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International Business > Exam 1 > Flashcards

Exam 1 Flashcards

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1
Q

President of the United States

A

Joe Biden

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2
Q

President of China

A

Xi Jinping

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3
Q

President of the European Union

A

Ursula von der Leyen

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4
Q

Prime Minister of India

A

Narendra Modi

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5
Q

President of France

A

Emmanuel Macron

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6
Q

Prime Minister of the United Kingdom

A

Rishi Sunak

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7
Q

Prime Minister of Canada

A

Justin Trudeau

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8
Q

President of Russia

A

Vladimir Putin

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9
Q

Chair of the Federal Reserve

A

Jerome “Jay” Powell

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10
Q

Director General of the World Trade Organization (WTO)

A

Ngozi Okonjo-Iweala

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11
Q

After WWII, international trade helped and promoted what?

A

Democracy, Economic Security, and Military Security

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12
Q

These multilateral institutions enforced the rules post-WWII.

A

United Nations (UN)
World Trade Organization (WTO)
The International Criminal Court

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13
Q

Why did the view of international trade change about 20 years ago?

A

Not all were helped by Globalization
Rise of Nationalism and Populism
Protection of domestic industries (industrial policy)
Rise of China as a threat to US and rule-based trading
US-China Rivalry

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14
Q

World Trade Organization

A

1995
Replaced General Agreement on Tariffs and Trade (GATT)
Geneva, Switzerland
Intergovernmental Organization
Directed by Ngozi Okonja-Iweala

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15
Q

Nationalism

A

Loyalty and devotion to a nation, especially as expressed in a glorifying of one nation above all others and a stressing of its culture and interests.

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16
Q

Populism

A

A political program or movement that champions the common person, usually by contrasting with an actual or perceived elite or establishment

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17
Q

Multinational Management

A

The formulation of business strategies and management practices to take advantage of international opportunities outside of domestic borders. Can be large, small, for-profit, non-profit, publicly traded, or privately held businesses

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18
Q

Evolution of International Trade

A

Original Silk Road
Rise of Spain (15th & 16th centuries)
Rise of Netherlands (17th century)
British Empire (19th & early-20th centuries)
Rise of USA (post-WWII)
Rise of Germany and Japan (1990s)
Rise of China and India (last 20 years)

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19
Q

Globalization

A

The world’s economies become borderless and interconnected. Companies are not bound by domestic boundaries and may conduct business everywhere. This is made easier by international flights and technology.

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20
Q

Benefits of Globalization

A

Spurs innovation and competition
Better products and cheaper prices
Improve the country’s economy at a macro level
Less likely to go to war

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21
Q

Negatives of Globalization

A

Not all benefit equally
Climate change
Can hurt the local culture
More interrupted supply chains
Contributes to unfair labor practices

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22
Q

Current Trends in Globalization

A

Technology-driven
US-China Rivalry
Protectionism (Industrial Policy)
Reshoring
Friendshoring
Rise of Authoritarian Regimes
New and Strong Competitors (India, Singapore, Indonesia, Vietnam, Bolivia, Argentina, and Chile)

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23
Q

Developed Country

A

Mature and diverse economies
Substantial GDP
Significant private ownership and flow of capital
Reasonably good record on respect for human rights

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24
Q

Developing Country

A

Have grown significantly over the last 25 years
Not as mature or diverse as developed countries
Capital does not flow as easily
Political systems may still be holding back private enterprise

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25
Underdeveloped Countries
Widespread poverty Poor infrastructure Poor access to capital/banking Unstable political systems`
26
Emerging Economies
They have the same characteristics but growing faster than developing countries.
27
Transitioning Economies
A Socialist/Communist economy that switches to a Market economy.
28
Characteristics of a Multinational Manager
Global Mindset Interest in World Events Adaptability Willingness to Travel Respectful of different Cultures Language Skills
29
United States-Mexico-Canada Agreement (USMCA)
Regional trading agreement between the United States, Mexico, and Canada The aim is to make moving goods and services between countries easier. Labor and environmental standards No common currency Hard borders
30
Indo-Pacific Framework
Still in progress Trying to strike trade deals with countries that have a border with the Pacific Ocean that are friendly to the United States
31
European Union
A free trade agreement 27 European countries Has removed most all trade barriers and travel restrictions between member countries 17 share a common currency (the Euro)
32
World Bank
Makes loans to underdeveloped and developing countries for large infrastructure projects
33
International Money Fund
Helps to stabilize and strengthen currencies around the world
34
Export-Import Bank of the United States
An agency of the U.S. Government Provides loans to American companies to facilitate exports of American goods around the world
35
Culture
Shared beliefs, norms, values, and symbols that guide the everyday life of a group. It helps guide a society in what is and what is not acceptable behavior.
36
National Culture
The dominant culture within the political and geographic boundaries of a nation-state.
37
Global Leadership and Organizational Behavior Effectiveness (GLOBE)
170 researchers collected data from 17,000 managers in 62 countries Hofstede’s Model is the foundation but is expanded on 1. Assertiveness Orientation and Gender Egalitarianism 2. Institutional and Family Collectivism 3. Future Orientation 4. Power Distance 5. Uncertainty Avoidance Performance Orientation: degree of want to strive for excellence in work Humane Orientation: extent of expectation for people to be fair and altruistic
38
7d Culture Model
1. Universalism VS Particularism 2. Collectivism VS Individualism 3. Neutral VS Affective 4. Specific VS Diffuse 5. Achivement VS Ascription 6. Time Orientation 7. Control of VS Accommodation of Nature 1-5 related to relationships
39
Hofstede’s Model
Gold Standard 1. Power Distance 2. Uncertainty Avoidance 3. Individualism VS Collectivism 4. Masculinity VS Feminity 5. Long-term VS Short-term Orientation 6. Indulgence VS Restraint
40
Power Distance
How cultures deal with inequality Norms for superiors Determination of subordinate behavior The belief that superiors and subordinates are fundamentally different High: inequality is acceptable, everyone has a place, the powerful are entitled to privilege, and the powerful should not hide power
41
Uncertainty Avoidance
Tolerance for ambiguity Conflict should be avoided Deviant people/ideas should not be tolerated Laws are important Experts/Authorities are usually correct Consensus is important Mimics high/low power distance countries
42
Individualism VS Collectivism
I: Focus on individual People are responsible for themselves Individual achievement is ideal Don’t be emotionally dependent on organizations or groups C: one’s identity is based on group membership Group decision-making is best Loyalty to the group is paramount
43
Masculine VS Feminism
M: Support masculine orientation Work takes priority over other duties and family Advancement, success, and money are important Highly Competitive F: Cooperation Strong relationships Warmth and openness Team-oriented
44
Long-term VS Short-term Orientation
LT: Orientation towards time that values patience ST: Focus on immediately usable skills Value logical analysis in approach to organizational decisions Designed and managed to respond to immediate pressures of the environment Want immediate financial return
45
Restraint VS Indulgence
R: Restrictive and places strict norms on gratification of needs I: The degree to which societies enjoy life based on the gratification of basic human desires Favors free satisfaction of human needs related to "enjoying life and having fun."
46
Business Culture
Beliefs, norms, and values to doing business in a country
47
Occupational/Industry Culture
Norms, values, and beliefs of expected ways of doing business in the same occupational group/industry, regardless of employer
48
Organizational Culture
Beliefs, norms, and behaviors inside of any specific organization. Each firm is different.
49
Cultural Paradoxes
Some individuals will act differently from cultural norms
50
Stereotyping
Assumes all people of one culture act the same
51
Ethnocentrism
The belief that one's culture is correct and the best
52
Who are the biggest Trade partners of the United States and Mississippi?
Canada Mexico China
53
Social Institutions
Tell us how to act in society Regulative- constrains and regularizes behaviors by its capacity to establish rules. Normative- values and norms promulgated by the social institutions Cognitive- widely shared knowledge regarding how things are done in society (Economic Systems, Industrialization, Education, Religion)
54
Capatalist/Market Economy
Most firms are privately-owned Profit Motive
55
Socialist/ Command Economy
Resources owned by state Decisions are centralized
56
Communist
Similar to socialist More state control Authoritarian regime
57
Industrialization
Cultural and economic changes that occur because of how production is organized and distributed in society
58
Pre-industrial
Agricultural Focused Traditional
59
Industrial
Manufacturing focused Technologically developed
60
Post-industrial
Service Focused Knowledge economy Quality of life
61
Religion
A shared set of beliefs, activities, and institutions based on faith in some superior being/entity (Christianity, Islam, Buddhism, Hinduism)
62
Education
Organized network of socialization experience that prepares/teaches individuals to act and prosper in society Basic literacy Constructs competency, professions, professionals
63
What to consider related to education
What % of the population: -can read and write -completed high school -completed some college or advanced training -completed a college degree -has an advanced degree How much money the government puts into research and development Does the government give money to universities to conduct research
64
Economic Freedom
Property rights Government intervention in the economy Number of public sector employees Quality of courts and banks Ease of doing business Trade and tax policies Levels of corruption Trust in politicians
65
Heritage Foundation
An activist American conservative think tank based in Washington, D.C. Plays a part in economic freedom
66
Multinational companies must follow the laws of the country it is located in.
True
67
American companies are subject to American laws as well.
True
68
American citizens working for American companies are protected by American laws and protections.
True
69
Ethics
What you "should" do
70
All unethical actions are illegal.
False Not all unethical actions are illegal
71
Companies decide the level of ethics.
True
72
Ethics vary from country to country.
True
73
Power does not influence ethical behavior.
False
74
The Foreign Corrupt Practices Act (FCPA 1977)
Anti-Bribery It makes it unlawful to give agents of foreign governments money or gifts to assist in obtaining or retaining business. Enforced by the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) Civil Liability- both company and individuals involved, money judgment Criminal Liability- individuals involved

International Business (3 decks)

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