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Test 1
Test 1
49
Business
Undergraduate 4
04/28/2011

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Term
Int'l management
Definition
Process of applying management concepts and techniques in a multinational environment and adapting management practices to different economic, political, and cultural environments. .
Term
Multinational Company
Definition
-Any company that engages in business functions beyond domestic borders
-Can be large and small
-Single owners and partnerships.
Term
Multinational Corporations
Definition
-Publicly owned through stocks
-All large multinational are corporations
-A firm having operations in more than once country, int'l sales, and a nationality mix of managers and owners.
Term
Isolationism
Definition
-U.S. wanted to stay isolated (did not join League of nations)
-distrusted other nations after wwi
-Depression caused an attitude of protection of domestic industries
-Made depression worse; exporting and importing industries hurt.
Term
Hawley Tariff Act
Definition
-1930
-Increased tariffs on almost all goods imported
-Repealed 1934
Term
Int'l trade
Definition
-Producing goods domestically and selling to other countries
-Purchasing goods produces in other countries
-Theories to explain int'l trade: Specialization and comparative advantage, and product life cycle theory.
Term
Exchange of currencies w/ int'l trade
Definition
Demand for currencies causes changes in exchange rates and the value of various currencies in relation to each other.
Term
Foreign investment
Definition
-Investment in foreign firms. Stocks and bonds.
-Foreign aid in exchange for military bases or other stuff.
Term
Globalization
Definition
Process of social, political, economic, cultural, and technological integration. Creating one world unit, borderless and closely connected.
Term
Internationalization
Definition
Process of business crossing national and cultural boundaries.
Term
Mechanisms of globalization
Definition
Offshoring-moving production to other countries
Outsourcing-contracting out functions to other countries previously performed in house.
Term
Globalization: exploitation of developing countries.
Definition
Labor, Native cultures, Social institutions, Environment. World Trade Oganizations not responsive to developing countries problems because developed countries dominate the organization.
Term
GATT
Definition
-1947
-Make agreements to lower and eliminate trade barriers.
-Type of barriers: Tariffs, subsidies, quotas.
Term
WTO
Definition
Eighth round took place in Uruguay. It established the WTO to replace GATT.
-Established to oversee trade around the world.
-Intended to be stronger than the loosely constructed GATT.
Term
Millenium Round in Seattle
Definition
Failed for two reasons:
-Thousands of protesters against globalization were able to disrupt the meetings.
-Developing nations wanted developed nations to make compromises on subsidizing their price supports for agriculture.
Term
Developed Nation
Definition
Mature economy
high per-capita GDP
int'l trade and investment
Term
Developing or emerging countries
Definition
Grown extensively over the last two decades yet have struggled periodically.
Term
Less developed
Definition
Low GDP, low per-capita GDP, high unemployment, workforce unskilled and semiskilled.
Term
BRIC countries
Definition
Brazil, Russia, India, China. they will become stronger economically over the next 30 years while the US and the EU will lose some of their domincance.
Term
Capitalist or market economy
Definition
use and ownership of resources and products determined by industrial members of society.
Term
Communist or socialist
Definition
Use and ownership of resources and products by the state
Term
Democracy
Definition
gov't elected by society
Term
dictatorship
Definition
gov't run by strong person
Term
Monarchy
Definition
gov't elected by society with royal family
Term
Command
Definition
gov't run by strong single political party
Term
Theocracy
Definition
gov't run by strong religion
Term
Expropriation
Definition
assets taken over by gov't with compensation
Term
Confiscation
Definition
assets taken by gov't without compensation
Term
civil war
Definition
assets destroyed without compensation
Term
Terrorism
Definition
everything just destroyed. Against executives and assets.
Term
Religious law
Definition
legal system based at least partially on religion
Term
Socialist law
Definition
legal system based on state ownership
Term
Common law
Definition
legal system on common law established by precedent of court cases.
Term
Civil law
Definition
legal system based on a detailed set of rules or legal code
Term
Tribal
Definition
legal system based on custom passed down from previous generations.
Term
Universalism
Definition
formal laws and rules rather than situations
Term
particularism
Definition
based on situations and rather than on rules and laws
Term
Neutral
Definition
emotions held in check.
Term
emotional
Definition
show emotions easily and naturally
Term
Achievement
Definition
people recognized for what they do and how well they do it
Term
Ascription
Definition
People recognized for who they are based on background, family status, age, etc...
Term
Globalization imperative
Definition
One worldwide approach to management is the most effective and efficient. Manage the same way in other countries as at home. Managers can perform the same functions across companies and industries. Managers can perform the same functions across countries and cultures.
Term
Parochialism
Definition
View the world through one's own eyes and perspectives. No need to change how you do things or your perspectives when managing in another country
Term
Simplification
Definition
Interact with managers from their countries the same way.
Term
Economies of scale
Definition
doing things the same way lowers costs. Globalization imperative.
Term
High and low end products
Definition
People by them for the same reasons regardless of country or culture.
Term
National Responsiveness imperative
Definition
Management should be responsive to national cultures and do things differently depending on the culture
Term
Centralized Authority
Definition
Decision making and authority rests at the top
respect for authority
Authority not questioned
Call people by titles and last names
Term
decentralized authority
Definition
decision making and authority rests at lower levels
respect for authority but authority can be questioned
call people by names
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