Abstract This paper explains that the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) makes it illegal for a U.S. person to make a corrupt payment to a foreign official to secure or retain business. The author points out that this act has an impact on U.S. commerce because companies with considerable foreign sales must have an effective FCPA compliance auditing program. In addition, the paper relates that the FCPA potentially is applicable to any individual, firm, officer, director, employee or agent of a firm and any stockholder acting on behalf of a firm.
From the Paper "The case of Lockheed Martin Corp's Proposed Acquisition of Titan Corporation: In September 2003, Lockheed Martin Corp declared its plans to take over Titan Corporation, a defense contractor based in California for $1.8 billion approximately. As per the acquisition agreement entered into between Lockheed and Titan, the acquisition was to be completed by March 2004 at the latest. In keeping with Lockheed's routine pre-acquisition due diligence into Titan, however it was found that Titan had engaged in a lot of potential FCPA violations."
Abstract The paper discusses the many advantages of having one global set of accounting standards that would improve the quality of financial reports and investment decisions. The paper looks at the IAS or International Accounting Standards proposal that will determine one set of accounting standards. The paper concludes that if the United States were to impose a broad and ill-defined system of accounting standards, companies would challenge every standard, trying to define the system in their favor.
Outline:
Pros And Cons Of Having One Global Accounting Standard Preparers, Users and Regulators of the International Accounting Standards Types of Companies; Listed vs. Unlisted, Large v. Medium v. small, Domestic v. International, Public v. Private
Political Process of Standard Setting; Rules Based, Principal Based
Examples of Three Different Countries; Compare Their Accounting Practices
Conclusion
From the Paper "The new electronic interdependence recreates the world in the image of a global village." (McLuhan (1962 (1996, p. 31). There are many advantages of having one global set of accounting standards that will provide society with a crucial service not only in the United States, but in other countries as well. In recent years there has been shameful accounting methods used in which billions of dollars in retirement wealth and investments have had great financial losses. Because of these slanderous actions, the integrity and the ability to survive these accounting services have been questioned. Globalizing international trade by using a set of global accounting standards has had a tremendous effect in the way business is conducted. (Pagiavlas 1)"
Abstract The paper shows that the increased globalization of companies has led to a dilemma for investors because accounting standards in various capital markets are not always reliable. It shows too that in an effort to increase the reliability of financial information in capital markets the SEC seeks to maintain the high quality of financial reporting in the U.S., while working towards establishing a high quality financial reporting structure worldwide. This paper summarizes the issues presented in the SEC's concept release on International Accounting Standards. These issues include: the five elements of global financial reporting; exceptions to rules for foreign private issuers using accounting standards that differ from GAAP; and the three criteria for assessing the International Accounting Standards Committee.
From the Paper "Rigorously interpreted and applied: The development of high standards does not ensure that the standards will be upheld. In order for the standards to be practiced consistently accountants have to understand the responsibility they have in applying these standards consistently and in a manner that is needed to ensure high quality. This understanding only comes when regulators including auditors, rigorously interpret and apply these standards to accounting standards around the globe. The SEC contends that IASC standards are not used in many capital markets, which makes it impossible for them to be interpreted or applied. In addition countries that do utilize IASC standards have yet to incorporate the new changes created by the IASC."
Abstract This paper explains that the United States is the largest user of the wireless telephone in the world with more than 78 million users, but the percentage of population with access to wireless telephones is much larger in certain European countries, such as Finland, which is the leader with a 62% penetration of wireless phones. The author points out that low penetration in the U.S. can be attributed to bad service and very high charges for roaming because, unlike Europe, which has a uniform digital standard, the U.S. has no national standards. The paper relates that the entire issue is further clouded by the influence of politics and motivations of economics, which has led to alliances that are not in the best interest of technology.
From the Paper "There are many senior analysts who predict that the change will come faster than the predictions that have been given by many of the analysts. The penetration of these phones is increasing and some experts have predicted that the penetration of wireless phones will reach 55% in the current year and 65% in another ten years. The rate of growth is increasing further even now as the carriers are coming out with new marketing schemes and lowering prices, but that alone is not sufficient. The other important features like wireless Internet and data services have to be provided. There are limits to the extent that price can be lowered. The providers are now looking at methods to get the customers to use more of airtime and collect there own revenue from ancillary services. For this the wireless phones have to become a part of people's lives. There is now also a lot of expenditures to open up new markets and enter markets which are not being served properly now."
Tags: penetration, standards, politics, alliances, internet
Abstract Economic globalization can be defined as "the integration of economics through markets across frontiers" . At first blush, the question may be asked, what is the connection between economic integration, democracy and peace? These appear to be thoroughly different outcomes, giving rise to some common effects at best. However, a closer glance reveals that there can be links drawn between integration and democracy and integration and reduced conflict. Can we then claim that economic globalization leads to a more democratic and peaceful society? That is the question this paper attempts to answer.
From the Paper "The literature suggests three avenues to reduce corruption - reduce or eliminate quantitative trade barriers, increase the number of competing firms, and improve the quality of institutions. Although the authors caution against placing too much emphasis on their findings, it is clearly an important result for poorer countries that are trapped in the poverty cycle. This finding suggests that openness on the part of poor countries will lead to reduced corruption, which will in turn improve the prospects of economic development in the country, leading to further incentives to integrate. This "anti-corruption cycle" can arguably be the answer for many Least Developed Countries struggling at present."
Abstract This paper defines the process of standardization as manufacturing one common product across different international markets regardless of any dissimilarities in cultural and social contexts; whereas, the process of adaptation involves modifying the existing product in order to address these variations. Global market segmentation, the author underscores, which is an important process in terms of creating a sustainable competitive advantage, is dependent on correct market information. The paper uses Apple's iPod, which enjoys universal appeal regardless of the target market, as an example that demonstrates the critical success factor of conducting the new product development process so that the actual product features will appeal to different geographic customer segments.
From the Paper "The feasibility of standardization in the current business environment is illustrated by the iPod. Apple has marketed exactly the same product regardless of the international market. This has been facilitated through targeting the teen segment which exhibits similar purchasing patterns regardless of cultural and social contexts. This trend has been strengthened through the advent of the Internet which has facilitated the sharing of information thus weakening the effect of cultural differences."
Abstract This paper looks at the literature of writers analyzing the trend of companies who are moving toward uniform work ethics, standards and practices. This move is seen as essential for large international corporations wishing to fit into an ever-globalizing economy.
From the Paper "Many corporations fail to realize the type of profits and results from the promised "Holy Grail" of globalization because they have not paid enough ongoing attention to the process. Without greater effectiveness in their efforts to globalize, firms waste precious executive resources or decide to standardize their operations to limit the complexity of their international strategies. Businesses of all types are finding that it is important to standardize business procedures and policies as they build the foundations of growth and the demands that doing business on a global basis will entail (Morrison & Beck, 2000)."
Abstract In this article, the writer notes that one of the most significant changes that resulted from the industrial revolution involves standards of living all over the world. This work discusses emerging standards of living, first through a brief historical timeline and by assessing the level of urbanization that has occurred. The paper then takes a look at class emergence in the wake of the industrial revolution and assesses the wage economy. Next, the paper analyzex the nature and structure of the family economy, and lastly, it looks at the movement of the means of production as it applies to standard of living. The writer maintains that clearly, the manner in which people work, the place they live, the wages they earn, the way they receive goods and services and the changes that all these things create in the family are indicative of standards of living. The industrial revolution created massive changes in all these things for a great many people.
From the Paper "In the early years of industrialization the switch was evident in every member of the family, including the wage earning of women and children. To some degree it is debatable as to whether the release of control of the means of production is an increase or a decrease in standard of living. This depends almost entirely on mitigating factors, such as work conditions, hours of work, real wage earned, and amenities offered by employer and living conditions that a family is willing and able to provide for itself, but there is no question that the switch from control of the means of production to wage earning is a substantial one.
"One issue that is particularly important, on determining the impact of such changes is health. Some historians and economists see nutritional health, and the outcomes of it are essential to a complete understanding of the separation of families and individuals from the means of production."
Abstract A paper which discusses the legal and ethical issues involved in operating globally. It is noticed that many multinational companies can run into trouble when establishing their businesses overseas because they fail to take local laws and culture into consideration. The paper shows that this can be avoided if the company pays attention to the religious and cultural beliefs of the people in foreign countries and also abide by the trade and business laws of those lands.
From the Paper "It is also important to take into account their religious beliefs because religion normally plays an important role in all third world countries. For example in Pakistan, they wouldn"t allow a fast food chain to operate if it doesn"t use HALAL meat. By HALAL, they are simply referring to meat, which has been prepared according to their religious rituals. It is important thus to follow those practices because there is no chance of gaining any success if a fast food or any other restaurant chain forgets to take into account this important law. We are taking examples of restaurants only for the sake of ease and convenience in explanation of laws, but it must be kept in mind that laws applies to every business no matter what its nature is."
Abstract Globalization has sparked a revolution in information and communication technology, resulting in the emergence of an Information Age that boasts the arrival of new levels of global interconnectedness. Overcoming this process requires concerted efforts in many different directions, including political, social, economic and most importantly, educational fronts. However, the current formal system of education is ill equipped to respond to the challenges that globalization brings. Many researchers have offered arguments in support and against globalization as it applies to democracy. This paper examines the current state of research and offers resolutions for the reality of the Internet as a massive digital network with open standards, suggesting that universal and inexpensive access to a wide variety of communication media and models is not an unimaginable attainment.
Acknowledgments
Abstract
Introduction
Statement of the Problem
Hypothesis
Rationale
Literature Review
Recommendations
Conclusions
Bibliography
From the Paper "The 20th century has emerged as the century of science and technology that has dramatically and irreversibly changed society and civilization. Ocean-liners that bridged continents and railroads that conquered the old West have given way to inexpensive and widely available jet travel that have reduced the world to a global village. With electric power came automation, and agricultural advances quickly produced a surplus and farms today only employ a small percentage of the population in most advanced countries. The age of electricity and radio rapidly switched to TV, electronics, computers and the Internet, thereby creating a strong electronic consciousness. During the latter part of the 20th century, democracy has emerged as the clear path to follow."
Abstract This paper discusses the inherent risks to global investing, particularly regarding cultural sensitivities and ethics. The paper looks at several of the factors that drive globalization and discusses how it is an ever-increasing trend. The paper also looks at the pitfalls of globalization as well as discuss how globalization presents plenty of potential to increase standards of living to all parties involved.
Outline:
Drivers
Risks Associated With Global Investing
Conclusion
From the Paper "Various risks are present in the global investing process, some of which include foreign currency exchange rates, political complications, and language and cultural differences. These risks and others may pose a significant threat to international operations, depending on the nations involved. As always though, careful planning can often help to mitigate or eliminate some of these threats.
"Exchange rates can have a significant impact on a firm's potential profits. Depending on the existing rate, a firm may find that its host nation currency stretches much further elsewhere and may choose to conduct certain aspects of its operations in a nation where costs can be minimized. However, a weakening rate could have the opposite effect and increase the costs associated with operations. Of the many threats to globalization, exchange rates are more than likely the easier aspects to plan for in terms of analyzing operations."
Abstract This paper identifies some of the major drivers of globalization and their impact on multinational firms. The paper also discusses the risks involved in global investing as well as the importance of cultural sensitivity and ethics in the realm of global finance. In this way, the paper highlights the factors that need to be evaluated before a firm decides to become a true multinational organization.
Outline:
Drivers of Globalization Risks of Global Investing
Cultural Sensitivity
Conclusion
From the Paper "Market research includes understanding the audience and the ethnic-orientated issues that may be relevant to the message being communicated. Cultural adaptation refers to intricacies such as humor, grammar, and symbolism that may be present in the native language. Localization is identified as incorporating local references and examples in the communication. Finally, internationalization refers to 'universal' ideas and concepts that can be intertwined into the message such as time and measurements (Balance, 2006). Considering these factors a multi-national firm can inject some measure of cultural sensitivity in its global communications."
Tags: culture, sensitivity, reporting, standards, Internet
This paper explores the effects of globalization on the world focusing on the practice of First World companies outsourcing substantial amounts of labor to Third World workers.
Abstract The paper defines the term "globalization" and shows why Third World workers are paid less than First World workers. The paper explains why globalization produces monopolies. It then describes how globalization and trade agreements reduce the rights of workers in poor countries and increase environmental degradation while at the same time raise the standard of living in the First World.
From the Paper "Globalization has brought with it an ever-more-rapidly-increasing concentration of money (or capital) in the First World's financial markets. This is the direct result of the fact that globalization has also brought with it increasing conglomeration of firms that were once separated by national barriers and that once competed with each other."
Abstract This paper looks at the development of multinational and global capitalism and how various global systems have become increasingly essential to its orderly progression. The writer shows how, in order to meet these specific needs it has become necessary to reorganize the manner by which many globalstandards address certain criteria with regard to structural content. The factors include currency, accounting, labor, corporate formation and the stock exchange and it is shown that if not properly engaged, the concepts of multinational and global capitalism will not reach their full potential.
From the Paper "As a means by which to implement new structure proposals for labor standards, one first needs to consider how the inherently related issues of race and gender play a role in this reconfiguration. It can be argued that if global capitalism is to flourish, it must do so with the inclusion of every individual, not just those who are deemed worthy. Issues of primary concern embody a number of gender- and race-related problems that -- if not somehow corrected -- will only serve to undermine the very objectives of global capitalism. "Too many labor leaders are still caught up in the mythology of the new deal programs of yesteryear rather than divorcing themselves from partisan politics that are destroying labor; rather than fighting exportation of capital and redistribution of public wealth and power; rather than fighting workplace racism and race-based politics that divide workers; rather than developing and moving a labor agenda" (Caffee, 1995, pp. 7-10)."
Abstract This paper reviews and discusses political corruption. The paper uses the 2005 Transparency International Corruption Perceptions Index (CPI) as a guide to the world's most corrupt nations. According to the paper, the country believed to be the most corrupt nation of all, is Haiti. The paper also examines the issues surrounding political corruption in Norway and goes on to review the solvency in each nation and its relationship / linkage to political corruption.
From the Paper "NORWAY: Norway is ranked #8 on the CPI, behind Iceland, Finland, Denmark, Singapore, Sweden and Switzerland. The CIA World Factbook records that in the 1960s, Norway discovered oil and gas in its offshore waters, which was a welcome addition to its list of plentiful natural resources (iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber and hydropower). Whereas in Haiti natural disasters come in the form of powerful hurricanes, in Norway there are far less destructive "rockslides" and "avalanches," the CIA explains. Also, as far as trade, Norway has the advantage of being "adjacent to sea lanes and air routes" in the North Atlantic region. "
