Kinds of Restrictions 92 Arguments for Trade Restrictions and Their Costs of Barriers to Trade 100 XVi Contents Economic Development Categories Based on Levels of Economic Developnent 101 GNPICapita as an Indicator 101 A Human-Needs More than GNP/Capita Is Required 104 Characteristics of Developing Nations Summary 109 Development 105 International Investment Theories 107 Contemporary Theories of Foreign Direct Investnent 107 Minicase 3-1 Section Two Approach to Economic The Ricardo Case 112 Minicase 3-2 Tarus Manufacturing 113 The International Environment: Organizations and Monetary System Chapter 4 lnternational Organizations 121 Business Incidents The United Nations 123 UN Growth and Change 124 UN Specialized Agencies Career Opportunities 125 UN Publications Useful to Businesses 125 UN Future The World Bank 126 Hard Loans Importance to Business 126 Business Opportunities and Information International Finance Corporation (IFC) 128 International Development Association Privatize the World Bank? 131 International Monetary Fund (IMF) 131 Changes in the IMF 132 European Bank for Reconstruction and Development 134 Regional Developnent Banks Bank tor International Settlements (BIS) 137 General Agreement on Tariffs and Trade (GATT) 138 How GA7T Was Conceived 138 GATT Successes 139 GATT Entirely Successfule 139 Will GATT Survive? 140 s GATT Irrelevant 140 Organization of Petroleum Exporting Countries (OPEC) 140 Oil Companies Should Have Listened 141 Economic Muscle and Political Strength 141 Was OPEC Too Greedy? 141 The European Commnunity (EC) 142 Background 142 EC 1992 144 Fortress Europe? 145 Will Project 1992 Succeed? 146 Other Regional Groupings of Nations 149 European Free Trade Association (EFTA) 150 Former COMECON (Council for Mutual Economic Assistance) and Other European Countries Oueue Up for EC Membership 150 U.S.-Canada Free Trade AgreementAdd Mexico? The Western Hemisphere? 150 Organization for Economic Cooperation and Development (OECD) 152 Summary 152 Balance-of-Payment Equilibrium and Disequilibrium 164 American BOP Deficit 165 Gold Exchange Standard 165 August 15, 1971, and the Next Two Years 166 Politicians versus Speculators 167 1973 to the Present Currency Areas 168 Snake 169 Experience with Floating 169 Money Markets, Foreign Exchange 176 SDRs in the Future 177 Uses of the SDR Summary 183 European Monetary System (EMS) 178 European Currency Unit (ECU) Contract 184 Minicase 5-1 Payment Terms for an International Minicase 5-2 SDR Exchange Risk 184 Chapter 6 Financial Forces Business Incident Fluctuating Currency Values 193 Foreign Exchange Quotations Exchange Rates 194 DM1.7110 = USS1.00 194 So Many Yen, So Few Pounds Currency Exchange Controls Balance of Payments 199 Tariffs or Duties Taxation 202 Fluctuating Exchange Rates Create Risk 198 Taxes as a Percent of GDP 203 Different Taxes in Different Countries 203 Inflation 204 Inflation's Effects on Interest Rates 204 Monetary and Fiscal Policies Affect Inflation 204 Importance of lnflation to Business 205 The Misery Index 206 Accounting Practices 207 Countries Went Bust 207 Causes of Increasing LDC Indebtedness 208 Debt Problem Solutions 208 The Biggest "Debtor"? The United States Summary 215 Minicase 6-1 Interest Rates 216 Minicase 6-2 Deficit 216 Chapter 7 Borrowing Money at the Lowest Management Faces a BOP Economnic and Socioeconomic Forces Business Incident 221 International Economic Analyses 223 Dimensions of the Economy 225 National Economnic Plans 243 Summary 245 Industry Dimensions 245 Minicase 7-1 International Drug Corporation 246 Minicase 7-2 Taiwan's Economic Development Plan, 1986- 1989 Chapter 8 Physical Forces Business Incident 255 Location 256 Political Relationships 2S7 Trade Relationsbips 257 Topography 258 Mountains and Plains 258 Deserts and Tropical Forests 261 Bodies of Water 264 Climate 267 Climate and Development 267 Climatic Implications for Businesspeoțple 268 Natural Resources 269 Alternative Energy Sources 270 Nonfuel Minerals 272 Changes Make Monitoring Necessary 274 Contamination of Resources 275 Summary 278 Minicase 8-1 Brazil Balks at International Pressure to Save the Amazon 280 Minicase 8-2 Bhopal Fallout 281 xvii Contents Chapter 9 Sociocultural Forces Business Incident 287 What Is Culture? Significance of Culture for International Culture Impacts AIl Business Functions 291 Sociocultural Components 293 Aesthetics 293 Attitudes and Beliefs 295 Religion 298 Material Culture 306 Education 309 Language 314 Societal Organization 324 Summary 326 Minicase 9-1 Be Attuned to Business Etiquette 327 Minicase 9-2 Is It a Bribe? 328 Minicase 9-3 Evans Machinery-France 329 Chapter 10 Political Forces Business Incident Ideological Forces Communism 338 Capitalism 340 Socialism 340 Conservative or Liberal 341 Government Ownership of Business 342 Why Firms Are Nationalized 342 Unfair Competition? 344 Government- Private Collaboration Difficult 344 Privatization 344 Privatization in Eastern Europe and the Former U.S.S.R. Nationalism 347 Private Sector More Efficient than State? 346 Other Forms of Privatization Terrorism 349 Government Protection 347 Results 352 Iraq Grabs for Economic-Political Power 348 Government Stability 352 Stability and Instability: Examples and Traditional Hostilities 355 Arab Countries–Israel 355 Vietnam-Cambodia 355 Tamils and Sinhalese in Sri Lanka 356 Croats, Bosnians, and Serbs in Yugoslavia 356 South Africa 356 International Organizations 356 United Nations (UN) 357 World Bank Group 357 IME, GATT, and OPEC 357 Organization for Economic Cooperation and Development (OECD) 358 Labor 358 International Companies (1Cs) 358 Forty Percent of World's Top Econonic Units Are Firmns, Not Nations 358 Country Risk Assessment (CRA) 359 Types of Country Risks 359 Information Content for CRA 359 Who Does Country Risk Assessing? 361 CRA Procedures 362 Lessons of the International Debt Crisis 362 Summary 363 Minicase 10-1 Company Privatization 364 Chapter 11 Legal Forces Business Incident Some Specific National Legal Forces 370 Taxation 370 Antitrust and Restrictive Trade Practices Legislation 373 Tarifs, Quotas, and Other Trade Obstacles 376 Expropriation or Confiscation 378 Domestication 378 Product Liability, Civil and Criminal 378 Price and Wage Controls 380 Labor Laws 381 Currency Exchange Controls 381 Miscellaneous Lauus 381 International Forces 382 Business Contracts 382 Patents, Trademarks, Trade Names, Copyrights, and Trade Secrets 384 International Standardizing Forces U.S. Firms 387 Antitrust 387 U.S. Laws That Affect the International Business of Taxation 388 Foreign Corrupt Practices Act (FCPA) 390 Antiboycott Law 392 1988 Trade Law 393 Some Laws and Agencies Aid U.S. Exports and Investment 393 Common Law or Civil Law? 393 European Practice 396 American Practice 396 Summary 396 Minicase 11-1 Minicase 11-2 American Law 398 Italian Law 398 Chapter 12 Labor Forces Business Incidene 403 Labor Mobility Refsgee Poliical and Ecomomic 405 Labor Shortages and Guest Workers 40s Guest orker Problemes 408 Ne Gest Woêerst 409 Composition of the Labor Force 413 Political or Ecomomic Refgees 413 Labor Force Compositio ad Comparatie Prodectiesty 413 Policies 418 Social Status, Gender, Race, Traditional Society, or Minorities Coniderations in Employment Social Satee 41E Gesder 419 Race 420 Thadtional Society 422 Mieorities422 Employer -Employee Relationshigs 423 Labor UoR Earopeas, Amean, and Japanese 421 Multinatiomal Labor Actieties 42S Codetermiation Workers of the World 427 Summary 429 Seevens 40 Minicase 12-1 CodeterminasoDetsche Minicase 12-2 Racise 431 Chapeer 13 Competitive and Distributive Forces Business lncident 435 Competinon at the Macro Leed (Naticnal Compenitiveness) 437 Ueited Sates 43 Japan 450 Developing Nations 452 Competition at the Industry Level 454 Steel Industry 455S Analysis of the Competitive Forces 457 Is Competitor Assessment New? 457 Sources of Information 458 Distributive Forces International Channel of Distribution Members 461 Indirect Exporting 461 Direct Exporting 466 Foreign Production 467 Channel Selection Information Sources 474 Summary 474 Contents Importer 475 Minicase 13-1 Aikens-Malaysia and the Parallel Minicase 13-2 America-Bashing-To Buy or Not to Buy American? 476 Chapter 14 Market Assessment and Analysis Business Incident Market Screening 487 Initial Screening 487 Second Screening-Financial and Economic Forces 489 Third Screening Political and Legal Forces 492 Fourth Screening--Sociocutural Forces 493 Fifth Screening-Competitive Forces 494 Final Selection of New Markets 494 Recapitulation of the Screening Process 498 International Management Information System (IMIS) 499 Chapter 18 Financial Management Business Incident Fluctuating Currency Exchange Rates 634 Transaction Risks 634 Only for Big Business? 642 Translation Risks FASB 8 and FASB 52 644 Swaps 645 Capital Raising and Investing 647 Decisions 647 Interest Rate Swaps 648 Currency Swaps 650 Sales without Money Countertrade 651 Communist Customers Are Different 650 Industrial Cooperation 653 International Finance Center Rates 654 Volatile, Floating Currency Exchange Center 655 A Racy Convertible from Toyota 656 Summary 656 Minicase 18-1 Dealing with the Transaction Risl Caused by Fluctuations of Relative Currency Values 657 Minicase 18-2 Minicase 18-3 Minicase 18-4 Funds 658 Countertrade Countertrade Company Has a Temporary Surplus of Business Incident CFO Decisions when the Minicase 18-5 Using a Temporary Fund Surpl to Make Some Profit in Currency Forward Markets 658 Chapter 19 Production Systems Lower Costs Minicase 18-6 Short the French Franc 659 Japanese Efforts to Lower Costs and Improve Quality 664 Improve Quality 666 Problems with Inplementing the Jațpanese Just-In-Time System Problems with JIT 667 Synchronous Production 668 and Lower Costs American and European Efforts to Improve Ouality Western Firms that Are Succeeding 669 The Malcomb Baldrige National Quality Award 670 Planning 676 Reasons for Worldwide Standardization of Production Systems and Facilities 672 Organization and Staffing 672 Production Facilities Environmental Forces Contents Impediments to Worldwide Standardization of Some Design Solutions 679 Appropriate Technology 679 The Local Production System 680 Basis for Organization 680 Horizontal and Vertical Integration 680 Design of the Production System 681 Operation of the Production System 683 Summary 688 Minicase 19-1 Site Selection: Johnson Machine Tool Manufacturing (Europa) 689 Minicase 19-2 Maquinas para el Hogar Penwick 690 Chapter 20 Labor Relations Policies and Management Business Incident 695 Personnel Needs, Availability, and Labor Laws 696 Analysis of the Labor Force 696 Employee Facilities 697 Recruitment and Selection 698 Recruitment 698 Selection 699 Training and Development 700 In-House Programs Off-Premises Training and Development 702 Motivation Bonuses, Salaries, and Wages 702 Incentive Pay Plans 703 Workers of the World: Money Rewards Compared 704

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1 Managers and Development Definitions of Management Managers The Tasks of a Manager The Skills of a Manager Different Types of Managers Business Managers and their Responsibilities How Business Managers are Trained Entrepreneurs and Development Business Managers Entrepreneurship Origins of Contemporary Management Thought Origins of Modern Management Frederic Taylor and Scientific Management Henri Fayol and the Process View of Management The Human Relations Movement The Quantitative Approaches to Management The Systems Approach Management and Culture Contemporary Business Management Multidisciplinary Field The Firm and Its Environment Aspects of the Firm's Environment Immediate and Remote Environments The Industry Environment The Country Environment The Global Environment The Impact of the Firm on its Environment Case 3-1 Hotel Continental Case 3-2 Armour Garments Company Forms of Business Organization in the Philippines Corporation Partnership Sole Proprietorship Evolution of the Forms of Business Organization Cooperatives Case 4-1 Solid Agricultural Company Case 4-2 Campus Cooperative Store MENT PROCESS Planning General Rationale for Planning Planning and the Management Process Planning at Different Levels in the Firms An Illustrative Planning Process (Chart 5-2) Formal Planning Systems in Business Organizations Types of Plans Tools for Business Planning and Decision Making Management By Objectives Royal Printing and Packaging Company Case 5-2 Metropolitan Housing Project Company Case 5-3 Triumph Tours Issues in Planning The Benefit of Planning The Costs of Planning Who Should Plan? The Planning Horizon Planning and Flexibility Planning in Small Enterprises Case 6-1 Agri-Tech Products Company Organizing Formal Organization Structures The Value of Formal Organization Structures Hierarchies in an Organization Span of Control The Dimensions of Structure Grouping Activities in an Organization Changing the Structure of an Organization Formal Relationships in Organizations Coordinating Activities Classical Principles of Organization Case 7-1 City Hospital Supplies, Inc. Case 7-2 The Globe Construction Company Issues in Organizing Theory of Bureaucracy Criticisms of Bureaucracy Specialization Centralization Formal Hierarchies Standardization Contingency Theories of Organization Configuration Theory St. Francis College of Commerce Case 8-2 Capital City Bank Chapter 9 Staffing Recruitment Selection Orientation Wage and Salary Administration Performance Appraisal Training and Development Manpower Planning Issues in Staffing Asian Center for Policy Studies, Inc. Electroparts Manufacturing, The University Foundation (A) Electroparts Manufacturing, Inc. (A) hapter 10 Reward and Compensation Systems Definitions of Reward and Compensation Systems Direct Monetary Compensation Job Evaluation Benefits Managerial Incentives Symbolic Rewards Working Environment, Company Culture and Climate Case 10-1 Masterprint, Inc. Case 10-2 Venus Re Directing The Importance of Directing The Nature of People Maslow's Need Hierarchy Herzberg's Two Factor Theory of Motivation David Maclelland's Theory Harold Leavitt Groups in Organizations The Communications Process Communicating in English or the Vernacular Power and Influence in Organizations Directing and Leadership Case 11-1 Metro Manila University Case 11-2 R.A. 6758 Theories on Leadership Trait Theories Douglas McGregor Behavioral Theories on Leadership Situational Theories on Leadership Current Issues in Leadership Are Managers and Leaders Different? Case 12-1 Top Star Bakery Case 12-2 Santos Timber Company 3 Control The Need for Control The Control Process Management Control Versus Operating Control Informal Control The Budgeting Process: An Example Case 13-1 Lucky Prawn Farm Control Tools and Techniques Operational Control Tools Management Control Tools Case 14-1 Honey Donuts, Inc. Case 14-2 The University Foundation (B) Case 14-3 Confetti Shoes Case 14-4 Mod Garments, Inc. Case 14-5 Diwata Gold Company Chapter 15 Issues in Control Cost Implications of Control Dangers of "Remote Control" Overcoming Resistance to Control Creativity and Organizational Control Control Through "Self Control" Case 15-1 Paredes Optical Clinic PART III BUSINESS MANAGEMENT FUNCTIONS Chapter 16 The Management Process and the Business Management Functions Financial Management Production Management Marketing Management Personnel Management Other Business Management Functions Case 16-1 Central Laboratories, Inc.

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BUSINESS.SOCIETY.AND STAKEHOLDERS BUSINESS ETHICS AND MANAGEMENT PERSONNAL AND ORGANIZATIONAL ETHICS ETHICAL ISSUES IN THE GLOBAL ARENA EXTERNAL STAKEHOLDERS AND THE MANAGEMENT OF THEM INTERNAL STAKEHOLDERS AND MANAGEMENT OF THEM STRATEGIC MANAGEMENT FOR SOCIAL RESPONSIVENESS

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PART 1: INTRODUCTION 1: What Is Organizational Behavior? 2: Toward Explaining and Predicting Behavior 3: Organizational Behavior in a Global Context PART 2: THE INDIVIDUAL 4: Foundations of Individual Behavior 5: Perception and Individual Decision Making 6: Values, Attitudes, and Job Satisfaction 7: Basic Motivation Concepts 8: Motivation: From Concepts to Applications PART 3: THE GROUP 9: Foundations of Group Behavior 10: Communication and Group Decision Making 11: Leadership 12: Power and Politics 13: Conflict: From, Negotiation, and Intergroup Behavior PART 4: THE ORGANIZATION SYSTEM 14: Foundations of Organization Structure 15: Organization Design 16: Human Resource Policies and Practices 17: Organizational Culture 18: Work Stress PART 5: ORGANIZATIONAL DYNAMICS 19: Organizational Change and Development APPENDICES A: The Historical Evolution of Organizational Behavior B: Scoring Keys for Exercises Glossary

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Fundamentals of Information Systems Information Technology : A Managerial Overview Applications in Business and Management Managing Information Technology : Managing IT Management and Planning Managing IT : Implatation and Control Managing IT : International and Ethical Dimensions

📖 Contenu

Fundamentals of Information Systems Information Technology : A Managerial Overview Applications in Business and Management Managing Information Technology : Managing IT Management and Planning Managing IT : Implatation and Control Managing IT : International and Ethical Dimensions

📖 Contenu

Fundamentals of Information Systems Information Technology : A Managerial Overview Applications in Business and Management Managing Information Technology : Managing IT Management and Planning Managing IT : Implatation and Control Managing IT : International and Ethical Dimensions

📖 Contenu

Fundamentals of Information Systems Information Technology : A Managerial Overview Applications in Business and Management Managing Information Technology : Managing IT Management and Planning Managing IT : Implatation and Control Managing IT : International and Ethical Dimensions