Term
Economic Globalization
Ch1 |
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Definition
| the tendency toward an international integration of goods, technology, information, labour and capital, or the process of making this integration happen. |
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Term
1. political; 2) technological, 3) market; 4) cost, and 5) competitive
Ch1 |
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Definition
| Five major kinds of drivers, all based on change, are leading international firms to the globalization of their operations |
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Term
Foreign Direct Investment
Ch1 |
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Definition
the last stage of a company’s expansion into international business. It refers to direct investments in equipment, structures and organizations in a foreign country at a level that is sufficient or require management control. It can mean building a plant, or acquiring the operations of another company (as Kraft did by taking over Cadbury this past winter).
Also international companies must make to establish and expand their overseas operations |
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Term
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Definition
| Much of international business is _______ goods or service to destinations outside a country or region. |
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Term
exports jobs to lower-cost labour forces (reducing living standards)
destroys local cultures
harms the environment the health of populations.
Ch1 |
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Definition
| Opponents of globalization around the world argue against it, stating that it ____________________, _____________, and _________________________ |
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Term
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Definition
| ___________ is not in your book, but refers to the concept that a country should be as totally self-sufficient as possible, keeping both exports and imports to an absolute minimum. |
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Term
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Definition
| firm's internal forces such as factors of production (capital, raw materials and people) and the activities of the organization (personnel, finance, production and marketing). These are what? |
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Term
1) Competitive
2) Distributive
3) Economic
4) Socio-economic
5) Financial
6) Legal
7) Physical (topography, climate, resources)
8) Political
9) Sociocultural
10) Labour
11) Technological
Ch1 |
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Definition
| Uncontrollable forces include |
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Term
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Definition
| The firms internal forces such as factors of production (capital, raw materials and people) and the activities of the organization (personnel, finance, production and marketing). |
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Term
Self-Reference Criterion (SRC)
Ch1 |
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Definition
| the unconscious reference to one’s own cultural values when judging the behaviors of others in a new and different environment. Probably the biggest cause of international problems with managers from another culture; “our way is best.” |
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Term
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Definition
| The overseas procurement of raw materials, components and products |
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Term
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Definition
| This country has no local sources for raw materials, it has been an exporter to the developed world since the early 1900’s, using general trading companies to import many of the raw materials necessary for industry. |
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Term
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Definition
| How much of US's imports go to developing nations? What about developed nations? |
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Term
80% to developed, 20% to developing.
Ch2 |
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Definition
| How much of the EU's exports go to developing and how much to developed nations? |
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Term
Most go to developing nations.
Ch2 |
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Definition
| How much of Japan's imports go to developing nations? Developed nations? |
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Term
Canada & Mexico. Also 1 and #2 sources of petroleum.
Ch2 |
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Definition
| The U.S.’s major trading partners are? |
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Term
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Definition
| Thanks to NAFTA, in-bond plants, also known as ________ can temporarily import raw materials, components or parts duty-free to be manufactured, processed or assembled with less expensive local labour, after which the finished or semi-finished product is exported duty-free to Canada or the United States. More than 45% of all non-oil Mexican exports are from these. |
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Term
1) Product
2) Markets
3) Promotion
4) Where value is added to the product
5) Competitive strategy
6) Use of non-home country personnel
7) Extent of global ownership in the firm
Ch2 |
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Definition
| What are the seven dimensions along which management can globalize (standardize)? |
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Term
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Definition
| an economic “philosophy” that dominated Europe in the 16th and 18th centuries. Fundamentally, it meant for a nation to prosper it had to maximize exports (and accumulation of precious metals) and minimize/discourage imports. It is viewed trade as a zero-sum game—for me to get more, you have to get less |
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Term
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Definition
| ____________ explains why Britain, France, Spain, Portugal (and later Italy, Germany and Belgium) were to eager to gain colonies. Colonies provided endless supplies of needed raw materials (such as cotton, sugar, and yes, gold and silver) and captive markets for home country exports. |
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Term
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Definition
| This man argued that market forces not government controls should determine direction and volume of trade. |
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Term
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Definition
| Adam Smith said that each nation should specialize in producing those goods it could produce most efficiently (or had the greatest supply of; think of South Africa w/diamonds, Saudi Arabia with oil). He called this ________. |
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Term
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Definition
| This man expanded on Adam Smith's theories, demonstrated the concept of comparative advantage—in which a nation having absolute disadvantages in the production of two goods with respect to another nation has a comparative advantage in the production of the good in which its absolute disadvantage is less. |
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Term
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Definition
| This is when a nation having absolute disadvantages in the production of two goods with respect to another nation has a ________________ in the production of the good in which its absolute disadvantage is less. |
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Term
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Definition
| The Heckscher-Ohlin theory that countries export products requiring large amounts of their abundant production factors and import products requiring large amounts of their scarce production factors. |
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Term
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Definition
| The theory that disputed the Heckscher-Ohlin trade theory finding that the US, one of he most capital-intensive countries in the world was exporting relatively labour-intensive products in exchange for imports of relatively capital-intensive products. Some economists have explained this by stating the US exports technology-intensive products produced by highly skilled labour requiring a large capital investment to educate and train and at the same time, imports goods made with mature technology requiring capital intensive mass production processes operated by unskilled labour (think of clothing imports). |
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Term
IPLC:
International Product Life Cycle
Ch3 |
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Definition
| A theory explaining why a product that begins as a nation’s export eventually becomes its import. |
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Term
Monopolistic Advantage Theory
Ch3 |
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Definition
| The theory that foreign direct investment is made by firms in oligopolistic industries possessing technical and other advantages over indigenous firms. (Think Unilever, P&G, Nestle.) |
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Term
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Definition
| This Influences behavior through laws and regulations; can be government and/or religious, or political (such as the Communist Party in China and Cuba), the influence of Shi’a clerics in Iran and Iraq and other countries; interpretations of Shar’iah (Islamic law); , the legacy of the Catholic Church in Poland (where it helped lead the fight against the Communist government) and in Ireland, where the Church exerts an influence over social policy |
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Term
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Definition
| This influences behavior through customs and ideologies; the extended family in China and many other nations; the concepts of “Guanxi” in building relationships in China; the “master of destiny/rugged individualist” influence in the US; the class system in the United Kingdom; the caste system in India. |
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Term
General Assembly, The Security Council, The Economic and Social Council (ECOSOC)
Ch4 |
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Definition
| The three significant components of the United Nations are? |
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Term
The Economic and Social Council (ECOSOC)
Ch4 |
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Definition
| This is part of the UN and is concerned with economic issues such as trade, transport, industrialization, and economic development, as well as social issues such as drugs, crime, social welfare, women’s rights, housing and racial discrimination. |
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Term
five permanent members are the U.S., China, Russia, France, and the United Kingdom. There are 10 nonpermanent members.
Ch4 |
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Definition
| What are the permanent members of the UN Security Council and how many non-permanent members are there? |
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Term
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Definition
| This department of the UN has 200 members in which each nation has one vote, regardless of its size |
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Term
The International Court of Justice (ICJ) also known as the World Court
Ch4 |
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Definition
| The UN body the renders legal decisions involving disputes between national governments |
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Term
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Definition
| The staff of the United Nations, headed by the Secretary-General |
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Term
Bretton Woods Conference
Ch4 |
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Definition
| When 44 allied nations (and several neutral nations) gathered in New Hampshire to plan a structured global monetary system for the post-war (WWII) world. The idea was to avoid the disruptions, depressions and rampant inflation that followed WW I and helped create conditions that would lead to the second war. |
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Term
Bretton Woods Conference
Ch4 |
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Definition
| This conference was dominated by the United States and the United Kingdom; the US, having (at the time) the world’s largest gold reserves and a completely intact industrial capacity, naturally influenced the fact that the dollar would become the world’s standard currency against which all others would be pegged. |
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Term
The International Monetary Fund
Ch4 |
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Definition
| operates, roughly speaking, as the Federal Reserve for the entire world, to ensure the smooth flow of currencies, help establish exchange rates to promote exchange stability, to loan to governments to nations, among other functions. |
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Term
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Definition
| This was established to lend money for projects in the developing world and to help rebuild their economies |
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Term
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Definition
| Two institutions set up by the Bretton Woods Conference were? |
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Term
World Trade Organization (WTO)
Ch4 |
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Definition
| An international organization that deals with the rules of trade between nations; its predecessor was known as GATT (General Agreement on Tariffs and Trade). Since its official founding in 1995, it's goals have been to reduce or eliminate trade barriers and restrictions worldwide to help producers of goods and services , exporters and importers conduct their business by reducing costs (and policing hostile economic actions by nations, such as dumping |
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Term
1) Negotiating core agreements
2) Establishing rules for trade
3) Helps settle trade disputes
Ch4 |
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Definition
| the WTO sets the rules for the world trade game. In doing so it conducts three major activities. What are they? |
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Term
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Definition
| How many members does the WTO have? |
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Term
Trade-Related Intellectual Property Rights (TRIPS)
Ch4 |
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Definition
Agreement between nations on protection of various forms of intellectual property. This was a major victory for the US, which generates a substantial amount of the worlds IP (intellectual property)
This is a current hot button that will only get hotter. It refers to the WTO agreement that is designed to protect copyrights, trademarks, trade secrets and other intellectual property. |
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Term
| NATO (North Atlantic Treaty Organization) Ch4 |
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Definition
| a security alliance of 26 North American and European nations, which now include 10 former Soviet bloc countries. Recent (and current) actions have occurred in the Balkans and ongoing in Afghanistan. |
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Term
| ASEAN (Association of Southeast Asian Nations) |
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Definition
| A ten-member body formed to promote peace, trade and cooperation. Virtually all its members: Brunei, Cambodia, Laos, Malaysia, Myanmar(Burma), the Philippines, Singapore, Thailand and Vietnam—are major trading partners of the United States |
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Term
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Definition
| refers to conferences in which China, Japan and South Korea have participated |
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Term
| OECD (Organisation for Economic Cooperation and Development) |
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Definition
| Composed of 30 of the world’s richest nations, dedicated to promoting economic expansion among its member nations. |
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Term
OPEC (Organisation of Petroleum Exporting Countries)
Ch4 |
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Definition
| A cartel that attempted to control negotiations with multinational oil companies and to set higher prices for oil on the world markets. Its power which rocked world economies in the 70’s and early 80’s has been diluted by the oil exports from non-member states such as Mexico and Canada (the US’s biggest oil sources), Norway, Russia and the United Kingdom. |
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Term
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Definition
| Group of government leaders of leading industrialized nations that meet regularly to address issues of concern. Russia is the most recent member, becoming the 8th member, joining the US, France, Japan, the United Kingdom, France, Germany and Italy |
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Term
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Definition
| tariffs are abolished among the members of this group but each member nation is free to establish its own external tariffs with other nations. NAFTA, for example, eliminated tariffs among the US, Canada and Mexico, but each of the three can and does have its own external tariffs and trade rules with non-member countries. (Canada and Mexico both trade with Cuba, while the US continues its trade embargo.) |
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Term
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Definition
| This adds the feature of common external tariffs among all member nations. |
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Term
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Definition
| This group(such as the EU) has no restrictions on the mobility of services, people and capital among member nations. But while the EU has moved closer to complete economic integration with the euro, the financial crisis in Greece and fiscal weaknesses and Spain and Portugal have led to the charge that the EU attempted economic integration without political integration to enforce fiscal discipline. Prosperous trading countries such as Germany have been notably reluctant to bail out what they see as fiscal irresponsibility of other nations; Greece being the most significant offender. |
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Term
| NAFTA (North American Free Trade Agreement) Ch4 |
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Definition
| the most recent and controversial regional economic integrated free trade area. Since its inception in 1994, it has become the world’s largest free trade zone. Currently, trade in this continent is virtually tariff-free. |
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Term
the alleged export of jobs to a lower-cost work force in Mexico.
Ch4 |
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Definition
| Despite its successes in reducing tariffs and increasing trade, NAFTA is a center of controversy in each of its member nations, for different reasons. The most common complaint is _____. |
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Term
European Free Trade Association (EFTA)
Ch4 |
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Definition
| This was founded in 1960 as an alternative to the EEC/EU. Today, it is limited to four members: Switzerland, Iceland, Norway, Liechtenstein. |
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Term
Africa & the Middle East
Ch4 |
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Definition
| Despite various attempts over the past decades, regional economic organizations have had little success creating trade zones where? |
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Term
MERCOSUR (Spanish)/MERCOSUL (Portugese) which is an acronym for Mercado Common del Sur /Common Market of the South
Ch4 |
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Definition
| It is sometimes called the Southern Cone. Its members are Brazil, Argentina, Paraguay and Uruguay. Most trade within the organization is tariff free, but it has not yet become a customs union. |
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Term
Asia-Pacific Economic Cooperation/APEC
Ch4 |
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Definition
| A non-treaty organization established to promote open trade and practical economic cooperation among nations of the Pacific Rim. The 21 nations include the US, China, Australia, Canada, Australia, New Zealand, Japan, Peru, Chile |
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Term
The European Union (EU)
Ch4 |
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Definition
| founded by the Treaty of Rome in 1957 and now has a common currency used by all member states except 3. |
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Term
United Kingdom, Sweden and Denmark
Ch4 |
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Definition
| The 3 EU member countries not using the Euro. |
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Term
Vatican City, Andorra, Kosovo, Montenegro and Monaco.
Ch4 |
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Definition
| The countries in the Eurozone (using the euro) which are not EU members. |
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Term
Greece, Spain and Portugal
Ch4 |
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Definition
| The weakness of the euro and the hazards of having a monetary union established before a full political union was achieved has been exposed by the recent economic problems in what countries |
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Term
False, they have the largest.
Ch4 |
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Definition
| Combined, the countries of the EU have the world’s 2nd largest GDP, behind the US. True or False? |
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Term
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Definition
| The US and EU are each other’s largest trading partners. T or F? |
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Term
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Definition
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Term
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Definition
| This group of Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy |
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Term
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Definition
| The sum total of beliefs, rules, techniques, institutions and artifacts that characterize human populations |
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Term
1. Culture is learned—it’s not innate
2. Various aspects of culture are interrelated
3. Culture is shared
4. Culture defines the boundaries of different groups
Ch5 |
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Definition
| 4 Culture guidelines are? |
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Term
1. Aesthetics—the arts—music, theatre, dance, film, painting, sculpture, architecture
2. Attitudes and beliefs—we already talked about variances in how time is considered; Americans like to be “up front; “ this can be seen as rude in Asian cultures.
3. Religion
4. Material Culture—all human made culture
5. Language(s)—Spain has four official languages; Switzerland, as well. And Spanish (meaning Castilian roots) varies widely among and within the nominally Spanish speaking countries of Latin America
6. Societal organization
7. Education
8. Legal characteristics
9. Political structures
Ch5 |
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Definition
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Term
Lingua franca—the link language
Ch5 |
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Definition
| a foreign language used to communicate among a nation’s diverse cultures that have diverse languages. |
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Term
Hofstede’s Cultural Value Dimensions
Ch5 |
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Definition
| Based on analyses from 116,000 respondents in 72 countries, there were found distinct differences in answers based on four value dimensions. What is this called? |
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Term
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Definition
| People belong to groups that are supposed to look after them in exchange for loyalty |
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Term
Individualistic cultures
Ch5 |
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Definition
| People look after only themselves and the immediate family |
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Term
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Definition
| refers to the extent to which members of a society accept the unequal distribution of power among individuals |
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Term
large-power-distance societies
Ch5 |
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Definition
| Example of this Cultural Value Dimension is employees believe their supervisors are right; employees do not take any initiative in making non-routine decisions |
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Term
| small power distance societies |
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Definition
| Example of this Cultural Value Dimension: employees believe they are equal to their supervisors and often take initiative in making non-routine decisions. |
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Term
Uncertainty avoidance
Ch5 |
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Definition
| This refers to the degree to which members of a society feel threatened by ambiguity and are rule-oriented. |
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Term
high uncertainty-avoidance
Ch5 |
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Definition
| Employees in these cultures tend to stay with their organizations |
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Term
Low uncertainty-avoidance
Ch5 |
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Definition
| Those from this cultural value dimension are more mobile. |
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Term
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Definition
| The belief that one’s own culture is superior to all others. While Americans are most often accused of this behaviour, it’s a human one, and people from all cultures share this trait to one extent or another; in international business, it’s important to be aware of it so that it doesn’t create biases and prejudices. |
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Term
India, Society is divided into four groups (plus the outcasts—the Untouchables). Each is assigned a certain class of work. Working or marrying outside one’s caste is virtually impossible.
Ch5 |
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Definition
| What is the caste system and in which country does it have the most influence? |
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Term
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Definition
| The side-by-side presence of technologically advanced and technologically primitive production systems |
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Term
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Definition
| Developing Nations Criteria according to the World Bank. |
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Term
--Unequal distribution of income; very small middle class; low quality of life index
--High rates of population growth, illiteracy, unemployment
--High dependence on a few products for export, usu. agricultural products or minerals
--Technology dualism—some firms usu. modern technology, other using primitive methods
--Regional dualism—High productivity and incomes in some regions, little economic development than others
--Political instability
--Low savings rates and inadequate banking facilities
Ch7 |
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Definition
| Economically Developing Nations have the following? |
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Term
High standard of living, high quality of life, substantial middle class
--Frequent application of most advanced production techniques and equipment
--Large base of productive capital/financial markets/banking systems
--Well-established government & legal systems
Ch7 |
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Definition
| Economic Developed Nations have the following criteria... |
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Term
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Definition
| Economic Developed Nations according to the World Bank |
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Term
Gross National Income
Ch7 |
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Definition
| Total value of all income generated by a nation’s residents from international and domestic activities. |
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Term
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Definition
| Part of nation’s income that because of unreporting or underreporting is not measured by official statistics. In some countries this can be 20% or more of a nation’s income |
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Term
PPP (Purchasing Power Parity)
Ch7 |
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Definition
| Number of units of a currency required buy the same amounts of goods and services in the domestic market that one dollar would buy in the U.S. |
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Term
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Definition
| The amount of income left to consumers after paying taxes and making essential purchases; disposable income less essential purchases. |
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Term
Vertically Integrated
Ch7 |
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Definition
| Term for a firm that produces inputs for its subsequent manufacturing processes. Usu. found in the early stages of industrialization/manufacturing. In the 1920’s the Ford Motor Company plant in Dearborn (the Rouge Plant) produced everything to manufacture a car under one roof, except the rubber for the tires (which came from a Ford-owned city/plantation in Brazil). |
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Term
| Rural-to-urban shift or Urbanization Ch7 |
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Definition
| The movement of a nation’s population from rural areas to cities. The continent with the fastest growing urban areas is Africa. |
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Term
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Definition
| A blend of the promotional methods a firm uses to sell its products |
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Term
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Definition
| When government seizes property/facilities owned by foreigners, and pays adequate compensation |
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Term
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Definition
| government seizes foreign-owned property/facilities without paying |
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Term
| CRA (Country Risk Assessment) Ch8 |
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Definition
An evaluation conducted by a bank or business having an asset in or an account payable from a foreign country or that is considering loan or investment there.
This assesses the country's economic situation and policies and its politics to determine how much risk exists of losing the asset or not being paid |
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Term
A CRA assesses the country’s economic situation and policies and its politics to determine how much risk exists of losing the asset or not receiving payment
Ch8 |
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Definition
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Term
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Definition
| Selling a product abroad for less than is charged in the manufacturing country, usually for less than the cost of production |
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Term
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Definition
| Taxes on imported goods imposed for the purpose of raising their price to reduce competition, conserve foreign currency or, theoretically, to stimulate local production (Alexander Hamilton’s “infant industry” theory—new industries need production to get on their feet. |
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Term
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Definition
| All forms of import discrimination excluding import duties. Can include currency controls, local standards, quotas, distribution systems, local content laws, administrative procedures, government procurement policies (“Buy American” or “Buy Chinese”) |
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Term
Public international law
Ch9 |
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Definition
| This encompasses legal relations between governments, including diplomatic relations |
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Term
Public international law & Private international law
Ch9 |
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Definition
| International Law falls into two categories: |
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Term
Private international law
Ch9 |
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Definition
| This includes laws governing the transactions of international companies crossing international borders |
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Term
treaties among nations
Ch9 |
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Definition
| The main source of international law is derived from what? |
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Term
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Definition
| When countries attempt to enforce their laws outside their borders. |
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Term
Foreign Corrupt Practises Act (FCPA)
Ch9 |
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Definition
| Under what act do individuals and companies based in the US have been fined and even served prison time for violating US law overseas |
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Term
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Definition
| Patents, trademarks, trade names, copyrights and trade secrets, plus, of course, software, movies, books, pharmaceuticals, all of which are subject to theft and/or counterfeiting. |
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Term
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Definition
| This varies from country to country; in the US, and can be used without a time limit as long as they are in continuous use |
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Term
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Definition
| Laws to prevent price fixing, market sharing and business monopolies |
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Term
Foreign Corrupt Practises Act (FCPA)
Ch9 |
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Definition
| US law which makes illegal any payments made by US companies to foreign government officials for special treatment. In short, this makes it unlawful for US companies (or US citizens working for them) to bribe foreign government officials to obtain or retain business. |
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Term
Facilitating or retaining payments for routine government actions such as visa issuance, import approvals and government paper processing
Ch9 |
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Definition
| These (payments known as lubrication—baksheesh—mordida) are permissible and not illegal, since they are generally small amounts and a common part of doing business overseas). |
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Term
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Definition
| Jurisdiction has more power to expand rules to fit particular cases. |
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Term
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Definition
| Jurisdiction is bound by the words in the code much more predictable |
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Term
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Definition
| US law passed in July 2002 which tightened accounting procedures and financial practices in the wake of the Enron/WorldCom and other financial scandals. This also applies to foreign companies that have securities registered here or which are required to file reports with the US Securities and Exchange Commission. |
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Term
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Definition
| Until the early 20th century, most of the world’s currencies were pegged to this and were usually convertible to it upon request; because the amount is ultimately limited, a government’s monetary flexibility is also limited, since it cannot easily increase the money supply. |
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Term
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Definition
| the meeting during WWII that set up the post-war world monetary system, including the founding of the International Monetary Fund and the World Bank. Under this agreement, the US dollars became the world’s reserve currency |
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Term
| Bank for International Settlements (BIS) Ch10 |
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Definition
| Located in Basel, Switzerland, it is called the international bank for central bankers; it builds cooperation among the central banks of the world, and is the world’s oldest financial institution; founded in 1930. |
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Term
The Law of One Price
Ch10 |
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Definition
| Concept that in an efficient market, like products will have like prices |
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Term
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Definition
| The process of buying and selling instantaneously to make profit with no risk. |
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Term
| VAT (Value Added Tax) Ch10 |
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Definition
| Tax charged on a good as it moves through production from one stage to another. Common overseas, especially in Europe, it can range from 15 to 25 percent of a product’s cost. Canada has a form of it. |
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Term
BOP (Balance of Payments)
Ch10 |
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Definition
| Record of a country’s transactions with the rest of the world |
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Term
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Definition
| The third set of banking rules agreed by central bankers and regulators from around the world at meetings in this city in Switzerland, hence the name. Banks will have to raise hundreds of billions of euros in fresh capital over the next few years. More specifically, they will have to increase their core tier-one capital ratio – a key measure of banks' financial strength – to 4.5% by 2015. In addition, they will have to carry a further "counter-cyclical" capital conservation buffer of 2.5% by 2019. |
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Term
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Definition
| The European debt crisis that unfolded in 2010 sent the euro falling to a ___ year low of ____ on June 7 |
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Term
Portugal, Ireland, Greece
Ch10 |
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Definition
| These Eurozone members may default on their government debt. |
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Term
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Definition
| BNP Paribas has predicted that the euro will fall to parity against the U.S. dollar by the first quarter of 2011 as a growing debt crisis in peripheral European countries hits capital inflows, True or False? |
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Term
To keep prices low, which keeps exports high.
Ch10 |
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Definition
| China fights to keep the renminbi/yuan from floating too much against the dollar and why the U.S. keeps demanding that it be allowed to float freely because? |
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Term
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Definition
The movement of people from country to country or area to area to get jobs
Typically (but not always), these consist of mostly unskilled labourers in 3-D jobs: “dirty, dangerous and degrading.” |
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Term
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Definition
| Although the US has only about __ percent of the world’s population, it has __ percent of the world’s migrants |
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Term
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Definition
| The loss by a country of its most intelligent and best-educated people. |
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Term
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Definition
| These labor unions are usually identified with political parties and socialist ideology. |
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Term
Collective Bargaining
Ch11 |
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Definition
| the process in which a union represents the interests of a bargaining unit in negotiations with management. |
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Term
The International Labor Organization (ILO)
Ch11 |
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Definition
| This is a specialized agency of the UN whose purpose is to promote social justice and internationally recognized human and labor rights worldwide. |
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Term
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Definition
people who go to a foreign country legally to perform certain types of jobs.
Allowed to enter when need, expelled when downturns ccur. |
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Term
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Definition
| The pool of available potential employees with the necessary skills within commuting distance from an employer. |
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Term
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Definition
| Used to induce the payee to do something for the payer that is illegal. |
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Term
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Definition
| the demand for payment to keep the payee from harming the payer in some way. |
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Term
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Definition
| Unfair competition caused by firms, usually from developing nations with lower labor costs and poorer working conditions, which undermines social support systems, including worker benefits. |
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Term
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Definition
| Unfair competition caused by a countries lax environmental standards. |
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Term
Financial services dumping
Ch8 |
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Definition
| Unfair competition caused by a nation's low requirements for bank capital asset ratios |
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Term
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Definition
| Unfair competition caused by cultural barriers aiding local firms. |
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Term
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Definition
| Unfair competition caused by differences in corporate tax rates or related special breaks. |
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Term
Upside: this capital cushion is intended to prevent megabank failures, as happened globally in 2008.
Downside: Less money to lend, particularly to smaller businesses
Ch11 |
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Definition
| BASEL III upside and downsides? |
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Term
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Definition
| Patents, trademarks, trade names, copyrights and trade secrets, all of which result from the exercise of someone’s intellect |
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Term
Current Account
Capital Account
Official Reserves
Ch4 |
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Definition
| The 3 Balance of Payments (BOP) accounts are? |
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Term
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Definition
| Skills, education and attitudes of available employees |
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Term
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Definition
| Number of available employees with skills required to meet an employer’s business needs |
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Term
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Definition
| net changes in exports and imports of goods and services |
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Term
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Definition
| net changes in international financial assets and liabilities |
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Term
| Official Reserves Accounts |
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Definition
a)Gold imports and exports
b)Foreign currencies held by government
c) Liabilities owed to foreign banks |
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Term
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Definition
| Gradual take-over by government through various laws, usually over time |
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Term
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Definition
| exchange rates between two currencies or commodities, for longer periods, from 30-180 days in the future |
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