BA 3340 Lecture Notes - Lecture 99: Ethnocentrism, Individualism, Foreign Direct Investment
Document Summary
Exchange of goods, services, technology, capital, intellectual property (ip), ideas etc. This is carried out through expor0ng/ impor0ng, investment or contractual arrangements. The exchange of values between seller and buyer typically involve intermediaries (mediators) and currency. They can be both interirm and intrairm transac0ons. The most widely used unit of measurement is the us dollar. Usd. 9 trillion in foreign exchange transac0ons are made every day. Usd. 8 trillion of goods and usd. 2 trillion of services are sold annually across na0onal borders. Within boundaries of a single na0on or across boundaries of two or more na0ons. No inal arbiter to set rules, resolve disputes, enforce agreements) Ib: any irm that engages in interna0onal trade or investment" (hill 61). In order to achieve global business competency one must be educated in: domes0c/ func0onal knowledge (laws, processes), foreign country/ regional knowledge, cross-cultural knowledge, cross border transac0ons knowledge and human resource management knowledge (organiza0on) The growing interdependencies among people and ins0tu0ons in diuerent countries.
