International Business

Paper Summary:

This paper looks at five articles covering major areas of concern to international business. The first article, "Cross-cultural Challenges When Doing Business in China" by Pan Fan and Zhang Zigang, looks at the cultural differences between China and the West. The second article, "Why China is Making the Valley Fret" by Cliff Edwards, Jim Kerstetter and Bruce Einhorn, talks about the political aspects of international business. The third article examined, "North America's Second Decade" by Robert A. Pastor, is on the topic of regional economic integration and looks at NAFTA. Fourth, an article on outsourcing of legal services to India, "Corporate America Sending More Legal Work to Bombay" by Ellen Rosen, illustrates the issue of dealing with exchange rates. The last article, "Macquarie Makes Its Move on Asia" by Donald Greenlees and Jan McCallum, looks at corporate strategy in international business through the experiences of Macquarie Bank, Australia's sixth-largest finance house. The articles reviewed are appended to the paper.

The Cultural Effect on International Business
Political Issues Affecting International Business
Regional Economic Integration and International Business
Impact of Exchange Rates on International Business
Corporate Strategy in International Business
Conclusion and Recommendations

From the Paper:

"No one can dispute the fact that the world economy is increasingly globalizing as we move into the 21st century. As this internationalization of business grows, there is an increasing challenge being faced to deal with cultural differences. In one survey, cultural differences ranked first among all eight issues listed as potential barriers, including law, price competition, information, language, delivery, foreign currency, time differences, and cultural differences. Great opportunities have been created for global collaboration but these opportunities are accompanied by a unique set of problems and issues relating to effective management in the international environment. The social and cultural nuances that enter the picture when dealing with foreign business partners may make for entertaining conversation in subsequent years, but the daily effort that is required for operations can sometimes be hard on business relationships, especially in the early stages."

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