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PART 1 Introduction to International Business Theory and PractIce1

Chapter 1 The International Business Imperative2

Learning Objectives2

Opening Vignette:Looking for Work?Try the World3

The Need for International Business3

A Definition of International Business4

A Brief History5

Global Linkages Today7

The Current U.S.International Trade Position15

A Diagnosis of the U.S. Trade Position15

The Impact of lnternational Business on the United States15

The Structure of the Book20

Summary21

Global Perspective 1.1: Free Trade Needs a Dominant Champion7

Global Perspective 1.2: Free Markets and The Environment8

Global Perspective 1.3: Ethics and Intermational BuSiness13

Global Perspective 1.4: Small U.S. Firms Are Moving Forward in the Global Marketplace18

Global Perspective 1.5: Affluence through Global Business20

Appendix:Geographical Perspectives on International Business23

Chapter 2 The Theory of International Trade and Investment32

Learning Objectives32

Opening Vignette:Trade Booming under NAFIA33

The Age of Mercantilism34

Classical Trade Theory34

The Theory of Absolute Advantage36

The Theory of Comparative Advantage36

A Numerical Example of Classical Trade37

National Production Possibilities38

The Gains from International Trade40

Concluding Points about Classical Trade Theory42

Factor Proportions Trade Theory42

Factor Intensity in Production42

Factor Endowments,Factor Prices,and Comparative Advantage43

Assumptions of the Factor Proportions Theory44

The Leontief Paradox45

Linder's Overlapping Product Ranges Theory46

International Investment and Product Cycle Theory47

The Stages of the Product Cycle47

Trade Implications of the Product Cycle48

The Contributions of Product Cycle Theory50

The New Trade Theory50

Economies of Scale and Imperfect Competition50

The CompetitiVe Advantage of Nations52

The Theory of International Investment54

The Foreign Direct Investment Decision54

The Theory of Foreign Direct Investment56

Firms as Seekers56

Firms as Exploiters of Imperfections57

Firms as Internalizers60

Summary60

Global Perspective 2.1: Investment Destinations58

Global PersPective 2.2: Beijing Imposes Substantial New Taxes and Duties on Imports by Foreigners59

Part 1 Cases64

America for Sale—and Returned64

Vamport Manufacturing67

The Global Car Market73

PART 2 The International Business Environment and Institutions77

Chapter 3 The lnternational Economic Activity Of the Nation:The Balance Of Payments78

Learning Objectives78

Opening Vignette:Emerging Market Firms Innovate to Raise Funds79

Fundamentals of Balance of Payments Accounting80

Defining International Economic Transactions80

The BOP as a Flow Statement80

BOP Accounting:Double—Entry BOokkeeping81

The Accounts Of the Balance of Payments81

The Current ACcount82

The Capital Account87

Current and Capital Account Balance Relationships92

Net Errors and Omissions94

Official Reserves Account94

The Balance of Payments in Total95

The Balance of Payments as a Reflection of Economic Openness and Development97

The Case of Mexico97

The Case of Nepal98

The Case of MalaYsia98

Balance of Payments Dynamics98

Merchandise Trade and Exchange Rate Dynamics99

Summary101

Global Perspective 3.1: The current Account and Finland88

Global Perspective 3.2: "They Don't Let Just Anyone Buy a Defense Contractor91

Global Perspective 3.3: A Rose by Any Other Name:The Terminology of the BOP101

Chapter 4 The International Monetary System:Principles and History104

Learning Objectives104

Opening Vignette:A Matter of Exchange Rates105

The Purpose of EXchange Rates105

What Is a Currency Worth?105

The Law of One Price106

Qualities Desired in an Exchange Rate108

International Monetary Systems of the Twentieth Century109

The Gold Standsrd110

Fixed EXchange Parity Rates110

Restriction on Money Supply Growth111

Automatic Balance Of payment Adjustment113

The Interwar Years，19l9—1939114

The Bretton Woods Agreement115

The Agreement115

The Adjustable Peg116

The International Monetary Fund116

The International Bank for Reconstruction and Development117

The Experience under Bretton Woods,l946—1971117

Collapse and Transition,197l—1973118

Floating EXchange Rates,1973—Present119

The Rise of the Dollar l980—l985121

Intervention in the l980s: Expectations and Coordination121

The Plaza Agreement,September 1985122

The Louvre Accord,February 1987122

Endaka123

Fixed and Floating Currencies123

The CFA Franc Zone124

The Argentine Peso (or Dollar?)126

The European Monetary System127

Exchange Rates,Interest Rates,and Economic Policy132

Summary135

Global Perspective 4.1: "lt Pays to Be Jailed in Switzerland"110

Global Perspective 4.2: Purchasing Power Parity and"Le Shuttle"113

Global Perspective 4.3: The Origins of Monies114

Chapter 5 International Financial Markets138

Learning Objectives138

Opening Vignette:Who's Making the Most?139

The Market for Currencies139

Exchange Rate Quotations and Terminology141

Direct and Indirect Quotations141

Cross Rates143

Percentage Change Calculations143

Foreign Currency Market Structure143

Currency Bid and Offer Quotes145

Market Size and Composition146

International Money Markets147

Eurocurrency Markets147

Eurocurrency Interest Rates147

Linking Eurocurrency Interest Rates and Exchange Rates149

International Capital Markets149

Defining lnternational Financing150

Driving Forces in the International Financial Markets152

International Banking and Bank Lending153

Structure of International Banking153

Offshore Banking155

International Bank Lending155

International Security Markets156

The Euronote Market156

The International Bond Market157

International Equity Markets157

Private Placements160

Gaining Access to International Financial Markets160

The Debt Crisis and Currency Earnings160

Friday,August 13,1982:The Crisis161

Solutions to the Debt Crisis163

Summary166

Global Perspective 5.1: Yin/Yang Balance with the Yuan144

Global Perspective 5.2: Taxes,Eurobonds and the Netherlands Antilles158

Global Perspective 5.3: Sovereign Credit Ratings162

Global Perspective 5.4: Spending at Core of Mexico's Woes165

Chapter 6 Economic Integration170

Learning Objectives170

Opening Vignette：Building Blocs(or Stumbling Blocs?)of Worldwide Free Trade171

Levels of Economic Integration172

The Free Trade Area172

The Customs Union173

The Common Market173

The Economic Union173

Arguments Surrounding Economic Integration174

Trade Creation and Trade Diversion174

Reduced Import Prices175

Increased Competition and Economies of Scale175

Higher Factor Productivity176

Regionalism versus Nationalism176

European Integration177

Economic Integration in Europe from l948 to the mid—l980s177

The European Community since the Mid—l980s179

Organization of the EU180

Implications of the Integrated European Market181

North American Economic Integration184

U.S.Canada Free Trade Agreement184

North American Free Trade Agreement185

Other Economic Alliances187

Integration in Latin America187

Integration in Asia189

Integration in Africa and the Middle East191

Economic Integration and the International Manager194

Cartels and Commodity Price Agreements195

Summary196

Global Perspective 6.1: Labor Pains of Integration176

Global Perspective 6.2: NAFTA Makes its Mark186

Global Perspective 6.3: Working the New Bloc190

Chapter 7 National Trade and Investment Policies200

Learning Objectives200

Opening Vignette Protecting Wildlife by Restricting Trade201

Rationale and Goals of Trade and Investment Policies201

Global Trade Regulation Since l945203

Changes in the Global Policy Environment206

Reduction of Domestic Policy Influences206

Sharpening of the Conflict between Industrialized and Developing Nations211

Policy Responses to Changing Conditions213

Restrictions of Imports215

Restrictions of Exports219

Export Promotion Efforts220

Import Promotion Efforts222

A Strategic Outlook for Trade and Investment Policies224

AU.S Perspective224

An International Perspective225

Summary226

Global Perspective 7.1: Uruguay Round's Biggest Winners May Be Developing Nations205

Global Perspective 7.2: Brazilian Policy Shifts Change the Auto industry207

Global Perspective 7.3: North versus South at the Earth Summit214

Global Perspective 7.4: Can California Rice Stick in Japan?217

Global perspective 7.5: Military Exports:To Promote or Not to Promote?220

Part2 Cases229

Debt—Nature Swaps: A Green Solution to LDC Debt229

Who Owns Hollywood?232

One Afternoon at the United States International Trade Commission234

When“Fair Trade”Policies Backfire238

Harley—Davidson(A):Protecting Hogs244

Funding from Eximbank248

Republica de Centroica250

The War of the Bananas252

North American Free Trade Agreement256

The Tuna and the Dolphin258

Video Case:Old Ways,New Game261

PART 3 International Business and the Nation-State265

Chapter 8 Politics and Laws266

Learning Objectives266

Opening Vignette:Can U.S. Firms Abroad Do Well While Doing Good?267

The Home—Country Perspective268

Embargoes and Sanctions268

Export Controls270

A Changed Environment for Export Controls271

Export Control Problems and Conflicts273

Regulating International Business Behavior275

Host Country Political and Legal Environment278

Political Action and Risk278

Economic Risk282

Managing the Risk283

Legal Differences and Restraints284

The Influencing of Politics and Laws287

International Relations and Laws290

International Politics290

International Law290

Summary293

Global Perspective 8.1: The Dogfight over MiG Modernization274

Global Perspective 8.2: Ethics in a shrinking World275

Global Perspective 8.3: coping in a World of Bribes277

Global Perspective 8.4: Two Air Disasters,Two Cultures,Two Remedies285

Global Perspective 8.5: How Swiss is the Swiss Army Knife?286

Global Perspective 8.6: Washington:under the Influence?289

Global Perspective 8.7: Vietnam Embargo Ends,U,S. Firms Enter291

Chapter 9 The Cultural Challenge296

Learning Objectives296

Opening Vignette:Making Culture Work for Your Success297

Culture Defined298

The Elements of Culture299

Language300

Nonverbal Language303

Religion304

Values and Attitudes306

Manners and Customs306

Material Elements310

Aesthetics310

Education311

Social Institutions312

Sources of Cultural Knowledge312

Cultural Analysis314

The Training Challenge317

Summary318

Global Perspective9.1: AnAmricanfurkinParis300

Global Perspective9.2: Negotiating in Europe:Watch Out for the Differences308

Global Perspective9.3: Learning the Strange Foreign Ways319

Chapter 10 Economies in Transition324

Learning Objectives324

Opening Vignette:A Study of Two Transition Strategies325

Doing Business with Emerging Market Economies326

A Brief Historic Review328

The Demise of the Socialist System329

The Realities of Economic Change331

Adjusting to Global Change335

Concurrent Shifts in Trade and Investment Flows335

Resistance to Change337

International Business Challenges and Opportunities340

Reasons for the Emergence of State—Owned Enterprises543

The Effect of State-Owned Enterprises on International Business345

The Privatization Perspective344

Summary346

Global Perspective 10.1:Private Business Clubs in China334

Global Perspective 10.2:Pro-Worker Bias in Russia334

Global Perspective 10.3:china at the Top of Unilever's wish List336

Global Perspective 10.4:The Consumer Power of Rural india337

Global Perspective 10.5:The Coresponsibility of the West339

Global Perspective 10.6:Amway the Hungarian Way341

Global Perspective 10.7:Russian Software Firms Look Overseas342

Global Perspective 10.8:Privatization sweeps the Globe345

Part 3 Cases349

Promoting U.S. Tobacco Exports:A Conflict between Trade and Health349

Union Carbide at Bhopal353

IMEA：Its a Big Country,Someone Has to Furnish It356

Ecological Cooling;The Fridge from Eastern Germany360

Video Case:A Taste of the West363

PART 4 International Business Preparation and Market Entry367

Chapter 11 International Business Research368

Learning Objectives368

Opening Vignette:Globalbase Has the World Covered369

International and Domestic Research369

Recognizing the Need for International Research370

Determining Research Objectives371

Going International—Exporting371

Going International—Importing373

Market Expansion373

Conducting Secondary Research373

Identifying Sources of Data373

Selection of Secondary Data378

Interpretation and Analysis of Secondary Data379

Conducting Primary Research380

Industrial versus Consumer Sources of Data381

Determining the Research Technique381

The International Information System385

Summary390

Global Perspective 11.1: Market Research on-Line377

Global Perspective 11.2: Creative Research379

Global Perspective 11.3: Market Research in Mexico383

Global Perspective 11.4: Advice from Kissinger Associates390

Appendix A: Monitors of International Issues393

Appendix B:Selected U.S.Government Publications and Services398

Chapter 12 International Business Entry400

Learning Objectives400

Opening Vignette:A Passionate Commitment to Exporting401

The Role of Management401

Motivations to Go Abroad402

Proactive Motivations403

Reactive Motivations404

Concerns and Problems of Going Intemational406

Strategic Efforts of Going International406

Alternative Entry Strategies408

Indirect Exporting and Importing408

Direct Exporting and Importing409

International Intermediaries410

Export Management Companies412

Webb-Pomerene Associations414

Trading Companies414

International Facilitators417

Private Sector Facilitators417

Public Sector Facilitators418

Other Forms of International Market Entry and Expansion licensing420

Licensing420

Franchising421

A Comprehensive View of International Expansion426

Summary426

Global Perspective 12.1: No Pig in a Poke410

Global Perspective 12.2: Small Firms Need Experts to Grow FOreign Business411

Global Perspective 12.3: Exporting with Private Sector Help418

Global Perspective 12.4: Matchmaking Produces Export Sales419

Global Perspective 12.5: Taking Your Franchise Abroad424

Chapter 13 Multinational Corporations432

Learning Objectives432

Opening Vignette:The Stateless Corporation433

The Multinational Corporate Phenomenon434

The Multinational Corporation Defined434

The World's Multinational Corporations435

Foreign Direct Investment437

Reasons for Foreign Direct Investment437

The Host-country Perspective442

The Home-Country Perspective447

Management of the Relationship447

Dealing with Other Constituents452

Transfer of Technology452

The Basics of Technology Transfer452

Adapting Technology to Local Conditions453

Modes of Operation454

Full Ownership454

Interfirm Cooperation455

Summary463

Global Perspective 13.1: Making it Close to Customers441

Global Perspective 13.2: Giving Up on Russia?448

Global Perspective 13.3: outsourcing Just Do It!458

Part4 Cases468

Damar lnternational468

Tollens N．V．—Holland:Surfstone471

Spectrum Color Systems,Inc482

German Luxury Cars:Made in the U.S.A490

Videocase:Lakewood Forest Products493

Videocase:ESPKIT496

PART 5 International Business Strategy and Operations501

Chapter 14 International Marketing502

Learning Objectives502

Opening Vignette Thinking Globally Acting Locally503

Target Market Selection504

Identification and Screening504

Concentration versus Diversification509

Marketing Management511

Standardization versus Adaptation511

Product Policy515

Pricing Policy520

Distribution Policy525

Promotional Policy528

Summary533

Global Perspective 14.1: Born Global510

Global Perspective 14.2: It Played in Phon Phaeng...and Peoria.T00514

Global Perspective 14.3: Different Ways of Getting the Job Done524

Global Perspective 14.4: Expanding the Social Vision:Global Community Relations533

Chapter 15 International services538

Learning Objectives538

Opening Vignette The Global Service of Plastic Money539

Differences between Services and Products540

Linkage between Services and Products540

Stand-Alone Services541

The Role of Services in the Global Economy546

Global Transformations in the Services Sector549

Problems in International Service Trade551

Data Collection Problems551

US,Disincentives to the Offering of International Services551

Global Regulations of Services553

Corporate Involvement in International Service Trade554

Typical International Services558

Starting to Offer Services Internationally558

Strategic Indications559

Summary561

Global Perspective 15.1: white—Collar Jobs Move Abroad545

Global Perspective 15.2: Indian Exports: Not Just Carpets but Software548

Global Perspective 15.3: Europe Speeds Phone Competition549

Global Perspective 15.4: A service For Students Abroad558

Global Perspective 15.5: Tourism: The Global Growth Industry559

Chapter 16 International Logistics564

Leaning Objectives564

Opening Vignette African Trade Depends on Logistics565

The Field of International Logistics565

A Definition of International Logistics566

The Impact of International Logistics567

Differences between Domestic and International Logistics568

International Transportation Issues569

Transportation Infrastrueture569

Availability of Modes570

Choice of Modes574

Export Documentation577

International Inventory Issues580

International Packaging Issues582

International Storage Issues586

Storage Facilities586

Special Trade Zones587

Management of International Logistics589

Centralized Logistics Management589

Decentralized Logistics Management589

Outsourcing Logistics Services590

Logistics and the Environment591

Summary592

Global Perspective 16.1: The Logistics Effects 0f the Channel Tunnel570

Global Perspective 16.2: Germany Gateway to Central Europe571

Global Perspective 16.3: sea-Air The Best ot Both Worlds577

Global Perspective 16.4: The Cost of Warehousing in Japan587

Global Perspective 16.5: Cutting Delivery from Two Weeks to Two Days590

Global Perspective 16.6: Environmental Impact on Logistics591

Chapter 17 International Financial Management596

Learning Objectives596

Opening Vignette Chinese Banks Holding Up Payments on Delivered Goods597

Overview of International Financial Management597

Import/Export Trade Financing598

Trade Financing Using a Letter of Credit(L/C)598

International Capital Budgeting600

Capital Budget Components and Decision Criteria600

A Proposed Project Evaluation601

Risks in lnternational Investments602

Capital Structure International Dimensions604

The Capital Structure of the Firm604

The Capital Structure of Foreign Subsidiaries605

International Working Capital and Cash Flow Management606

Operating Cash Flows and Financing Cash Flows606

A Sample Cash Flow Mapping606

Inteation Cash Flows and Transfer Prices606

Cash Flow and Management608

Financial Risk Management610

Classification of Foreign Currency Exposures611

Transaction Exposure612

Transaction Exposure Management612

Risk Management versus Speculation614

Transaction Exposure Case Lufthansa(l985)614

Currency Risk Sharing616

Economic Exposure617

Impact of Economic Exposure617

Economic Exposure Management618

Translation Exposure619

the Current Rate Method619

Translation Exposure Management620

Interest Rate and Currency Swaps621

Interest Rate Swaps621

Currency Swaps622

Summary623

Global Perspective 17.1: “Lost in a Maze of Hedges”613

Global Perspective 17.2: Economic Exposure:Foreign Automakers in Mexico619

Chapter 18 Countertrade624

Learning Objectives626

Opening Vignette Implementing International Countertrade627

A Definition of Countertrade628

Types of Countertrade631

Official Attitudes Toward Countertrade638

AUS.Policy Perspective638

Other Government Views640

Attitudes of Other International Organizations640

The Corporate Situation641

The Emergence of New Intermediaries643

Preparing for Countertrade645

Summary648

Global Perspective 18.1: Turkmenistan Embraces Countertrade630

Global Perspective 18.2: When Governments Do Offset Deals636

Global Perspective 18.3: Debt Funds stud Abroad637637

Global Perspective 18.4: coping with Offsets642

Chapter 19 International Accounting and Taxation652

Learning Objectives652

Opening Vignette:U.S. Accounting Practices Would Halve EPS653

Accounting Diversity653

Principal Accounting Differences Across Countries654

Origins of Differences655

Classification Systems656

Principal Differences: The lssues657

The Process of Accounting Standardization665

International Taxation665

Tax Jurisdictions665

Tax Types607

Income Categories and Taxation668

U.S.Taxation of Foreign Operations669

Taxation of Foreign Branches of U.S.Corporations669

Taxation of Foreign Subsidiaries of U.S.Corporations669

Calcu1ation of U.S.Taxes on ForeIgn—Source Earnings673

Concluding Remarks Regarding U,S. Taxation of Foreign Income675

Summary676

Global Perspective 19.1: The Father of Accounting:Luca Pacioli Who?655

Global Perspective 19.2: countertrade Accountants in the Dark656

Global Perspective 19.3: How Green is My Balance Sheet?664

Global Perspective 19.4: Did Stolichnaya Taxes Put Vodka on the Rocks?666

Global Perspective 19.5: TforgLessonsfromalbania676

Chapter 20 lnternational Human Resource Management680

Learning Objectives680

Opening Vignette:Global Talent Search681

Managing Managers682

Early Stages of Internationalization682

Advanced Stages of Internationalization683

Interfirm Cooperative Vennures684

Sources for Management Recruitment686

Selection Criteria for Overseas Assignments688

Culture Shock693

Repatriation695

Compensation696

Managing Labor Personnel699

Labor Participation in Management700

The Role of Labor Unions705

Human Resource Policies706

Summary707

Global Perspective 20.1: The Challenge of How to Best Manage Together685

Global Perspective 20.2: Women's Global Career Ladder692

Global Perspective 20.3: How Far will Your Salary Go?697

Global Perspective 20.4: Workers of the World.Get Training!701

Global Perspective 20.5: Cooperation Worth copying706

Chapter 21 Organization and Control In International Operations712

Learning Objectives713

Opening Vignette:Borderless Management713

Organizational Structure714

Organizational Designs714

Locus Of Decision Making723

Factors Affecting Structure and Decision Making724

The Networked Global Organization725

The Role of Country Organizations727

Controls729

Types Of Controls730

Exercising Controls733

Summary736

Global Perspective 21.1: Restructuring fOr NAFTA720

Global Perspective 21.2: Characteristics of Success728

Global Perspective 21.3: The Country Manager of the 1990s734

Chapter 22 The Future746

Learning Objectives746

Opening Vignette:The Demise of the Global Firm?747

The International Business Environment748

The Political Environment748

The Internal Financial Environment752

The Effects of Population Shifts754

The Technological Environment754

Changes in Trade Relations755

Governmental Policy756

The Future of International Business Management757

International Planning and Research757

International Product Policy759

International Communication762

Distribution Strategies762

International Pricing763

Careers in Internal Business763

Further Training764

Employment with a Large Firm765

Employment with a Small or Medium—Sized Firm767

Self—Employment771

Summary771

Global Perspective 22.1: The Struggle to Fill Positions in China750

Global Perspective 22.2: tenders Target Women in the Developing World751

Global Perspective 22.3: Japanese Women Make career Moves764

Global Perspective 22.4: Preparing for an Internationail Assignment770

Part 5 Cases774

Harley—Davidson:Hedging Hogs774

Establishing an Overseas Law Office775

Aston Systems Corporation778

HathaWay Electronics:The Foreign Assignment784

Mcdonnell Douglas:The F—18 Hornet Offset790

Charting a Course in a Global Economy795

Troll-AEG801

Otjiwarongo Crocodile Ranch820

Videocase: The Culture of Commerce830

Glossary833

Name Index847

Subject Index854

Maps10

Map 1 International Trade as a Percentage of Gross Domestic Product10

Map 2 Current Account Balances as a Percentage of Gross Domestic Product41

Map 3 Manufacturing:A Major Factor in Gross Domestic Product84

Map 4 Total External Debt by Country130

Map 5 The Locations of the World's International Financial Centers(IFCs)andInternationalOffOffshoreFinancialCenters(IOFCs)152

Map 6 International Groupings190

Map 7 The Global Envitonment: A Source of Conflict between Developed and Less—Developed Nations210

Map 8 The Risk of Terrorist Activity A Factor in International Business Decisions281

Map 9 Religions of the World A Part of Culture307

Map 10 Emerging Economies of Central and Eastern Europe327

Map 11 Advances in Telephone and Data Transmission Technology Facilitate the Collection of Data for International Business Research387

Map 12 International Locations of U.S. Financing Operations423

Map 13 The Operations ( Structure of the Multinational Firm)445

Map 14 Income Distribution:A Factor in Evaluating Market Potential507

Map 15 Services as a Portion of Gross Domestic Product552

Map 16 Trade and Travel Networks590

Map 17 Inflation Rates and Interest Rates around the World603

Map 18 Preferred Items for Export in Countertrade Transactions632

Map 19 Corporate Tax Rates around the World670

Map 20 Organized Labor as a Percentage of the labor Force702

Map 21 The European Union:An Example of Area Structure735

Map 22 The Cost of Living in the World's Major Business Cities764