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INTERNATIONAL BUSINESS
FRANCIS CHERUNILAMProfessor
School of Management StudiesCochin University of Science and Technology, Cochin
Formerly, Professor and Chairman, Marketing Area, IIM-K
New Delhi-1100012010
INTERNATIONAL BUSINESSText and Cases
FIFTH EDITION
INTERNATIONAL BUSINESS: Text and Cases, Fifth EditionFrancis Cherunilam
© 2010 by PHI Learning Private Limited, New Delhi. All rights reserved. No part of this book may bereproduced in any form, by mimeograph or any other means, without permission in writing from thepublisher.
ISBN-978-81-203-4214-9
The export rights of this book are vested solely with the publisher.
Sixteenth Printing (Fifth Edition) . . . . . . November, 2010
Published by Asoke K. Ghosh, PHI Learning Private Limited, M-97, Connaught Circus, New Delhi-110001and Printed by Mohan Makhijani at Rekha Printers Private Limited, New Delhi-110020.
List of Boxes xv
List of Figures xvii
List of Tables xix
Preface xxi
Preface to the First Edition xxiii
1. INTRODUCTION TO INTERNATIONAL BUSINESS 1–32
The Growing Relevance of Globalisation 1International/Global Marketing 5Why Go International? 8International Orientations 15Internationalization Stages and Orientations 19Drivers and Restrainers of Globalisation 19International Business Decisions 27Types of International Business 29
Summary 30Model Questions 30References 31
2. INTERNATIONAL OPERATIONS MANAGEMENT 33–54
Supply Chain and Value Chain Management 35Make or Buy 37Global Sourcing 38Partnering/Relationship Marketing 41Global Networking of Operations 45Location Strategy 48International Logistics 50
Summary 52Model Questions 53References 54
v
Contents
vi Contents
3. INTERNATIONAL BUSINESS ENVIRONMENT 55–126
Environment of International Business and Its Significance 55Economic Environment 59Social/Cultural Environment 75Religion 85Language 87Culture and Organisational Behaviour 88Demographic Environment 96Political Environment 103Regulatory Environment 107Natural Environment 111Technological Environment 112Transfer of Technology 117
Conclusion 122Summary 123Model Questions 123References 124
4. INTERNATIONAL TRADING ENVIRONMENT 127–177
Trade Strategies 127Arguments for Free Trade 128Protection 129Methods of Protection 134Commodity Agreements 140Cartels 142State Trading 143Trade Blocs 145Forms of Integration 146European Union (EU) 148NAFTA 153Economic Integration of Developing Countries 156South-South Cooperation 162SAARC 167SAPTA 170Indo–Lanka Free Trade Agreement 172India–Singapore CECA 173FTA—Boon or Bane? 174
Summary 174Model Questions 175References 176
5. GATT/WTO AND GLOBAL LIBERALISATION 178–228
GATT 179The Uruguay Round 182
Contents vii
World Trade Organisation 183Salient Features of UR Agreement 188GATS 191TRIMs 193TRIPs 193IPRs and Developing Countries 195Patents 199Dispute Settlement 204Anti-Dumping Measures 204Evaluation of the Uruguay Round 206Evaluation of WTO 207WTO and Developing Countries 209The Lodha Declaration 214Hong Kong Ministerial Meet 215WTO and India 217
Summary 219Model Questions 221References 222
ANNEXURE 5.1 Dispute Settlement under WTO 223ANNEXURE 5.2 World Intellectual Property Organisation 227
6. INTERNATIONAL MONETARY SYSTEM AND FOREIGN EXCHANGE MARKET 229–277
The Pre-Bretton Woods Period 229The Bretton Woods System 231Breakdown of the Bretton Woods System and Emergence of Managed Floating 233EMS, ECU and Euro 236Foreign Exchange Market 240Determination of Exchange Rates 245Exchange Control 248Exchange Rate Systems 249Exchange Rate Classifications 252Exchange Rate and Convertibility of the Rupee 253Devaluation 263Currency Exchange Risks and Their Management 264Foreign Exchange Management Act 271
Summary 275Model Questions 276References 277
7. INTERNATIONAL BANKING AND EUROCURRENCY MARKET 278–289
International Banking 278Eurocurrency Market 281
viii Contents
Internationalisation of Stock Markets 286
Summary 287Model Questions 288References 288
8. INTERNATIONAL ECONOMIC ORGANISATIONS 290–319
International Monetary Fund 291Financing Facilities and Policies 294World Bank 300An Evaluation of IMF—World Bank 306International Financial Corporation 309Asian Development Bank 312UNCTAD 313UNIDO 316International Trade Centre 317
Summary 318Model Questions 319References 319
9. INTERNATIONAL INVESTMENT AND FINANCE 320–375
Types of Foreign Private Investment 321Theories of International Investment 323Significance of Foreign Investment 326FDI and Production Linkages 327Trade and Investment 329Factors Affecting International Investment 330Limitations and Dangers of Foreign Capital 336Growth of FDI 337Dispersion of FDI 339Cross-Border M&As 343Portfolio Investments 346Foreign Investment in India 346Foreign Investment by Indian Companies 353International Trade Financing 354Institutional Finance for Export 356EXIM Bank 359Forfaiting 367Export Credit Risk Insurance 369
Summary 370Model Questions 371References 371
ANNEXURE 9.1 Letter of Credit and Financing Foreign Trade 373
Contents ix
10. MULTINATIONAL CORPORATIONS 376–402
Definition and Meaning 378Transnationality Index and Network Spread Index 381Organisational Models 383Dominance of MNCs 385MNCs and International Trade 387Merits of MNCs 387Demerits of MNCs 388Perspective 389Code of Conduct 389Multinationals in India 391
Summary 392Model Questions 393References 394
ANNEXURE 10.1 Indian Giants and Global Oriented Companies 395
11. INTERNATIONAL GOODS, SERVICES AND FINANCIAL FLOWS AND BALANCE OFPAYMENTS 403–446
Balance of Payments 403Balance of Trade and Balance of Payments 404Components of Balance of Payments 404Meaning of Current Account Balance 406Balance of Payments Disequilibrium 408Correction of Disequilibrium 409Financing of BOP Deficit 412Global Trade 413Merchandise Trade 413Countertrade 422Trade in Services 426Global Sourcing 435Global Trade and Developing Countries 438South-South Trade 440Triangular Trade and South-South Trade 442
Summary 443Model Questions 444References 445
12. GLOBALISATION 447–469
Definitional Dimensions 447Globalisation of World Economy 451Comparison between the Old and New Globalisations 452Globalisation of Business 458Essential Conditions for Globalisation 459
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