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Global Business Today, 4e Page 1 of 1

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WHAT’S NEW IN THE FOURTH EDITION

The success of the first three editions of Global Business Today was based in part upon the incorporation of
leading-edge research into the text, the discussion of current events within the context of the appropriate theory,
and the use of examples, cases and statistics that were not only up-to-date but also relevant to our students to
illustrate global trends and enterprise strategy. Building on these strengths, our goals for this revised edition have
been five-fold:
1. Incorporate new insights from recent scholarly research wherever appropriate.
2. Ensure the content of the text covers all appropriate issues.
3. Ensure the text is as up-to-date and as relevant to the student cohort as possible with regard to current events,
statistics, examples and case studies.
4. Make the link between principle and practice by drawing out the implications of concepts and ideas for
international business management and operations.
5. Provide the opportunity for the students and their instructors to identify and attain the learning goals of their
international business education.

As part of the revision process, changes have been made to every chapter in the book and we have taken into
account the reviews by our peers and our students. All material and statistics are as up-to-date as possible as of
late 2015. We have added discussion on current events wherever appropriate. Examples include the Eurozone
crisis, the growth of sovereign wealth funds, the state of play at the Doha Round of trade negotiations, climate
change, the rise of emerging markets, growing multipolarity and the changing power balance in international
economic institutions and the increasing prevalence of regional economic integration, in particular free trade
agreements. In Chapter 5, the discussion of culture has been broadened by the inclusion of Ed Shein’s definition of
culture as well as the GLOBE and WVS frameworks. All opening and closing cases are either new or have been
significantly revised with updates and, in some cases, a new focus. The ‘Country Focus’ features have all been
replaced with new vignettes focusing on Australia’s top trading partners and they come with questions to assist with
class discussion. The ‘Management Focus’ features have been updated and new ones added. An ‘Emerging
Market’ box has been added to reflect the growing importance of these economies to international business. Graphs
and tables have been updated and provide useful visual snapshots of important statistics throughout all chapters.
Strategically commissioned cases by those who are experts in their fields give detailed coverage of topics within a
chapter. Our case mix includes African, Middle-Eastern, Central Asian, European and South-East Asian examples.
A continued feature of this edition is the inclusion of International Business Graduate Attributes (IBGA) in each
chapter, accompanied by applicable learning and assessment tasks. The specification of the IBGAs and tasks in
each chapter informs the students on what learning outcomes are expected and how they can demonstrate the
attainment of these outcomes. The scope of the IBGAs makes clear that what is expected from a study of
international business, and tertiary education more generally, is more than the ability to recall the correct answer to
‘what’, ‘how’ and ‘why’ questions. For the instructor and course designer, the specification of the IBGAs and
assessment tasks enables them to demonstrate where and how the IBGAs are developed and assessed. This
transparency is inherently an accountability measure, but it is also a necessary requirement for attaining external
accreditation for a course of study. IBGA matters are outlined in more detail on pages xxviii–xxx.

RUMINTHA WICKRAMASEKERA
October 2015

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TEXT AT A GLANCE

This fourth edition of Global Business Today is a pedagogically rich learning resource. The features laid out on these pages are specially designed to encourage and
enhance an understanding of the text content and the attainment of a broad scope of learning outcomes. Some of the unique features of this text include:

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ACKNOWLEDGMENTS

As with any endeavour of this type, this edition has been the result of a team effort.
We would like to acknowledge the contribution of Allan McLay (RMIT), whose ‘Country Focus’ vignettes and
discussion questions appear in each chapter of the book.
We would like to thank Jane Menzies (Deakin University), Mona Chung (Deakin University), Subramaniam
Ananthram (Curtin University) and Jeremy Seward (La Trobe University) for their detailed reviews of the material
during development.
We would like to thank our case contributors. They have added the touch of colour that comes with presenting
real-life situations:
• Makoto Kanda, Meiji Gakuin University—Elm Inc.: The globalisation of a rural company (Chapter 1)
• Jane Menzies, Deakin University—Tobacco plain-packaging laws in Australia: Health or trade issues? (Chapter
3)
• Saskia de Klerk, University of New South Wales— Debonairs Pizza: Delivering pizza with pizzazz (Chapter 5)
• Brent Burmester, University of Auckland—FIFA: Scandalous sponsorship (Chapter 8)
• Allan McLay, RMIT—Bindi Wines: Its people, products, philosophy and position in the international marketplace
(Chapter 9)
• Professor Songhua Hu, Sun Yat-sen University— The growth strategy of Haier (Chapter 10)
• Sally Zillman, Queensland University of Technology— Kosmea Australia: Taking rose hip oil to the world
(Chapter 11)
• Abas Mirzaei, Macquarie University— Corona Extra: The iconic Mexican beer that travelled the world (Chapter
12)
• Cameron Gordon, University of Canberra— Woolworths Holdings Limited (Chapter 14).

We are also indebted to our ancillary authors who have worked hard to ensure that we have a strong ancillary
package.
Numerous people deserve to be thanked for their assistance in preparing this book. First, we want to extend our
sincere thanks to all the people at McGraw-Hill who have worked with us on this project: product managers Dr
Gurdish Gill and Lyra Villafana, content developer Maryann D’Sa and senior content producer Daisy Patiag.
Rumintha is grateful to all of those who assisted him in his early work as well as his doctoral studies, and who
have fostered his fascination with and enthusiasm for learning and teaching global/international business. He is
especially indebted to Professors Norman Philp, Geoff Bamberry, Eddie Oczkowski and Gordon Boyce for their
support and encouragement. To Thomas Cronk, co-author of the first three editions, Rumintha extends his sincere
thanks for his generous support and innovative ideas in continually improving the book. He would also like to pass
on his sincere thanks to the many students and colleagues who made a major contribution to the book by providing
valuable feedback. Finally, he would like to send a very special thanks to his family for their continued support and
encouragement.

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CASE AND VIGNETTE MATRIX

PART ONE GLOBALISATION

CHAPTER 1 GLOBALISATION
OPENING CASE THE GLOBALISATION OF PRODUCTION AT BOEING
ANOTHER KICKING AWAY THE LADDER
PERSPECTIVE EVERY EXPORT IS AN IMPORT
EMERGING MARKETS INDIA’S IT SOFTWARE SECTOR
MANAGEMENT FOCUS WHO MAKES THE APPLE IPHONE?
COUNTRY FOCUS GLOBALISATION OR AMERICANISATION? (UNITED STATES)
CLOSING CASE ELM INC.: THE GLOBALISATION OF A RURAL COMPANY

PART TWO CROSS-BORDER LINKAGES: TRADE, INVESTMENT AND EXCHANGE

CHAPTER 2 THEORIES OF TRADE, INVESTMENT AND INTERNATIONALISATION
OPENING CASE BANGLADESH’S TEXTILE TRADE
EMERGING MARKETS BRAZIL’S EMBRAER
MANAGEMENT FOCUS HOLLOWING OUT THE MANUFACTURING-BASED ECONOMY
COUNTRY FOCUS TRADING ITS WAY BACK TO GROWTH (UNITED KINGDOM)
CLOSING CASE LOGITECH’S GLOBAL APPROACH

CHAPTER 3 THE POLITICAL ECONOMY OF TRADE AND INVESTMENT

OPENING CASE UNEASE OVER CHINA’S RARE EARTHS TRADE POLICIES
FREE TRADE AND EFFICIENCY VS FAIR TRADE AND JUSTICE
ANOTHER
A LICENCE TO PROFIT
PERSPECTIVE
PATENTS VERSUS PATIENTS
THE BRICS: ELECTRICAL APPLIANCES AND CONTRARY ENERGY-EFFICIENCY
EMERGING MARKETS
POLICIES
TRYING TO PICK A WINNER: GOVERNMENT SUPPORT OF THE MAGNESIUM
INDUSTRY
MANAGEMENT FOCUS
SANCTIONS, U-TURNS AND ACCUSATIONS OF MONEY LAUNDERING AT STANDARD
CHARTERED
COUNTRY FOCUS ALLIES BUILDING PATHWAYS TO ASIA (NEW ZEALAND)
CLOSING CASE TOBACCO PLAIN-PACKAGING LAWS IN AUSTRALIA: HEALTH OR TRADE ISSUES?

CHAPTER 4 FOREIGN EXCHANGE AND THE INTERNATIONAL MONETARY SYSTEM

OPENING CASE CURRENCY TROUBLE IN MALAWI
THE RISE OF DIGITAL CURRENCIES
CAN THE EURO SURVIVE?
ANOTHER
WHAT ABOUT THE STARBUCKS INDEX: A GOOD IDEA?
PERSPECTIVE
SHOULD COUNTRIES BE FREE TO SET CURRENCY POLICY?
THE GREEK SOVEREIGN DEBT CRISIS
EMERGING MARKETS CHINESE RENMINBI AS RESERVE CURRENCY: YUAN A BET?
KOREAN FIRMS' DISASTROUS KIKO HEDGES
MANAGEMENT FOCUS
IS THE INTERNATIONAL MONETARY FUND NEEDED?
COUNTRY FOCUS POWERHOUSE OF THE EUROZONE (GERMANY)
CLOSING CASE THE RISE (AND FALL) OF THE JAPANESE YEN

PART THREE COUNTRY DIFFERENCES

CHAPTER 5 DIFFERENCES IN CULTURE
OPENING CASE EBAY IN CHINA
ONLINE VIEW OF OTHER CULTURES

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ANOTHER ADAPTING TO SUIT THE LOCAL PALATE

PERSPECTIVE STICKY PROBLEMS IN CULTURE RESEARCH
USING IT TO BREAK INDIA’S CASTE SYSTEM
EMERGING MARKETS ISLAMIC BANKING IN MALAYSIA
A TALE OF TWO COUNTRIES
MANAGEMENT FOCUS DMG ENTERTAINMENT
COUNTRY FOCUS TRANSFORMING THAILAND (THAILAND)
CLOSING CASE DEBONAIRS PIZZA: DELIVERING PIZZA WITH PIZAZZ

CHAPTER 6 POLITICAL AND LEGAL ENVIRONMENTS

OPENING CASE FOREIGN DIRECT INVESTMENT IN NIGERIA
IS SELLING IN CHINA A GOOD STRATEGY?
ANOTHER
DO YOU AGREE WITH THE UNIQUE SYSTEM OF ISLAMIC BANKING?
PERSPECTIVE
HOW IMPORTANT ARE INTELLECTUAL PROPERTY RIGHTS?
DEMOCRACY IN THE ARAB WORLD: NEW REALITIES IN AN ANCIENT LAND?
EMERGING MARKETS
INDIVIDUAL RIGHTS AND FREEDOMS IN THE BRICS
DEMOCRATIC PRINCIPLES OR PROFIT: GOOGLE INC. AND THE GREAT FIREWALL OF
MANAGEMENT FOCUS CHINA
AUSTRALIA SEEKS BIGGER SLICE OF APPLE’S TAX PIE
COUNTRY FOCUS PATTERNS OF POWER AND ECONOMIC PROGRESS (CHINA)
CLOSING CASE GROWING AUTHORITARIANISM AND BUSINESS IN FIJI

CHAPTER 7 ECONOMIC ENVIRONMENT

OPENING CASE POLISH ECONOMIC RESILIENCE
DISCONNECT OF THE VIRTUAL AND THE PHYSICAL WORLDS
ANOTHER
IF WE ON EARTH WERE A COMMUNITY OF 100 PEOPLE . . .
PERSPECTIVE
A POWERFUL ‘SEN’ EXAMPLE: FROM ‘UNTOUCHABLE’ TO ENTREPRENEUR
EMERGING MARKETS THE DEVELOPMENT PERFORMANCE OF EMERGING MARKET ECONOMIES
FONTERRA AND THE CHANGING DEMAND FOR DAIRY PRODUCTS IN THE EMERGING
MANAGEMENT FOCUS
MARKETS OF ASIA
COUNTRY FOCUS AN EMERGING ECONOMIC GIANT (INDIA)
CLOSING CASE EMBRAER FLIES AS BRAZIL’S EXPORTS HIT HEADWINDS

CHAPTER 8 ETHICS AND CORPORATE RESPONSIBILITY

OPENING CASE DANGERS OF TOYS
HUMAN RIGHTS
VOLKSWAGEN’S POLLUTION SCANDAL
IS SUSTAINABILITY BAD FOR PROFITS?
ANOTHER
MODERN-DAY SLAVERY
PERSPECTIVE
ARE HUMAN RIGHTS A MORAL COMPASS?
HOW DO YOU KNOW WHAT IS REALLY HAPPENING? GIVING MEANING ACROSS
CULTURES
CORPORATE SOCIAL RESPONSIBILITY AT STORA ENSO
MANAGEMENT FOCUS JAIL TIME FOR EXECUTIVES?
PFIZER’S DRUG-TESTING STRATEGY IN NIGERIA
THE CITY-STATE BUILT ON TRADE AND GOOD CORPORATE GOVERNANCE
COUNTRY FOCUS
(SINGAPORE)
CLOSING CASE FIFA: SCANDALOUS SPONSORSHIP

CHAPTER 9 COUNTRY MARKET ANALYSIS

OPENING CASE UNIQLO GOES GLOBAL
IS COUNTERTRADE AN APPROPRIATE WAY OF TRADING TODAY?
ANOTHER
HOW TRUSTING CAN YOU BE?
PERSPECTIVE
ARE FIRST-MOVER ADVANTAGES ALWAYS A GOOD THING?
EMERGING MARKETS THE JOLLIBEE PHENOMENON—A PHILIPPINE MULTINATIONAL
EXPORTING OR LICENSING?
MANAGEMENT
SHOULD A STANDARD PROCESS BE IN PLACE FOR IMPORT LICENCES?
FOCUS
FOR WHICH PRODUCT IS AUTARKY A GOOD CHOICE FOR COUNTRIES?
COUNTRY FOCUS REMOVING BARRIERS TO TRADE (SOUTH KOREA)

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BINDI WINES: ITS PEOPLE, PRODUCTS, PHILOSOPHY AND POSITION IN THE

CLOSING CASE
INTERNATIONAL MARKETPLACE

PART FOUR COMPETING IN THE GLOBAL MARKETPLACE

CHAPTER 10 THE STRATEGY OF INTERNATIONAL BUSINESS
OPENING CASE IKEA
ANOTHER EDUCATION AS A PART OF YOUR VALUE CHAIN
PERSPECTIVE LONG-LIVED FIRMS IN JAPAN
EMERGING MARKETS PEARL RIVER PIANO COMPANY
MTV’S GLOBAL STRATEGY
MANAGEMENT
PROCTER & GAMBLE: EVOLUTION OF STRATEGY
FOCUS
CISCO SYSTEMS AND FUJITSU
COUNTRY FOCUS MAKING INROADS INTO MALAYSIA (MALAYSIA)
CLOSING CASE THE GROWTH STRATEGY OF HAIER

CHAPTER 11 ENTERING FOREIGN MARKETS

OPENING CASE INTERNATIONAL MARKET ENTRY AT STARBUCKS
EXPORTING OR LICENSING?
ANOTHER
SO, YOU THINK YOU WANT TO OWN A FRANCHISE?
PERSPECTIVE
ALDI IN AUSTRALIA
COUNTRY FOCUS OPPORTUNITIES IN A FRONTIER MARKET (VIETNAM)
THE NEED TO GO INTERNATIONAL
MANAGEMENT
AUSTRALIAN TURNTABLE COMPANY
FOCUS
TESCO’S INTERNATIONAL GROWTH STRATEGY
CLOSING CASE KOSMEA AUSTRALIA: TAKING ROSE HIP OIL TO THE WORLD

CHAPTER 12 INTERNATIONAL MARKETING AND R&D

OPENING CASE GLOBAL BRANDING OF THE AVENGERS AND IRON MAN
MARKETING FAILURES—VEGEMITE’S iSNACK 2.0
ANOTHER LOST IN TRANSLATION
PERSPECTIVE IS THE KIWIFRUIT A KIWI FRUIT?
DESTINATION AND COUNTRY BRANDING
EMERGING MARKETS UNILEVER: SELLING TO INDIA’S POOR
MANAGEMENT FOCUS IS THE GOOGLE ADVERTISING MODEL VIABLE IN THE LONG TERM?
COUNTRY FOCUS A WORLD HARDWARE HUB (TAIWAN)
CLOSING CASE CORONA EXTRA: THE ICONIC MEXICAN BEER THAT TRAVELLED THE WORLD

CHAPTER 13 INTERNATIONAL PRODUCTION, OUTSOURCING AND LOGISTICS

OPENING CASE LI & FUNG LIMITED: A FACTORY OF SORTS
CHANGING CAREER ROLES AND OPPORTUNITIES
DIFFERENT STAGE, DIFFERENT SCALE
LEAN AND GREEN AT TOYOTA
ANOTHER PERSPECTIVE
OFFSHORING LEGAL SERVICES
WEEE AND REVERSE LOGISTICS
RFID AND LIVESTOCK
EMERGING MARKETS THE ‘CHINA-PLUS-ONE’ STRATEGY
MANAGEMENT FOCUS HP SINGAPORE’S EVOLVING ROLE
COUNTRY FOCUS A CHANGING STRATEGY FOR GROWTH (JAPAN)
CLOSING CASE FMCG, SOFT DOLLARS AND LEAN SUPPLY CHAINS

CHAPTER 14 INTERNATIONAL HUMAN RESOURCE MANAGEMENT

OPENING CASE WOOLWORTHS HOLDINGS LIMITED
LINKING HR ACROSS THE GLOBE
THE PHILIPPINES’ BEST EXPORT? PEOPLE
VIRTUAL HR MOBILITY MANAGEMENT
ANOTHER PERSPECTIVE
WILL WE SEE AN INFLUX OF CHINESE WORKERS WORLDWIDE?
WOULD YOU SEND A WOMAN ON AN INTERNATIONAL ASSIGNMENT?
WHERE WOULD YOU GO TO FIND EXPAT RESOURCES?

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EMERGING MARKETS HRM CHALLENGES IN EMERGING ECONOMIES FOR EXPATRIATES

MANAGEMENT FOCUS MANAGING GLOBAL TALENT AT SHELL
COUNTRY FOCUS THE VALUE OF SKILLED HUMAN RESOURCES (INDONESIA)
CLOSING CASE MMC CHINA

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INTERNATIONAL BUSINESS GRADUATE

ATTRIBUTES

While individual educational institutions and courses of study will seek to develop attributes peculiar to their own
situation, there are many generic attributes expressed in the institutional statements of learning goals. The following
concepts are common in these statements:
• Discipline Knowledge and Skill
• Critical Analysis
• Problem Solving
• Ethical Decision Making
• Communication
• Social Interaction
• Global Perspective
• Life-long Learning
• Citizenship.
It is evident that a study of international business, by its very nature, can make a significant contribution to the
development of these generic attributes.
For teaching and learning purposes (including the assessment of learning), a more operational expression of the
concepts is needed. The International Business Graduate Attributes (IBGAs) as defined below provide the
operational expression of these concepts as they apply to an international business education. The concepts listed
above have been selected as the basis of the development of the IBGAs used throughout this textbook and its
accompanying teaching and learning resources.
IBGAs need to be aligned with the learning objectives, and the learning and assessment activities of a specific
unit of study, to ensure the development of the generic attributes. Learning objectives, alone or in combination,
provide indicators of the attainment of the graduate attributes. A sample of such indicators is provided below for
each IBGA. Alignment occurs in this textbook according to the IBGA chapter matrix below. While each chapter by
way of its subject matter, learning objectives, suggested learning tasks and stimulus material potentially provides a
vehicle for developing all IBGAs, the alignment matrix recognises that certain subject matter lends itself to the
development of specific IBGAs. The matrix also acknowledges that two of the IBGAS are so generic that they can
be assigned to all chapters. These IBGAs are IBGA1: Discipline Knowledge and Skills and IBGA5: Communication.
Case analysis is used in each chapter, so IBGA2 Critical Analysis is also assigned to each chapter.

IBGA1 DISCIPLINE KNOWLEDGE AND SKILLS

Apply a coherent body of theoretical and practical knowledge and skills to understand international business.
Indicator: You can:
• explain the various methods used by governments to restrict imports
• describe the circumstances under which a firm may choose to enter a foreign market using licensing rather than
FDI
• using the table of data provided, calculate the export price in the foreign currency if the firm adopts a 100 per
cent pass-through pricing strategy.

IBGA2 CRITICAL ANALYSIS

Using a combination of insight, reason and practised skills, formulate a considered judgment on the value of data,
experiences, arguments and proposals relating to international business issues.
Indicator: You can:
• summarise the data collected from returning expatriate staff on the adequacy of their overseas allowances
• compare and contrast the public interest arguments underpinning the national government’s decision to prohibit
one but permit another foreign takeover in the Australian mining industry
• assess the viability of a business opportunity for the sale of kangaroo meat to South Korea.

IBGA3 PROBLEM SOLVING

Define problems and their causes confronting international business managers, and use a range of abilities,
approaches and resources to reach decisions and make recommendations.
Indicator: You can:
• find sources of data on foreign competitors
• outline how you would prepare yourself for a short-term work assignment to a subsidiary in a foreign country
about which you know very little
• develop strategies that enhance the opportunities and limit the threats for your business as a consequence of
Australia becoming a part of an expanded ASEAN Free Trade Area.

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IBGA4 ETHICAL DECISION MAKING

Be aware of the different value systems, including one’s own, under which an international business may operate.
Recognise and value the moral dimensions of international business decisions and actions.
Indicator: You can:
• recognise instances when the accepted rules of conduct regarding facility payments are broken
• accept responsibility for the consequences of your actions
• defend a code of practice for foreign suppliers that takes account of company profits, fairness, sustainability and
indigenous perspectives.

IBGA5 COMMUNICATION
Make connections that create meaning for others, including cross-cultural connections. Choose language, media
and formats suitable for the message and the audience.
Indicator: You can:
• debate in a public forum the effectiveness of trade sanctions to bring about changes to the policies of a foreign
government
• conduct online a job interview with a candidate who is from a non-English-speaking background and is located
offshore
• write a report for management that explains the impact on the supply chain of your company of increasing global
terrorism.

IBGA6 SOCIAL INTERACTION

Know how to get things done in groups.
Indicator: You can:
• elicit the views of others and help reach conclusions
• recognise the strength of others and build positive relations
• provide leadership within a team context by taking responsibility for organisation, planning, influencing and
negotiating.

IBGA7 GLOBAL PERSPECTIVE

Understand and respect the economic, cultural and biological diversity and interdependence of global life.
Indicator: You can:
• explain the concept of decoupling in the context of the Global Financial Crisis
• compare world economic and political systems
• assess the use of ‘food miles’ as a measure of the carbon footprint of a dairy food processor that exports to
distant foreign markets.

IBGA8 LIFE-LONG LEARNING

Maintain an intellectual interest and a critical perspective on international business issues.
Indicator: You can:
• identify what you need to learn about international business
• manage time and prioritise activities to achieve your goals
• initiate ways and means of attaining and evaluating your learning outcomes.

IBGA9 CITIZENSHIP
Engage actively with communities in ways that are sensitive to their culture and responsive to their needs.
Indicator: You can:
• organise a program of speakers for a conference for international business graduates with the theme
‘Competing with Integrity in International Business’
• represent on their behalf the point of view and interests of Indigenous landholders who are seeking to form a
strategic alliance with a foreign company to develop a tourist resort and golf course on their communal land
• identify opportunities for collaboration between suitable NGOs and mine management on projects to improve the
general and vocational education of miners and their families at a remote offshore mining site.

IBGA–CHAPTER ALIGNMENT

CHAPTER 1 2 3 4 5 6 7 8 9 10111213 14
IBGA

1: Discipline Knowledge and Skills ✓✓✓✓✓✓✓✓✓✓✓✓✓✓

2: Critical Analysis ✓✓✓✓✓✓✓✓✓✓✓✓✓✓

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3: Problem Solving ✓✓✓✓ ✓✓✓✓✓

4: Ethical Decision Making ✓✓ ✓ ✓
5: Communication ✓✓✓✓✓✓✓✓✓✓✓✓✓✓
6: Social Interaction ✓ ✓ ✓ ✓ ✓
7: Global Perspective ✓ ✓ ✓
8: Life-long Learning ✓ ✓ ✓
9: Citizenship ✓ ✓

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CONTENTS IN FULL
Cover

Title Page

Copyright

Preface

About the authors

Acknowledgments

What’s new in the fourth edition

Organisation/content

Text at a glance

Case and vignette matrix

International Business Graduate Attributes

PART ONE GLOBALISATION

CHAPTER 1 GLOBALISATION

PART TWO CROSS-BORDER LINKAGES:

TRADE, INVESTMENT AND EXCHANGE
CHAPTER 2 THEORIES OF TRADE, INVESTMENT AND
INTERNATIONALISATION

CHAPTER 3 THE POLITICAL ECONOMY OF TRADE AND INVESTMENT

CHAPTER 4 FOREIGN EXCHANGE AND THE INTERNATIONAL

MONETARY SYSTEM

PART THREE COUNTRY DIFFERENCES

CHAPTER 5 DIFFERENCES IN CULTURE

CHAPTER 6 POLITICAL AND LEGAL ENVIRONMENTS

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CHAPTER 7 ECONOMIC ENVIRONMENT

CHAPTER 8 ETHICS AND CORPORATE RESPONSIBILITY

CHAPTER 9 COUNTRY MARKET ANALYSIS

PART FOUR COMPETING IN THE GLOBAL MARKETPLACE

CHAPTER 10 THE STRATEGY OF INTERNATIONAL BUSINESS

CHAPTER 11 ENTERING FOREIGN MARKETS

CHAPTER 12 INTERNATIONAL MARKETING AND R&D

CHAPTER 13 INTERNATIONAL PRODUCTION, OUTSOURCING AND

LOGISTICS

CHAPTER 14 INTERNATIONAL HUMAN RESOURCE MANAGEMENT

Glossary
Acronyms
Countries/Capitals
Index

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© SSGUY/SHUTTERSTOCK

GLOBALISATION

CHAPTER 1
Globalisation

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© SOPHIE JAMES/SHUTTERSTOCK

CHAPTER 1
GLOBALISATION
INTERNATIONAL BUSINESS GRADUATE ATTRIBUTES
(IBGAs)
This chapter’s content, learning resources and case studies provide you with the opportunity to develop a number of International Business Graduate Attributes
(IBGAs), including the following:
IBGA1 Discipline Knowledge and Skills
IBGA2 Critical Analysis
IBGA5 Communication
IBGA7 Global Perspective
IBGA9 Citizenship

LEARNING OBJECTIVES

LO 1.1 Explain the process and drivers of globalisation and the opportunities and challenges it creates for business.
LO 1.2 Illustrate how the global economy has changed over the past 50 years.
LO 1.3 Justify the labelling of the 21st century as the Emerging Markets Century.
LO 1.4 Debate the impact of globalisation on issues such as job security, income inequality and the environment.
LO 1.5 Compare how the management of international business differs from the management of domestic business.

OPENING
The globalisation of production at Boeing
CASE
Executives at the Boeing Corporation, America’s largest exporter, like to say that building a large commercial jet aircraft like the 747 or 787 involves
bringing together more than a million parts in flying formation. Forty-five years ago, when the early models of Boeing’s venerable 737 and 747 jets were
rolling off the company’s Seattle area production lines, foreign suppliers accounted for only 5 per cent of those parts on average. Boeing was vertically
integrated and manufactured many of the major components that went into the planes. The largest parts produced by outside suppliers were the jet
engines, where two of the three suppliers were American companies. The lone foreign engine manufacturer was the British company Rolls-Royce.
Fast-forward to the modern era, and things look very different. In the case of its latest aircraft, the super-efficient 787 Dreamliner, 50 outside suppliers
spread around the world account for 65 per cent of the value of the aircraft. Italian firm Alenia Aeronautica makes the centre fuselage and horizontal
stabiliser. Kawasaki of Japan makes part of the forward fuselage and the fixed trailing edge of the wing. French firm Messier-Dowty makes the aircraft’s
landing gear. German firm Diehl Luftfahrt Elektronik supplies the main cabin lighting. Sweden’s Saab Aerostructures makes the access doors. Japanese
company Jamco makes parts for the lavatories, flight decks interiors and galleys. Mitsubishi Heavy Industries of Japan makes the wings. KAA of Korea
makes the wing tips. Boeing Aerostructures Australia (BAA) makes the movable trailing edges and inboard flaps. And so on.
Why the change? One reason is that 80 per cent of Boeing’s customers are foreign airlines, and to sell into those nations it often helps to be giving
business to those nations. The trend started in 1974 when Mitsubishi of Japan was given contracts to produce inboard wing flaps for the 747. The
Japanese reciprocated by placing big orders for Boeing jets. A second rationale was to disperse component part production to those suppliers who are the
best in the world at their particular activity. Over the years, for example, Mitsubishi has acquired considerable expertise in the manufacture of wings, so it

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Global Business Today, 4e Page 2 of 26

was logical for Boeing to use Mitsubishi to make the wings for the 787. Similarly, the 787 is the first commercial jet aircraft to be made almost entirely out
of carbon fibre, so Boeing tapped Japan’s Toray industries, a world-class expert in sturdy but light carbon-fibre composites, to supply materials for the
fuselage. A third reason for the extensive outsourcing on the 787 was that Boeing wanted to unburden itself of some of the risks and costs associated with
developing production facilities for the 787. By outsourcing, it pushed some of those risks and costs off onto suppliers, who had to undertake major
investments in capacity to ramp up to produce for the 787.
So what did Boeing retain for itself? Engineering design, marketing and sales, and final assembly at its Everett plant north of Seattle, all activities where
Boeing maintains it is the best in the world. Of major component parts, Boeing made only the tail fin and wing-to-body fairing (which attaches the wings to
the fuselage of the plane). Everything else was outsourced.
As the 787 moved through development in the 2000s, however, it became clear that Boeing had pushed the outsourcing paradigm too far. Coordinating a
globally dispersed production system this extensive turned out to be very challenging. Parts turned up late, some parts didn’t ‘snap together’ the way Boeing
had envisioned, and several suppliers ran into engineering problems that slowed down the entire production process. As a consequence, the date for
delivery of the first jet was pushed back more than four years, and Boeing had to take millions of dollars in penalties for late deliveries. The problems at one
supplier, Vought Aircraft in North Carolina, were so severe that Boeing ultimately agreed to acquire the company and bring its production in-house. Vought
was co-owned by Alenia of Italy and made parts of the main fuselage.

© IAN WALDIE/BLOOMBERG VIA GETTY IMAGES

There are now signs that Boeing is rethinking some of its global outsourcing policy. For its next jet, a new version of its popular, wide-bodied 777 jet, the
777X, which will use the same carbon-fibre technology as the 787, Boeing will bring wing production back in-house. Mitsubishi and Kawasaki of Japan
produce much of the wing structure for the 787, and for the original version of the 777. However, recently Japan’s airlines have been placing large orders
with Airbus, breaking with their traditional allegiance to Boeing. This seems to have given Boeing an opening to bring wing production back in-house. Boeing
executives also note that Boeing has lost much of its expertise in wing production over the last 20 years due to outsourcing, and bringing it back in-house for
new carbon-fibre wings might enable Boeing to regain these important core skills and strengthen the company’s competitive position.

SOURCES: K. Epstein and J. Crown, ‘Globalization bites Boeing’, Bloomberg Businessweek, 12 March 2008; H. Mallick, ‘Out of control outsourcing ruined Boeing’s
beautiful Dreamliner’, The Star, 25 February 2013; P. Kavilanz, ‘Dreamliner: where in the world its parts come from’, CNN Money, 18 January 2013; S. Dubois,
‘Boeing’s Dreamliner mess: simply inevitable?’ CNN Money, 22 January 2013; A. Scott and T. Kelly, ‘Boeing’s loss of a $9.5 billion deal could bring jobs back to the
US’, Business Insider, 14 October 2013; and ‘Boeing talks up 787’s Australian link’, accessed via www.news.com.au/finance/business/boeing-talks-up-787s-australian-
link/story-e6frfkur-1226217631114 on 12 September 2015.

INTRODUCTION
Over the past three decades, a fundamental shift has been occurring in the world economy. We are moving away from a world in which national economies were
relatively self-contained entities, isolated from each other by barriers to cross-border trade and investment; by distance, time zones and language; and by national
differences in government regulation, culture and business systems. We are moving towards a world where barriers to cross-border trade and investment are
declining; perceived distance is shrinking due to advances in transportation and telecommunications technology; material culture is starting to look similar; and
national economies are merging into an interdependent, integrated global economic system. The process by which this is occurring is commonly referred to as
globalisation, and international business is the main facilitator of this process.
The global dispersal of production for Boeing’s 787 Dreamliner, outlined in the opening case, is one example of the trend towards globalisation. In 1970,
independent suppliers produced only 5 per cent of the value of a Boeing commercial jet. With the advent of the 787 Dreamliner, this figure reached 65 per cent, and
many of those suppliers were scattered around the globe. Part of Boeing’s rationale was that 80 per cent of its sales went to foreign airlines, and winning orders in
this global marketplace required that it outsource some production to other nations. Boeing also believed that it made sense to outsource production of component
parts to independent suppliers if they were the best in the world at performing that particular activity, no matter where they were located. In Boeing’s view, the
result of such a strategy would be greater efficiency and lower costs, which would help Boeing compete on price against its global rival in the commercial aircraft
business, Airbus. As the case makes clear, however, there are risks involved in embracing globalisation to the extent that Boeing did. Coordinating a globally
dispersed supply chain turned out to be a logistical nightmare, and was partly responsible for delaying the launch of the 787 by more than four years, which cost
Boeing dearly. The Boeing example illustrates, therefore, that managers need to carefully think through their strategy for competing in the global marketplace of
the 21st century, balancing the benefits of embracing globalisation against the associated risks. This is a theme that we shall return to repeatedly throughout this
text.
More generally, globalisation now has an impact upon almost everything we do. In this interdependent global economy, an Australian is driving home from
work in a Ford utility—the brand of a US multinational, designed in Japan and manufactured in Thailand by a joint venture of Ford and Mazda, using a Mazda
design. Components come from the USA and Japan using Korean steel and Malaysian rubber, and from sheet metal produced by an Australian company’s
subsidiary in Thailand. On the way to work, the Australian driver fills the car with fuel at a BP service station owned by a British multinational company. The fuel
could have been made from oil pumped out of a well off the coast of Africa by a French oil company that transported it to refineries in Singapore in a ship owned
by a Greek shipping line. While driving home, the Australian rings her stockbroker on a hands-free mobile phone, a product of the Finnish company Nokia, that
was assembled in China using chip sets produced in Taiwan to a design of Indian engineers working at the Nokia Research Centre in Japan. She tells her
stockbroker to purchase shares in CSL, an Australian bio-pharmaceutical company transformed from a government-owned enterprise to a privately owned global
company, now with 14 000 employees operating in 30 countries.1 Playing on the car radio (made in Malaysia by a Japanese firm) is a popular hip-hop song
composed by a Swede and sung in English by a group of Danes who signed a recording contract with a French music company to promote their record worldwide.
The driver pulls into a fast-food restaurant to buy a meal of Portuguese-style, flame-grilled peri-peri chicken from a South African Nando’s franchise owned and
run by a Vietnamese immigrant. On the way home, a news announcer on the car radio informs the driver that anti-globalisation protests at a meeting of the World
Economic Forum in Davos, Switzerland, have turned violent. One protester has been killed. The announcer then turns to the next item, a story about how interest
rates in the United States have been increased by the US Federal Reserve, which overnight sparked a decline in the value of the Australian dollar on the foreign
exchange markets. The driver muses that now might be the time to replace her old ute with a new imported one if the dollar looks likely to continue to depreciate in
value.
This is the world in which we live. It is a world where the volume of goods, services and investments crossing national borders has expanded faster than world
output consistently for more than half a century. It is a world where more than USD$5.3 trillion in foreign exchange transactions are made every day, where
USD$19 trillion of goods and USD$4.6 trillion of services are sold annually across national borders.2 (As no global currency exists, when aggregating and
comparing international monetary values, there is a need to adopt a single national currency as the unit of measurement. The most widely used unit of measurement
is the US dollar. The US dollar is used extensively as a medium of exchange, a foreign currency reserve and a unit of account in international transactions.) It is a
world in which international institutions such as the World Trade Organization (WTO) and gatherings of leaders from the world’s most powerful and dynamic
economies have repeatedly called for even lower barriers to cross-border trade and investment. (There is an element of hypocrisy, however, in such calls from the

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Global Business Today, 4e Page 3 of 26

leaders of the developed countries. See Another Perspective: ‘Kicking away the ladder’.) It is a world requiring more effective collaboration and action at a
global level among national governments on issues such as climate change, terrorism, flu pandemics and financial crises.

ANOTHER PERSPECTIVE
Kicking away the ladder
The developed economies today argue, through the agencies of the World Trade Organization (WTO), the International Monetary Fund (IMF), the World
Bank and bilateral free trade agreements, that developing countries should pursue a free trade policy and laissez-faire industrial policy (the belief that big
and intrusive governments were the main causes of poor economic development performance) to promote and sustain economic development. The pursuit
of such policy recommendations, however, would prevent developing countries adopting policies that would create jobs through tariff protection and
industrialisation, guarantee public services through government ownership, protect farmers and food security through subsidies, and relax intellectual
property laws to promote the production and import of life-saving generic drugs.
The Cambridge University economist Ha-Joon Chang argues that historically the developed countries themselves did not develop by relying on the free
market policies that they are now advocating. In Chang’s terms, the pursuit of such policies would be tantamount to kicking away the ladder to development
and preventing developing countries from using the very same development strategies that developed countries used in order to prosper. Chang points out
that the developed economies such as the United States and the United Kingdom used tariff protection and subsidies to develop their domestic industries
and promote economic development. In the case of the more recent economic miracles in Japan and South Korea, their respective governments also
protected their key industries with tariffs before exposing them to foreign competition. One might be forgiven for observing that the motive for now arguing
for freer trade and freer foreign investment may have more to do with locking in the advantages that the industrially developed countries presently enjoy
than with helping poorer countries to develop.

© GIULIO NAPOLITANO

SOURCES: H. Chang, ‘Kicking away the ladder: infant industry promotion in historical perspective’, Oxford Development Studies, 31(1) (March 2003), p. 21; H.
Chang, ‘Africa needs an active industrial policy to sustain growth’, The Guardian, 15 July 2012, accessed via www.guardian.co.uk/commentisfree/2012/jul/15/africa-
industrial-policy-washington-orthodoxy on 15 January 2013.

Today’s world is a world of growing integration and interdependence. The symbols of material and popular culture are increasingly global: from Coca-Cola
and Toyota to Sony PlayStations, Nokia mobile phones, reality TV shows, Google, IKEA stores and Apple iPhones and iPads. In this world, products are made
from inputs that come from all over the world. It is a world where an economic crisis in the tiny Greek economy causes uncertainty about the economic stability of
the world’s largest economy, the United States; where a mortgage crisis in the housing sector in the US economy can lead to the bankruptcy of the economy of
Iceland and a change of Iceland’s government; where a major flood in Thailand closes Thai factories which in turn disrupts global supply chains in the automotive
industry and causes factories in other parts of the world to close. As the internet penetrates more regions of the world and information flows become mostly
instantaneous and almost costless, global integration is becoming more individualised, rather than being just institution to institution or B2B.3 It is a world where
we can share music files internationally with our peers, buy an item from overseas on an online auction site, coordinate the activities of suppressed political
dissidents in a foreign country, and have our identity stolen by a foreign criminal gang. It is also a world in which vigorous and vocal groups protest against
globalisation, which they blame for a list of ills, from job losses and unemployment in developed nations, and poverty in developing economies, to environmental
degradation, climate change and the Americanisation of popular culture.

© PASSION IMAGES/SHUTTERSTOCK
Fears of a slowdown in the Chinese economy and the fall in the value of Chinese shares saw the ASX lose a staggering $60 billion in a day.

There is no clearer evidence that we live in one economic world than the advent and fallout of the 2007–09 Global Financial Crisis (GFC) or the stock market
volatility caused by events in Greece and China.
As globalisation unfolds, it transforms industries and creates anxiety among those who believed their jobs were once protected from foreign competition.
Historically, while many workers in manufacturing industries worried about the impact that foreign competition might have on their jobs, workers in service
industries felt more secure. Now, this, too, is changing. Advances in information and communications technology, lower transportation costs and the rise of skilled
workers in emerging and developing countries mean that many services no longer need to be performed where they are delivered. Offshoring is an increasing
trend. Offshoring is a particular form of outsourcing. Outsourcing means that tasks that were previously performed in-house are now purchased from another
firm. Offshoring means that a task previously performed in one country is now being undertaken abroad. The offshoring trend can be seen in many service
industries such as data entry, customer service calls, software development and the preparation of legal briefs and tax returns. For example, Indian accountants,
trained in the tax rules and processes of other countries, perform work for foreign accounting firms.4 They access individual tax returns stored on computers in the
foreign country, perform routine calculations, and save their work so that it can be inspected by a local accountant, who then bills clients. As the best-selling
author Thomas Friedman has argued, the world is becoming flat.5 People living in developed nations no longer have the playing field tilted in their favour.
Increasingly, enterprising individuals based in India, China, Brazil or Eastern Europe have the same opportunities to better themselves as those living in Western

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Another Random Scribd Document
with Unrelated Content
Would you blame a feller any,
If the sun was all aglow,
If his pa had gone to meetin’,
An’ his ma was soon to go.

Then if his ma had rigged him out

In togs for Sunday-school,
If his chum came by and argued
’Twas no need to go by rule.

Is there really any harm,

If a feller does no wrong,
But jus’ takes his fishin’ tackle
An’ goes marchin’ straight along;

Jus’ to where the fish are bitin’

At a mos’ outlandish rate,
Could you blame a feller any
’Cause he went to diggin’ bait.

Could you blame a feller’s daddy,

Should he make a solemn vow,
That his sonny’d get a trouncin’,
Tho ’twould start a family row;

When to class the kids came troopin’,

Every feller, all save one,
When he found the fishin’ tackle
To be missin’—like his son.

“To think,” says he, “a son of mine

Would break the Sabbath day,
He’ll cause this head to bow in shame
While trudgin’ earth’s highway.”

Then a righteous rage o’ertook him,

Like a ship that’s lashed at sea,
While his long strides brought him nearer
The spot where his son might be.

Alas! when he saw his son there,

Jus’ atuggin’ at the line,
With a monster fish adanglin’;
(’Twas a sport he too thought fine!)
( Twas a sport he too thought fine!)

His old eyes jus’ fell a-dancin’,

Like the waves borne by a breeze,
An’ his soul was set a-singin’
With the birds in nearby trees.

Would you blame a feller’s daddy,

Should he break a solemn vow,
An’ help a lad to lug away
All the fish the law’d allow?

Who’d begrudge dad any pleasure,

(When his sun was bendin’ low,)
Which might set his old heart beatin’
With lost chords of long ago.
LIFE’S SUNSET

Thy day is far spent,

And thy night draweth nigh,
Life’s sunset at even,
Shines forth from on high.

Eternity’s dawn,
As the closing of day,
’Tis shadow or sunbeam
Precedeth thy way.

A life such as thine,

Is inspired from above,
Reborn of God’s spirit,
Immersed in his love.

Sweet strains from afar,

Thy rich entrance doth raise,
While yon Heavenly choir
Sings anthems of praise.
THE MEADOWLARK
The meadowlark wingeth his grassy way,
His plaintive note rings clear,
He seeketh shelter ’neath the new-mown hay
His flute-like voice we hear
“Spring o’ the year!
Spring o’ the year!”

His coat, brown-mottled, with silver’s soft streak,

While nesting, serves him well,
When summer’s sun sears the grass, dries the creek,
’Tis then he rests a spell.
In meadow-dell!
In meadow-dell!

This jaunty fellow in vest of yellow

And crescent-collar black,
A cap to match; his music how mellow,
Chap with the whistling knack.
“Tseer”—alack!
“Tseer”—alack!

A ground nest by him of grasses is made,

Distant his dream of fear,
Till the spotted white eggs his mate has laid,
Begin to disappear.
“Tsev—tseer!”
“Tsev—tseer!”

The thieves of sad fate are mice of the mead,

Or else some reptile rare,
Again he builds stronger, with greater heed,
Then guards his home with care.
“Tseer” dire deed!
“Tseer” dire deed!

’Tis golden sheaf-time and each spotted shell,

Appears to be pipping,
Alas! the tale of the binder to tell,
She come clipping, clipping.
Thru meadow-dell!
Thru meadow-dell!

The doom of the sputtering mates is sealed,

Th hi t
The reaper spurns his guest,
As he cuts a swath of the ripened field,
Brings havoc to the nest.
“Tseer” oprest!
“Tseer” oprest!

Still sputtering, the mates fly far a-field,

Such grief was theirs that day,
And here is to hoping their fate may be sealed,
Next year a diff’rent way.
“Tseer” sad lay!
“Tseer” sad lay!
 NATURE’S GAME

The gusts of wind that frisk about,

With the winter sprites at play,
And pile them high like football fiends,
In a most fantastic way,
Are stragglers from the woodland dell,
Just assuming to be fay.

The birds cheer with chirps, squirrels with chats,

A clouded lining of sun-beam slats,
Curtains Sol of cunning eye;
Crows “Caw! caw!” as tho at play,
A golden bomb bursts the glow’ring sky,
And frightens the elfins away.
 A BIT O’ CHEER

Such scurrying of blow and bluster out,

Instilled a longing just to look about
For one stray emblem of returning spring,
Some form of life aquiver on the wing.

A massive mound of snow towered mountain high.

The nude trees, all ashiver stood opprest;
One brave bough saluted the whistling wind,
That had cruelly bared her aching breast.

The tiny twigs twisted and twined for warmth,

Still striving in vain for reviving breath,
While the icy palm with a ruthless calm,
Soon smote many a sickly one with death.

Ah, me! Is that a vision which I see!

Are those real, rosy apples on that tree?
Or is it God’s own gleaming sun streams thru—
A crimson hue, on them for me and you?

Or must I deem it destiny of war—

Bloody war, never known on earth before
Stains them gore; or reflected words of cheer
From afar, to home friends who writhe in fear.

’Tis Nature’s pretty prank our hearts have blest,

Yet simple truth should always be confest;
The flaunting fruit which flings high in that tree,
Are merry, dancing, dangling apples three.
 THOT

Thot is the skiff that bears the soul,

To Heaven’s celestial shore,
With our God as the stanch pilot,
To guide the light craft o’er.

’Tis thot which makes the poor man rich,

That makes the rich man poor,
Lord! may each treasury of thot,
Be thy Word firm and sure.

No Scylla lifts six hungry heads,

No Sirens’ song is heard,
No Charybdis engulfs the soul,
With thot driven by God’s Word.

Let Triton blow his shameful blast,

Unfurl your sails—nor care!
With Christ to man your vessel frail,
Foul weather will prove fair.

Tho Neptune seethe, Christ soothes the waves,

While low-hung cloudlets pout,
Some peevish, purse their beating brows,
Soon all are put to rout.

Thot speeds along the bounding brine,

While mingled mists of care,
Take their flight on the rifting clouds,
When Soul breathes freer air.

The skiff of thot, a soul its crew,

Now welcomes her haven fair;
She anchors in God’s Elysium,
Our Heaven, of laurels rare.
*** END OF THE PROJECT GUTENBERG EBOOK POEMS ***

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