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- Emerging Economies:
∙ BRIC: Brazil, Russia, India and China.
∙ Sometimes BRICS: Brazil, Russia, India, China and South Africa. ∙ Triad: North America, Western Europe and Japan.
∙ Group of 20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and The European Union.
- One fundamental question and two core perspectives in the study of global business:
∙ Question: What determines the success and failure of firms around the globe?
∙ First Core Perspective: An Institution-Based View:
An institution-based view suggests that the success and failure of firms are enabled and constrained by institutions. By institutions, we mean structures that define the rules of the game. Doing business around the globe requires intimate knowledge about both formal rules (such as laws) and informal rules (such as values) that govern competition in various countries.
1. Institutional framework, or the formal and informal
institutions that govern individual and firm behavior in that country.
2. Formal institutions, or formal rules of the game, include laws and regulations.
3. Informal institutions, or informal rules of the game, include cultures, ethics, and norms.
∙ Second Core Perspective: A Resource-Based View:
The institution-based view suggests that the success and failure of firms around the globe are largely determined by their environments.
- Three Views on Globalization
∙ A new force in recent times.
∙ A long-running historical evolution.
∙ A pendulum swinging between extremes.
- Explain the concept of institutions and their key role in reducing uncertainty:
∙ Institutions - formal and informal policies popularly known as “the rules of the game”.
∙ Key role: To reduce uncertainty by influencing individuals’ and firms’ decision making by signaling which conduct is legitimate and acceptable and which is not. If you want to learn more check out engl 224 concordia
∙ Two core propositions underpinning an institution-based view of global business:
1. Managers and firms rationally pursue their interests and make choices within the formal and informal constraints in a given institutional framework. Don't forget about the age old question of jan van eyck ghent altarpiece closed
2. In situations where formal constraints are unclear or fail, informal contraints will play a larger role in reducing
uncertainty and providing constancy to mgrs and firms.
∙ Basic differences between democracy and totalitarianism, plus the four versions of totalitarianism:
1. Democracy- people elect leadersto govern.
2. Totalitarianism (dictatorship)- one person has power. Totalitarianism:
1. Communist- centers on a communist party (Cuba, North Korea, China)
2. Right-wing- intense hatred of communism. one party backed by the military restricts political freedom arguing that such freedom would lead to communism (South Korea, Philippines, Taiwan all now democracies)
3. Theocratic- the monopolization of political power in the hands of one religious party or group (Iran, Saudi Arabia)
4. Tribal- one tribe or ethnic group monopolizing power and oppressing other tribes or ethinic groups (Rwanda). Don't forget about the age old question of mary hughes stone sfsu
∙ Differences in Civil Law, Common Law and Theocratic Law Systems:
o Legal system - rules of the game on how a country’s laws are enacted and enforced.
o Civil law - derived from Roman law and strengthened by Napoleon’s France, it is the oldest, most influential, and most widely distributed law around the world.
o Common law - shaped by precedents and traditions, English in origin, based on previous judicial decisions.
o Theocratic law - based on religious teachings.
∙ Importance of property rights and intellectual property rights:
o Intellectual property - intangible property that results from intellectual activity (such as books, videos, and websites)
o Intellectual property rights - rights associated with the ownership of intellectual property
Property rights are very important because they protect the rights of businesses and their products and intellectual rights.
∙ Differences: Market Economy, Command Economy, and Mixed Economy:
o Market economy - characterized by the “invisible hand” of market forces.
o Command economy - all factors of production are
government- or state-owned and controlled, and all
supply, demand, and pricing are planned by the If you want to learn more check out tom gufrey
o Mixed economy - characterized by elements of both a market economy and a command economy.
∙ Define what culture is and articulate its four main
Culture: The collective programming of the mind distinguishing the members of one group or category of people from others
o Language: English is the dominant language in global business.
o Religion: Shared set of beliefs and ideas that cannot be proven, but are expected to explain natural and human things.
o Social Structure: The hierarchical arrangement of
individuals into social categories (strata) such as classes, castes, or divisions within a society.
o Education: Can be used to maintain a social stratification or to break down social barriers.
Ethnocentrism: To perceive one’s own culture, ethics and normas as natural, rational and morally right. Don't forget about the age old question of college algebra study guides
We also discuss several other topics like david becker fiu
Lingua Franca: A global business language, the preferred language in business transactions is english.