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International
Business
This page intentionally left blank
International
Business
A Course on the Essentials

THIRD EDItION

RiAD A. AJAMi AND G. JASON GODDArD

 This book is dedicated to Ali R. Charles Ajami, Alya Ajami,
and Leila Goddard, and to our students.

First published 2014 by M.E. Sharpe

Published 2015 by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
711 Third Avenue, New York, NY 10017, USA

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright © 2014 Taylor & Francis. All rights reserved.

No part of this book may be reprinted or reproduced or utilised in any form or by

any electronic, mechanical, or other means, now known or hereafter invented,
including photocopying and recording, or in any information storage or retrieval
system, without permission in writing from the publishers.

Notices
No responsibility is assumed by the publisher for any injury and/or damage to
persons or property as a matter of products liability, negligence or otherwise,
or from any use of operation of any methods, products, instructions or ideas
contained in the material herein.

Practitioners and researchers must always rely on their own experience and
knowledge in evaluating and using any information, methods, compounds, or
experiments described herein. In using such information or methods they should
be mindful of their own safety and the safety of others, including parties for
whom they have a professional responsibility.

Product or corporate names may be trademarks or registered trademarks, and

are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data

Ajami, Riad A.
International business : a course on the essentials / by Riad A. Ajami, G. Jason Goddard.—
Third edition.
pages cm.
Revised edition of: International business : theory and practice / Riad A. Ajami . . . [et al.],
2nd edition, published in 2006.
Includes bibliographical references and index.
ISBN 978-0-7656-3134-3 (pbk. : alk. paper)
1. International trade. I. Title.

HF1379.K43 2013
658’.049—dc23 2013009454
ISBN 13: 9780765631343 (pbk)
 Detailed Contents

Preface xvii
Prologue: Ode to the Yes Era xxi
Maps xxv

1. An Introduction to International Business and

Multinational Corporations 3
Current Scope and Historical Antecedents 4
What Is International Business? 4
Brief History of International Business 7
The Multinational Corporation 8
Definition of a Multinational Corporation 8
Multinational Corporations Come of Age 9
A Look at Present-Day Multinationals 11
Operating Advantages and Disadvantages of Multinationals 15
Recent Trends in World Trade 21
Expanding Volume 21
Increased Competition 24
Increasing Complexity 24
Trade in Services 25
The Field of International Business Studies 25
Discussion Questions 26
Bibliography 27
Globalization at the Crossroads: Germany’s Mittelstand
  and Competitive Advantage 27
Case Study 1.1: Transworld Minerals Inc. 28

2. The Nature of International Business 31

Domestic Versus International Business 31
Methods of Going International 33
Exporting 33
v
vi Detailed Contents

Licensing 34
Franchising 35
Management Contracts 36
Contract Manufacturing 36
Direct Investment 37
Strategic Alliances 37
Wholly Owned Subsidiaries 38
Globalized Operations 39
Portfolio Investments 39
Recent Trade Patterns and Changes in Global Trade 41
Product Groups 44
Patterns of Direct Investment 45
Government Involvement in Trade Restrictions and Incentives 46
Protectionism 47
Tariffs 48
World Trade Organization 49
Regional Trade Groups 50
  Cartels 50
Nontariff Barriers to Merchandise Trade 51
Quotas 52
Nontariff Price Barriers 52
Government Restriction of Exports 53
Summary 53
Discussion Questions 54
Bibliography 55
Globalization at the Crossroads: Is Securitization the Enemy? 56
Case Study 2.1: Electronics International Ltd. 57

3. Theories of Trade and Economic Development 60

Introduction to International Trade Theories 60
Mercantilism 61
Classical Theory 62
Comparative Advantage 63
Weaknesses of Early Theories 64
More Recent Theories 64
Factor Endowment Theory 64
The Leontief Paradox 65
Criticisms 66
Modern Theories 66
International Product Life Cycle Theory 66
Other Modern Investment Theories 67
 Detailed Contents vii

Theories of Economic Development 68

Rostow’s Stages of Economic Growth 69
The Big Push: Balanced Versus Unbalanced Growth 71
Hirschman’s Strategy of Unbalance 71
Galbraith’s Equilibrium of Poverty 72
Sen’s Development as Freedom 73
The Global Continuum: Where Nations Fall Today 74
The Political Continuum 74
The Economic Continuum 75
Integrating Both Continua 77
Patterns of World Development 77
Background: The Role of GNI 77
The Developed Countries 79
Upper-Middle-Income Countries 80
Low-Income and Lower-Middle-Income Countries 81
The Subterranean Economies 82
Parallel Tracks: The Continued Diversity of the World Economy 82
Summary 84
Discussion Questions 85
Bibliography 86
Globalization at the Crossroads: The Fortune at the Bottom of the Pyramid 87
Case Study 3.1: Euromanagé Inc. 88

4. International Monetary System and the Balance of Payments 92

International Monetary Terminology 93
Hard Currencies 93
Soft Currencies 94
Convertibility 94
Exchange Rate 94
Appreciation 95
Depreciation 95
A Brief History of the International Monetary System 95
The Gold Standard (1880–1914) 95
The Gold Specie Standard 96
The Gold Bullion Standard 96
The Interwar Years (1918–1939) 97
The Bretton Woods System (1944–1973) 98
The International Monetary Fund 99
Aims 99
Membership 100
Structure 100
viii Detailed Contents

Forms of IMF Assistance 101

Extended Fund Facility 101
Structural Adjustment Facilities 101
IMF Conditionality 102
Special Drawing Rights 103
Using Special Drawing Rights 103
Valuation of SDRs 104
Difficulties in the Bretton Woods System 105
The Floating-Rate Era: 1973 to the Present 107
Pure Floating Rates 107
Managed, or Dirty, Floating Rates 107
Pegging 107
Crawling Pegs 108
Basket of Currencies 108
Fixed Rates 108
European Monetary System 108
Difficulties in the Floating-Rate Era 109
Fluctuations in the US Dollar: The Plaza and Louvre Accords 110
European Monetary Union 111
Maastricht Treaty 112
Denmark’s Challenge to Monetary Union 113
Asian Financial Crisis 113
EU Sovereign Debt Crisis 115
Issues for Reform 116
International Exchange-Rate Stability 116
Target Zones 117
International Liquidity 117
A More Equitable International Monetary System 118
Summary 119
Discussion Questions 120
Bibliography 121
Appendix 4.1: Balance of Payments 121
Preliminary Definitions 122
Problems in Balance of Payments 126
Appendix 4.1 Discussion Questions 129
Appendix 4.1 Bibliography 130
Case Study 4.1: Global Bank Corporation 130
Case Study 4.2: Scrinton Technologies 132

5. Foreign Exchange Markets 136

Background 136
 Detailed Contents ix

The Structure of the Foreign Exchange Markets 137

Market Participants 139
Individuals 139
Institutions 139
Banks 140
Central Banks and Other Official Participants 140
Speculators and Arbitragers 141
Foreign Exchange Brokers 141
Location of Foreign Exchange Markets 142
Japan 142
Singapore and Hong Kong 142
Bahrain 143
European Markets 143
US Markets 143
Market Volumes 144
Uses of the Foreign Exchange Market 144
Types of Foreign Exchange Markets 145
The Spot Market 145
The Forward Market 146
Foreign Exchange Rates 147
Bid and Offer Rates 148
Cross Rates 148
Premiums and Discounts 149
Devaluation and Revaluation of Exchange Rates 153
Triangular Arbitrage 155
Covered Interest Arbitrage 157
Currency Futures Markets 158
Differences Between Futures and Forward Markets 159
Foreign Currency Options 159
Option Terminology 160
Forecasting Foreign Exchange Rates 160
Problems in Forecasting Foreign Exchange Rates 161
Fundamental Forecasting 161
Technical Forecasting 162
Assessing Market Sentiments 162
Forecasting Strategy 162
Types of Exposure in Foreign Exchange Markets 163
Transaction Exposure 163
Economic Exposure 165
Translation Exposure 165
Consolidation Problems 168
x Detailed Contents

Consolidation Rules in the United States 168

Inflation 170
Tax Exposure 171
Tax Havens 171
Transfer Pricing 172
Transfer Pricing and Costing 173
Summary 174
Discussion Questions 174
Bibliography 175
Case Study 5.1: Skytrack Instrumentation 176
Case Study 5.2: Chemtech Inc. 178

6. Supranational Organizations and International Institutions 181

Background 181
General Agreement on Tariffs and Trade 182
World Trade Organization 184
Agreement on Trade Related Aspects of Intellectual Property
  Rights (TRIPS) 185
Doha Agenda 186
United Nations Conference on Trade and Development 186
Regional Trade Groupings 188
Forms of Regional Integration 188
Free Trade Area 189
Customs Union 190
Common Market 191
Economic Union 192
Political Union 193
Association of South East Asian Nations 193
Asia-Pacific Economic Cooperation Forum 195
Financial Organizations 196
The World Bank 196
Inter-American Development Bank 201
Asian Development Bank 202
African Development Bank 203
European Investment Bank 204
European Bank for Reconstruction and Development 205
Summary 205
Discussion Questions 206
Bibliography 207
Globalization at the Crossroads: Whither the WTO? 207
Case Study 6.1: Structural Adjustments in Masawa 208
 Detailed Contents xi

7. Analyzing National Economies 212

The Purpose and Methodology of Country Analysis 213
Preliminary Economic Indicators 214
Size of the Economy 214
Income Levels 214
Income Distribution 215
Personal Consumption 216
Growth and Stability Patterns 216
Population 217
Sector Analysis 218
Inflationary Trends 219
External Financial Position: Extent of Debt 220
Exchange-Rate Levels and Policies 221
Banking and Financial Markets 221
Comparison of Similar Economies 222
Tax Systems 222
Fiscal and Monetary Policy Situations 223
Economic Planning: Ideology and Practices 224
Competition 225
Market Demand Forecasting 225
Purposes 225
Data Collection and Sources 226
Primary Research 227
Areas of Research 227
Trade Activities 228
Input-Output Tables 228
Historical Trends 229
Country Comparisons: Analysis by Analogy 230
Regression Analysis 230
Income Elasticity 231
Methods of Estimating Market Size and Share 232
Market Buildup 232
Chain Ratio 232
Analogy with Known Data 233
Designing Initial Market Strategy 233
Summary 235
Discussion Questions 235
Bibliography 236
Globalization at the Crossroads: World Oil Demand
  and the Edgeworth Box 236
Case Study 7.1: The Republic of Mazuwa 240
xii Detailed Contents

8. International Law and Global Orientations 245

Public and Private Law 245
Different Legal Systems 246
International Treaties Framework 247
Legal Concepts Relating to International Business 248
Sovereignty 248
Sovereign Immunity 248
Act of State 248
Extraterritoriality 249
Areas of Concern to Multinational Corporations 249
US Trade Laws 249
Countervailing Duties 250
Antidumping Laws 251
Antitrust Laws 251
Foreign Corrupt Practices 252
Tax Treaties 253
Intellectual and Industrial Property Rights 255
Trademarks and Trade Names 255
Patent Laws and Accords 256
Copyrights 257
Operational Concerns of Multinational Corporations 258
Which Nationality? 258
Local Laws and Orientations 258
Resolving Business Conflicts 259
Contracts 259
Resolving Disputes 260
Local Courts, Local Remedies 261
The Principle of Comity 261
Litigation 262
International Arbitration 262
International Centre for Settlement of Investment Disputes 264
Summary 265
Discussion Questions 265
Bibliography 265
Globalization at the Crossroads: The Unified European Patent 265
Case Study 8.1: CompuSoft Systems Inc. 267

9. Sociocultural Factors 271

Sociocultural Factors and International Business 271
Society, Culture, and Sociocultural Forces 272
Elements of Culture 273
 Detailed Contents xiii

Attitudes and Beliefs 274

Attitudes About Time 274
Attitudes About Work and Leisure 275
Attitudes About Achievement 275
Attitudes About Change 276
Attitudes About Jobs 276
Does Religion Affect Commerce? 277
Aesthetics 278
Material Culture 278
Literacy Rate 279
Education Mix 279
Brain Drain 280
Communication and Language 280
Groups: Families and Friends 281
Gift-Giving and Bribery 283
Other Theories of Culture 283
Cultural Cluster Approach 283
Hall’s Low-Context, High-Context Approach 284
Hofstede’s Five Dimensions of Culture 285
Corporate Diversity Initiatives 287
Management of Cultural Change 288
Summary 289
Discussion Questions 290
Bibliography 290
Case Study 9.1: Delis Foods Corporation 291
Case Study 9.2: Air America 294

10. Foreign Investment: Researching Risk 298

Why Invest Abroad? 298
Bigger Markets 299
Host-Nation Demands 300
Economies of Scale 300
Competitive Motives 300
Technology and Quality Control 300
Raw Materials 301
Forward Integration 301
Technology Acquisition 302
Assessing Political Risk 302
Inherent Causes of Political Risk 302
Circumstantial Causes of Political Risk 305
xiv Detailed Contents

Types of Host-Nation Control 307

Limits on Repatriation of Profits 307
Curbing Transfer Pricing 308
Price Controls 308
Ownership Restrictions 308
Joint Ventures 308
Personnel Restrictions 309
Import Content 309
Discrimination in Government Business 309
Labor Controls 310
Assessing the Risk 310
Assessing Country Risk 310
Assessing Investment Risk 311
Managing Risk 311
Rejecting Investment 311
Long-Term Agreements 311
Lobbying 311
Legal Action 312
Home-Country Pressure 312
Joint Ventures and Increased Shareholding 312
Promoting the Host Country’s Goals 313
Risk Insurance 313
Contingency Planning 314
Summary 314
Discussion Questions 315
Bibliography 315
Globalization at the Crossroads: Market Competition and the HHI 316
Case Study 10.1: Amalgamated Polymers Inc. 318

11. Ethical Concerns: Multinationals and Sustainability 321

Emerging Environmental Concerns 321
Social Responsibility of Business 322
Major Environmental Issues 323
Greenhouse Gases 323
Depletion of the Ozone Layer 323
Deforestation 325
Fishing Stocks 325
Hazardous Waste 326
Pollution 327
Kyoto Protocol 327
MNC Responses 328
 Detailed Contents xv

Establishing In-House Environmental Ethics 328

Relocation of Production 329
Modification of Technology 329
Use of Raw Materials 329
Use of Energy 330
Environmental Restoration 330
Pollution Disclosure 331
In-House Environmental Training 331
MNC Opportunities 332
New Consumer Products 332
New Technologies 333
New Industrial Products 333
Substitute Products 333
New Energy Sources 333
Environmental Consulting 334
The Environment at Center Stage 334
Summary 334
Discussion Questions 335
Bibliography 335
Case Study 11.1: Milford Processes Inc. 336
Case Study 11.2: Alapco Chemicals Ltd. 338

12. The Pathway Forward and Future Concerns 342

Letters of Credit in International Trade 342
Banker Acceptance Process 343
Letters of Credit Process 346
Letters of Credit Varieties 348
The Pathway Forward 349
Why Study the Future? 350
Future Trends Affecting International Business 350
European Union Integration 350
The Rise of BRICs and MINTs 352
The Importance of Sovereign Wealth Funds 352
Protectionism and Trade Agreements 353
Depreciation of the US Dollar 354
Energy Policy 355
Global Resource Depletion 355
Environmental Degradation 356
International Terrorism 357
The Doha Agenda 357
Migration 358
xvi Detailed Contents

Technology Explosion: The Information Era 358

The Internet 359
Impact of Trends on MNCs 359
The Megacorporation 359
Geocentric Staffing 360
Multicultural Management 360
Managerial Technocrats 360
Overseas Manufacturing Facilities 361
Financial Integration 361
Rising Labor Unrest 362
The Permanence of Change 363
Summary 363
Discussion Questions 363
Bibliography 364
Globalization at the Crossroads: Sushi and the Veblen Effect 365
Case Study 12.1: Remagen Brothers Ltd. 366

Glossary 369
Index 391
About the Authors 427
 Preface

In the wake of the recent financial crisis, some of the pillars of international business
specifically, and globalization generally, were no longer universally cheered by all market
participants. The European Union’s sovereign debt crisis, the subprime mortgage crisis,
and the inability to complete the World Trade Organization’s Doha trade agenda all pointed
to market participant fears that free trade and global capitalism had gone too far prior
to the financial crisis. We do not believe this to be the case, and telling this story is the
purpose for this third edition of International Business: A Course on the Essentials. We
think that rather than focusing on the few problems of regional economic integration and
global market integration, the time is ripe for a renewed discussion of the solid strengths
of international business in light of recent market declines.
International business and multinational corporate activities have grown significantly
during the past few decades. The rapid and continuous growth of cross-border economic
linkages has contributed to the importance of the study of international business. Further-
more, the mandates by the international Assembly of the Collegiate Schools of Business
regarding the globalization of the business curricula added to the relevance and importance
of international business teaching. The objective of this text is to present an overview of
international business teaching as a balance between international business environments
from both an academic and practical perspective. The book also contains an analysis of
issues of importance in today’s global economy, such as the partnership between mul-
tinational corporations and commercial banks in the facilitation of international trade,
and the continued importance of world energy markets. Moreover, the timelessness of
the case studies with their cross-regional geographic focus presents a bridge between
globalization, corporate strategies, and environmental and social concerns.
This third edition is a more compact version of the second edition, allowing all chap-
ters to be covered in a traditional semester. The first two chapters deal with the scope
of international business and the multinational corporation and present the institutional
framework of economic theories and global strategies. The first three chapters contain
updated global economic statistics such as world foreign direct investment (FDI) flows
and the growth of world trade, and in-depth discussions of specific leading multinational

xvii
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