Exam 1 Study Guide

Exam 1 Study Guide

Chapter 1: Globalization

·         What is Globalization

the process by which businesses or other organizations develop international influence or start operating on an international scale.
o   Markets and Production
·         Main Drivers
·         Foreign Direct Investment (FDI)- how many companies invest in a company from other countries
·         Multinational Enterprise (MNE)- companies in multiple nations
·         World Trade Organization (WTO) - regulates trade around the world

Chapter 2: National Differences in Political, Economic, and Legal

·         Political systems
o   Collectivism vs Individualism
Collectivism - community based
Individualism - self based
o   Democratic vs Totalitarian
·         Economic systems
o   Market - free
o   Command- government controlled
o   Mixed
·         Legal systems
o   Common
o   Civil
o   Theocratic
·         Contract Law
o   Common vs Civil
·         Foreign Corrupt Practices Act (FCPA)
·         Protection of Intellectual Property
o   Copyright, Trademark, Registered Trademark

Chapter 3: National Differences in Economic Development

·         Gross national income (GNI)
·         Purchasing power parity (PPP)
·         Black/Shadow economy
·         Human Development Index
The Human Development Index is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.
·         Deregulation
·         Overall Attractiveness

Chapter 4: Differences in Culture

·         Culture
·         Society
·         Values
·         Norms
·         Individual
·         Group
·         Social stratification:
o   Class
o   Caste
·         Language
o   Spoken
o   Unspoken
·         Hofstede’s Cultural Dimensions
individualistic /collectivistic
masculine/feminist
Uncertainty avoidance
Power distance
Time perspective
indulgence/restraint
·         Religious and Ethical Systems
Chapter 5: Ethics, Corporate Social Responsibility, and Sustainability
·         Common ethical issues in business
o   Employment practices
o   Human rights
o   Environmental pollution
o   Corruption
·         Roots of Ethical Behavior
·         Philosophical Approaches to Ethics
o   The Friedman doctrine
There is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game
o   Cultural relativism
the idea that a person's beliefs, values, and practices should be understood based on that person's own culture, rather than be judged against the criteria of anothe
o   The righteous moralist
A righteous moralist claims that a multinational's home-country standards of ethics are the appropriate ones for companies to follow in foreign countries
o   The naïve immoralist
A naive immoralist asserts that if a manager of a multinational sees that firms from other nations are not following ethical norms in a host nation, that manager should not either.
Utilitarian & Kantian approaches to ethics hold that the moral worth of actions or practices is determined by their consequences.
o   Utilitarian Ethics
a normative ethical theory that places the locus of right and wrong solely on the outcomes (consequences) of choosing one action/policy over other actions/policies.
Kantian Ethics
it may be defined as a way of evaluating motivations for action.

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