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(Solved) Slide 1 Course Objectives 1. Understand globalization, discuss causes and implications. Students should be able to articulate how country (or region...

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Slide 1 Course Objectives
1. Understand globalization, discuss causes and
2. Students should be able to articulate how country (or
region specific) cultural, social, economic, political,
and legal environments impact international business
3. Students should be able to integrate these
environments into business decision making. Becoming better decision makers through
• Critical Thinking,
• Logical reasoning,
• … and an understanding of the global
environment. Becoming better decision makers through
• Critical Thinking,
– https:// • Logical reasoning,
• … and an understanding of the global
– https://
ifferent?language=en Framework
Decision Maker A:
a) Decision Process
b) Individual
Factors. Decision Perception of
f(A’s Env.)
results A
N - f(B’s Env.) Environment:
Cultural Factors
Political Economy
International Trade
and Finance
… A
N Focus of Class
Results Decision Maker B:
a) Decision Process
b) Individual
Factors. Decision Course Structure
1. Political Economy and Trade Topics
- Political, Economic, and Legal Factors
Trade 2. Organizational Topics
- Culture
… Course Materials
1. Working Globesmart: This text is an easy read and a
handy reference to help untangle the complexity of
behavioral cues and cultural norms.
2. The travels of a T-Shirt (Optional): This text follows the
story of the globalization of the cotton industry and looks
in depth at the factors that influenced its progress.
3. Various readings and cases from academic and
professional publications. Some additional topics • Written assignment:
– Complex and will require research and reflection.
– A significant portion of your grade. • Accessing library resources.
• Guest speakers, one or two during the
semester. Critical Thinking BREAK Globalization
• What is it? • Should we care? 11 Changing Economic Leadership An Example
• http://
w-with-jon-stewart-deep-space-naan Global Economics
• Globalized world economy
– growing number of prosperous nations - there will be more;
– China/India: leapfrog approach - can be developing and have
advantages of developed economies. • Basic science can be performed in many places – cheaply
– IT enables dispersal of R&D.
– R&D can be tied to emerging global markets • Old system: like model airplane - each piece has to be individually
• New system: like Legos – standards based design - each Lego fits
no matter where made Econ – Special Report
• World Economy, 2016
– An Open and Shut Case • International business through the lens of
transaction complexity Transaction Complexity
#1 Buying a bicycle from the shop down the
street in Fort Collins, Colorado.
You drive down the street.
Inspect the bicycles available, test one or two before
Pay for it and bring it home You want this! • Its in San Fernando, T&T Additional questions
– Do you really know what you are buying? How can
you be certain? Quality, reliability etc.?
– Can the supplier be trusted to ship you the product?
– Warranty and support? Redress?
– Who is responsible for shipping damage? Shipping
– Tariffs, trade, government paperwork requirements
and fees? Global Trends?
– Is the supplier legitimate? (Copyright, patent etc.)
–… Political Economy
System Legal System
System Political Economy
• Can be looked at as the basis of power or
resource allocation in a country.
• Depends on the relative strength and
structure of:
– Political Systems
– Economic Systems
– Legal Systems What are some political and economic systems? Theory of Comparative Advantage
• Why and When should nations trade? Comparative Advantage
• What is comparative advantage? • What is absolute advantage? • Who Cares? Ricardo’s simplifying Assumptions
4. only two countries and two goods
zero transportation costs
similar prices and values of resources
resources are mobile between goods within
countries, but not across countries
5. constant returns to scale
6. fixed stocks of resources
7. no effects on income distribution within
countries Comparative Advantage
An Example U.S. and U.K.
Case A Wheat
(yards/hour) Case B Case C U.S. U.K. U.S. U.K. U.S. U.K. 4
1 1
2 4
3 1
2 4
2 2
1 The table above shows bushels of wheat and the yards of cloth that the U.S. and
the U.K. can produce per unit of input for different hypothetical situations. Identify
the commodity in which the U.S. and the U.K. have:
1. An absolute advantage or disadvantage.
2. A comparative advantage or disadvantage.
3. Indicate whether or not trade is possible in each case and the range of mutually
beneficial trade. Case A
• No one has an absolute advantage in both, each is more efficient at
manufacturing one good. • US has comparative advantage in wheat (4 times as efficient as UK), UK in
cloth (2 times as efficient as US). • Autarky exchange rate in US is 4W = 1C, in UK it is 1W = 2C. As long as UK
gets more than 1W for 2C they will be willing to trade (1W<2C or 1/2W< 1C),
and as long as the US gets more than 1C for 4W they will be willing to trade
(1C<4W). So 1C has to be worth more than ½ W and less than 4W. • Range of mutually beneficial trade is 4W > 1C > ½ W. Case B
• Take 10 minutes to answer the same questions
on Case B. Extensions
• Comparative advantage is based on factor
endowments (Heckscher-Ohlin Theory).
– E.g. China has high endowments in labor so will
specialize in labor intensive exports.
– Countries should specialize in the productions of
goods which match the nation’s factor
endowments. In a free trade system
• Can we keep jobs from moving around?
• White collar jobs?
• Blue collar jobs? A Twist On Comparative Advantage
• Comparative advantage in innovation is
not permanent like a comparative
advantage in resources - it can shift as
competitors acquire innovation
Paul A. Samuelson, “Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting
Globalization”, Journal of Economic Perspectives, Vol. 18, No. 3. (2004) Summary
• Globalization
• Comparative Advantage
• Political Economy Markets
•What is a Market?
- e.g. CL.
•What is a ‘free’ market?
•How can we tell when a particular
market is not ‘free’? Prerequisite for free (efficient)
• No information asymmetries
– Buyer and seller have same information. (e.g.
Carfax, 70 point check) • No externalities
– Cost or benefit not included in price, and
incurred by a party that is external to the
transaction (e.g. child labor, pollution etc.) • Clear property rights (e.g. bootleg DVDs) Question
• Would you classify Ebay as a free
– Why or Why Not? BACKUP and SUPPLEMENTAL MATERIAL Economic Activity
• Impacted by the state of Institutions:
– Economic
– Political
– Legal Connection between economic system and PCI ? Connection between growth rate and econ. system? Broader Conceptions of Development:
• Human Development Index (HDI) based on life
expectancy, education attainment, and whether average
incomes are sufficient to meet the basic needs of life in
a country.
• Happiness Index (GNH): Coined by the King of Bhutan,
based on items such as infant mortality, environmental
wellness, mental wellness etc. Political Systems
• A political system is the system of government
in a nation
• Political systems can be assessed based on the
following dimension
Democratic - Totalitarian Democracy according to
Merriam- Webster
• Government by the people;
– especially : rule of the majority b : a government in
which the supreme power is vested in the people
and exercised by them directly or indirectly through
a system of representation usually involving
periodically held free elections Democracy
• Generally, democracy and individualism go hand
in hand.
• The most common form of democracy today is
representative democracy, where elected
representatives vote on behalf of constituents. Totalitarianism
• In totalitarian regimes, supreme power is held
by an individual or group, usually leading to:
– widespread political repression
no free and fair elections
Denial of basic liberties Types of Totalitarianism
1. communist totalitarianism: advocates achieving
socialism through totalitarian dictatorship
2. theocratic totalitarianism: political power is
monopolized by a party, group, or individual that
governs according to religious principles
3. tribal totalitarianism: a political party that represents
the interests of a particular tribe and monopolizes
4. right wing totalitarianism: individual economic
freedom is allowed but individual political freedom is
restricted in the belief that it could lead to
communism Economic Systems
• Market Economy • Command Economy • Mixed Economy Legal Systems
• A country’s legal system is important because
– laws regulate business practice
– laws define the manner in which business
transactions are to be executed
– laws set down the rights and obligations of those
involved in business transactions Different Legal Systems
There are three main types of legal systems:
1. Common law (based on tradition, precedent, and
custom) found in most of Great Britain’s former colonies,
including the United States
2. Civil law (based on a very detailed set of laws
organized into codes) found in over 80 countries, including Germany,
France, Japan, and Russia
3. Theocratic law (based on religious teachings) Examples: Saudi Arabia, Vatican, State of Deseret


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