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CHAPTER1GlobalizationandRegionalEconomicIntegrationCHAPTER1GlobalizationandRegINTRODUCTION
TransnationalCorporationanenterprisesuchasone“whichcontrolsassets,factories,mines,salesoffices,andthelikeintwoormorecountries.”In1973HowhastheUnitedNationsdefinedtheTNC?INTRODUCTION
anenterprise(a)comprisingentitiesintwoormorecountries,regardlessofthelegalformandfieldsofactivityofthoseentities,(b)whichoperatesunderasystemofdecision-makingpermittingcoherentpoliciesandacommonstrategythroughoneormoredecision-makingcenters,(c)inwhichtheentitiesaresolinked,byownershiporotherwise,thatoneormoreofthemmaybeabletoexerciseasignificantinfluenceovertheactivitiesoftheothers,and,inparticular,toshareknowledge,resources,andresponsibilitieswithothers.In1984HowhastheUnitedNationsdefinedtheTNC?anenterprise(a)comprisingeOurdefinitionofTNCsAnenterprisehassubstantialdirectinvestmentinforeigncountriesandactivelymanagesthoseoperationsandregardsthoseoperationsasintegralpartsofthecompanybothstrategicallyandorganizationally.OurdefinitionofTNCsAnenterTNCsManagementFormulationofstrategiesandmanagementsystemstotakeadvantageofinternationalopportunitiesandrespondtointernationalthreatsTNCsManagementFormulationofTNCsintheglobaleconomy
TheuniverseofTNCsislarge,diverseandexpanding.SomeTNCsarebiggerthancountries.ThelargestTNCsremaingeographicallyconcentratedinafewhomecountries.
TNCsintheglobaleconomyTheThedegreeoftransnationality–ameasureoftherelativeeconomicimportanceofforeignaffiliatesintotaleconomicactivityTheTransnationalityIndexiscalculatedastheaverageofthefollowingthreeratios:foreignassetstototalassets,foreignsalestototalsalesandforeignemploymenttototalemployment.TransnationalityIndexTNIThedegreeoftransnationalityOthermeasuresoftransnationalityTheInternationalizationIndex(II)istheratioofaTNC’sforeignaffiliatestototalaffiliatesTheGeographicalSpreadIndex(GSI),iscalculatedasthesquarerootoftheInternationalizationIndexmultipliedbythenumberofhostcountries.OthermeasuresoftransnationaWhatisglobalization?TheshifttowardsamoreintegratedandinterdependentworldeconomyTwocomponents:TheglobalizationofmarketsTheglobalizationofproductionWhatisglobalization?TheshifGlobalizationofMarkets“Merging
ofhistoricallydistinctandseparatenational
marketsintoonehugeglobalmarketplace.”Theneedsofcustomersformanyproductsandservicesaregrowingmoresimilar.Andcustomerssearchtheworldfortheirsuppliesregardlessofnationalboundaries.Manyfirmsofferastandardizedproductworldwide.GlobalizationofMarkets“MergiTheLargestGlobalMarketsNotConsumerGoodsButIndustrialGoodsandMaterialsCommoditiessuchasaluminum,oilandwheat.Industrialproductssuchasmicroprocessors,aircraft.FinancialassetssuchasU.S.TreasurybillsandEurobonds.TheLargestGlobalMarketsNotGlobalizationofProduction“Thesourcingofgoodsandservicesfromlocationsaroundtheglobetotakeadvantageofnationaldifferencesinthecostandqualityoffactorsofproduction(labor,energy,landandcapital).”ManymuchsmallerfirmsarealsogettingintotheglobaldispersalofproductionanddesignaswellasgiantssuchasBoeing.Tolowertheiroverallcoststructureand/orimprovethequalityorfunctionalityoftheirproduct.“GlobalProducts”GlobalizationofProduction“ThGlobaldriversTwomacrofactorsthatunderlietrendtowardsgreaterglobalizationDeclineintradeandinvestmentbarriersGlobalizationofmarketsandproductionhasbeenfacilitatedbyreductionintradebarriersandremovalofrestrictionstoforeigndirectinvestment.TechnologicalchangesMicroprocessorsandtelecommunicationsTheinternetandworldwidewebTransportationtechnologyGlobaldriversTwomacrofactorImplicationsforProductionandMarketGlobalizationImplicationsforProductionan
Globalizationdebate-ProLowerpricesforgoodsandservicesEconomicgrowthstimulationIncreaseinconsumerincomeCreatesjobsCountriesspecializeinproductionofgoodsandservicesthatareproducedmostefficiently Globalizationdebate-ProLowerGlobalizationdebate-ConDestroysmanufacturingjobsinwealthy,advancedcountriesWageratesofunskilledworkersinadvancedcountriesdeclinesCompaniesmovetocountrieswithfewerlaborandenvironmentregulationsLossofsovereigntyGlobalizationdebate-ConDestroEffectsonManagers
Globalization:Pros&ConsGreatopportunitiesformanagers.Increasedrevenueopportunitythroughglobalsales.Reducedcostsbyproducingin‘lowcost’countries.Managersnowfaceamoredynamicandexcitingjobduetoglobalcompetition.Shouldvaryitspracticescountrybycountry.Mustworkwithingovernmentregulations.CurrencyconversionpresentsuniqueproblemsEffectsonManagers
RegionalEconomicIntegrationRegionaleconomicintegrationreferstotheprocesswherebycountriesinageographicregioncooperatetoreduce,andultimatelyremove,tariffandnontariffbarrierstothefreeflowofgoods,services,andfactorsofproductionbetweeneachother.RegionalEconomicIntegrationRLevelofEconomicIntegrationFreeTradeAreaCustomsUnionCommonMarketEconomicUnionPoliticalUnionLevelofEconomicIntegrationFEconomicIntegrationFreeTradeAreaAllbarrierstotradeamongmembersremoved.Eachcountrycandetermineowntradepoliciestowardnonmembers.CustomsUnionEliminatesbarriersamongmembersandhasacommonexternaltradepolicy.CommonMarketAllowsfactoroftheproductiontomovefreelybetweenmembers.EconomicUnionNobarriersamongmembers,commonexternalpolicy,commonmonetaryandfiscalpolicy,harmonizedtaxratesandcommoncurrency.PoliticalUnionHasacoordinatingbureaucracyaccountabletoallcitizens.EconomicIntegrationFreeTradeCaseForRegionalIntegrationanattempttoachieveeconomicgainsfromthefreeflowoftradeandinvestment.Theirpoliticalweightwouldbeenhancedintheworldbygroupingtheireconomic.Itiseasiertogainagreementamongalimitednumberofneighboringcountries.CaseForRegionalIntegrationaCaseAgainstRegionalIntegrationItisneverwithoutcostsfortheminority.LossofjobsEnvironmentdegradationFirmsindevelopingcountrieshavetocompeteagainstefficientfirmsfromdevelopedcountries.Concernsovernationalsovereigntyoftensloworstopintegrationattempt.CaseAgainstRegionalIntegratTradecreationandtradediversionTradecreationoccurswhenhigh-costdomesticproducersarereplacedbylow-costproducerswithinthefreetradearea.Tradediversionoccurswhenlow-costexternalsuppliersarereplacedbyhigh-costsupplierswithinthefreetradearea.Regionalintegrationwillnotincreaseeconomicwelfareifthetradecreationeffectsinthefreetradeareaareoutweighedbythetradediversioneffects.TradecreationandtradediverRegionaleconomicintegrationinEuropeEuropehastwotradeblocksEuropeanUnionSeenastheemergingpowerwithalmost27membersEuropeanFreeTradeAssociationHasonlyfourmembersRegionaleconomicintegrationEvolutionoftheEuropeanUnionProductoftwopoliticalfactors:DevastationofWWIandWWIIanddesireforpeaceDesireforEuropeannationstoholdtheirown,politicallyandeconomically,ontheworldstage1951-EuropeanCoalandSteelCommunity.1957-TreatyofRomeestablishestheEuropeanCommunity1994-TreatyofMaastrichtchangesnametotheEuropeanUnionEvolutionoftheEuropeanUnioRegionaleconomicintegrationoftheAmericasRegionaleconomicintegrationisontheriseintheAmericasNAFTAMERCOSURPlansforFTAARegionaleconomicintegration
NAFTAEnforcedinJanuary,1994,Over10yearperiod:tariffsreduced(99%ofgoodstraded)RemovalofmostbarriersoncrossborderflowofservicesProtectionofintellectualpropertyrightsAppliesnationalenvironmentalstandardsEstablishmentofcommissiontopoliceviolationsRemovalofrestrictionsonFDIexceptincertainsectorsMexicanrailwayandenergyUSairlineandradiocommunicationsCanadianculture NAFTAEnforcedinJanuary,1ANCOM:AndeanPactBolivia,Colombia,Ecuador,Peru,VenezuelaCartaganaAgreement,1969.Nearlyfailed.GalápagosDeclaration,1990.Theestablishmentofafreetradeareaby1992;acustomsunionby1994;acommonmarketby1995.Stillhasmanypoliticalandeconomicproblems.ANCOM:AndeanPactBolivia,CoTheMercosur1988:Argentina,Brazil.1990:Paraguay,Uruguay1995:Agreedtomovetowardafullcustomsunion.Positive:Tradequadrupledbetween1990-1998.ThecombinedGDPgrewatarateof3.5between1990-1996.Roadblock:Hassignificant
tradediversion
issues.Economicproblems,firstinBrazil(1999),theninArgentina(2001)hasputplansforthecustomsuniononhold.TheMercosur1988:Argentina,RegionaltradeblocsinAsia:ASEANCreatedin1967ObjectivetoachievefreetradebetweenmembercountriesandachievecooperationintheirindustrialBrunei,Indonesia,Laos,Malaysia,thePhilippines,Myanmar,Singapore,ThailandandVietnamProgresslimitedbyAsianfinancialcrisisofthe90’sRegionaltradeblocsinAsia:AsiaPacificEconomicCooperationFoundedin1990toincreasemultilateralcooperation.
‘theseedofpotentialFTA.’
21members.50%ofworld’sGNP.40%ofglobaltrade.APEC“isindangerofshrinkingintoirrelevanceasaseriousforum.”RegionaltradeblocsinAsia:APECAsiaPacificEconomicCooperatRegionalTradeBlocsinAfrica9tradeblocsonthecontinent.Manycountriesaremembersofmorethanonegroup.Progresshasbeenslow.Politicalturmoil.Deepsuspicionoffreetrade.Lessdeveloped,lessdiversifiedeconomiesneed“protection”.RegionalTradeBlocsinAfrica
ImpactonbusinessOpportunities:CreationofsinglemarketsProtectedmarkets,nowopenLowercostsdoingbusinessinsinglemarketThreats:DifferencesincultureandcompetitivepracticesmakerealizingeconomiesofscaledifficultMorepricecompetitionOutsidefirmsshutoutofmarketEUinterventioninmergersandacquisitions ImpactonbusinessOpportuniCHAPTER1GlobalizationandRegionalEconomicIntegrationCHAPTER1GlobalizationandRegINTRODUCTION
TransnationalCorporationanenterprisesuchasone“whichcontrolsassets,factories,mines,salesoffices,andthelikeintwoormorecountries.”In1973HowhastheUnitedNationsdefinedtheTNC?INTRODUCTION
anenterprise(a)comprisingentitiesintwoormorecountries,regardlessofthelegalformandfieldsofactivityofthoseentities,(b)whichoperatesunderasystemofdecision-makingpermittingcoherentpoliciesandacommonstrategythroughoneormoredecision-makingcenters,(c)inwhichtheentitiesaresolinked,byownershiporotherwise,thatoneormoreofthemmaybeabletoexerciseasignificantinfluenceovertheactivitiesoftheothers,and,inparticular,toshareknowledge,resources,andresponsibilitieswithothers.In1984HowhastheUnitedNationsdefinedtheTNC?anenterprise(a)comprisingeOurdefinitionofTNCsAnenterprisehassubstantialdirectinvestmentinforeigncountriesandactivelymanagesthoseoperationsandregardsthoseoperationsasintegralpartsofthecompanybothstrategicallyandorganizationally.OurdefinitionofTNCsAnenterTNCsManagementFormulationofstrategiesandmanagementsystemstotakeadvantageofinternationalopportunitiesandrespondtointernationalthreatsTNCsManagementFormulationofTNCsintheglobaleconomy
TheuniverseofTNCsislarge,diverseandexpanding.SomeTNCsarebiggerthancountries.ThelargestTNCsremaingeographicallyconcentratedinafewhomecountries.
TNCsintheglobaleconomyTheThedegreeoftransnationality–ameasureoftherelativeeconomicimportanceofforeignaffiliatesintotaleconomicactivityTheTransnationalityIndexiscalculatedastheaverageofthefollowingthreeratios:foreignassetstototalassets,foreignsalestototalsalesandforeignemploymenttototalemployment.TransnationalityIndexTNIThedegreeoftransnationalityOthermeasuresoftransnationalityTheInternationalizationIndex(II)istheratioofaTNC’sforeignaffiliatestototalaffiliatesTheGeographicalSpreadIndex(GSI),iscalculatedasthesquarerootoftheInternationalizationIndexmultipliedbythenumberofhostcountries.OthermeasuresoftransnationaWhatisglobalization?TheshifttowardsamoreintegratedandinterdependentworldeconomyTwocomponents:TheglobalizationofmarketsTheglobalizationofproductionWhatisglobalization?TheshifGlobalizationofMarkets“Merging
ofhistoricallydistinctandseparatenational
marketsintoonehugeglobalmarketplace.”Theneedsofcustomersformanyproductsandservicesaregrowingmoresimilar.Andcustomerssearchtheworldfortheirsuppliesregardlessofnationalboundaries.Manyfirmsofferastandardizedproductworldwide.GlobalizationofMarkets“MergiTheLargestGlobalMarketsNotConsumerGoodsButIndustrialGoodsandMaterialsCommoditiessuchasaluminum,oilandwheat.Industrialproductssuchasmicroprocessors,aircraft.FinancialassetssuchasU.S.TreasurybillsandEurobonds.TheLargestGlobalMarketsNotGlobalizationofProduction“Thesourcingofgoodsandservicesfromlocationsaroundtheglobetotakeadvantageofnationaldifferencesinthecostandqualityoffactorsofproduction(labor,energy,landandcapital).”ManymuchsmallerfirmsarealsogettingintotheglobaldispersalofproductionanddesignaswellasgiantssuchasBoeing.Tolowertheiroverallcoststructureand/orimprovethequalityorfunctionalityoftheirproduct.“GlobalProducts”GlobalizationofProduction“ThGlobaldriversTwomacrofactorsthatunderlietrendtowardsgreaterglobalizationDeclineintradeandinvestmentbarriersGlobalizationofmarketsandproductionhasbeenfacilitatedbyreductionintradebarriersandremovalofrestrictionstoforeigndirectinvestment.TechnologicalchangesMicroprocessorsandtelecommunicationsTheinternetandworldwidewebTransportationtechnologyGlobaldriversTwomacrofactorImplicationsforProductionandMarketGlobalizationImplicationsforProductionan
Globalizationdebate-ProLowerpricesforgoodsandservicesEconomicgrowthstimulationIncreaseinconsumerincomeCreatesjobsCountriesspecializeinproductionofgoodsandservicesthatareproducedmostefficiently Globalizationdebate-ProLowerGlobalizationdebate-ConDestroysmanufacturingjobsinwealthy,advancedcountriesWageratesofunskilledworkersinadvancedcountriesdeclinesCompaniesmovetocountrieswithfewerlaborandenvironmentregulationsLossofsovereigntyGlobalizationdebate-ConDestroEffectsonManagers
Globalization:Pros&ConsGreatopportunitiesformanagers.Increasedrevenueopportunitythroughglobalsales.Reducedcostsbyproducingin‘lowcost’countries.Managersnowfaceamoredynamicandexcitingjobduetoglobalcompetition.Shouldvaryitspracticescountrybycountry.Mustworkwithingovernmentregulations.CurrencyconversionpresentsuniqueproblemsEffectsonManagers
RegionalEconomicIntegrationRegionaleconomicintegrationreferstotheprocesswherebycountriesinageographicregioncooperatetoreduce,andultimatelyremove,tariffandnontariffbarrierstothefreeflowofgoods,services,andfactorsofproductionbetweeneachother.RegionalEconomicIntegrationRLevelofEconomicIntegrationFreeTradeAreaCustomsUnionCommonMarketEconomicUnionPoliticalUnionLevelofEconomicIntegrationFEconomicIntegrationFreeTradeAreaAllbarrierstotradeamongmembersremoved.Eachcountrycandetermineowntradepoliciestowardnonmembers.CustomsUnionEliminatesbarriersamongmembersandhasacommonexternaltradepolicy.CommonMarketAllowsfactoroftheproductiontomovefreelybetweenmembers.EconomicUnionNobarriersamongmembers,commonexternalpolicy,commonmonetaryandfiscalpolicy,harmonizedtaxratesandcommoncurrency.PoliticalUnionHasacoordinatingbureaucracyaccountabletoallcitizens.EconomicIntegrationFreeTradeCaseForRegionalIntegrationanattempttoachieveeconomicgainsfromthefreeflowoftradeandinvestment.Theirpoliticalweightwouldbeenhancedintheworldbygroupingtheireconomic.Itiseasiertogainagreementamongalimitednumberofneighboringcountries.CaseForRegionalIntegrationaCaseAgainstRegionalIntegrationItisneverwithoutcostsfortheminority.LossofjobsEnvironmentdegradationFirmsindevelopingcountrieshavetocompeteagainstefficientfirmsfromdevelopedcountries.Concernsovernationalsovereigntyoftensloworstopintegrationattempt.CaseAgainstRegionalIntegratTradecreationandtradediversionTradecreationoccurswhenhigh-costdomesticproducersarereplacedbylow-costproducerswithinthefreetradearea.Tradediversionoccurswhenlow-costexternalsuppliersarereplacedbyhigh-costsupplierswithinthefreetradearea.Regionalintegrationwillnotincreaseeconomicwelfareifthetradecreationeffectsinthefreetradeareaareoutweighedbythetradediversioneffects.TradecreationandtradediverRegionaleconomicintegrationinEuropeEuropehastwotradeblocksEuropeanUnionSeenastheemergingpowerwithalmost27membersEuropeanFreeTradeAssociationHasonlyfourmembersRegionaleconomicintegrationEvolutionoftheEuropeanUnionProductoftwopoliticalfactors:DevastationofWWIandWWIIanddesireforpeaceDesireforEuropeannationstoholdtheirown,politicallyandeconomically,ontheworldstage1951-EuropeanCoalandSteelCommunity.1957-TreatyofRomeestablishestheEuropeanCommunity1994-TreatyofMaastrichtchangesnametotheEuropeanUnionEvolutionoftheEuropeanUnioRegionaleconomicintegrationoftheAmericasRegionaleconomicintegrationisontheriseintheAmericasNAFTAMERCOSURPlansforFTAARegionaleconomicintegration
NAFTAEnforcedinJanuary,1994,Over10yearperiod:tariffsreduced(99%ofgoodstraded)RemovalofmostbarriersoncrossborderflowofservicesProtectionofintellectualpropertyrightsAppliesnationalenvironmentalstandardsEstablishmentofcommissiontopoliceviolationsRemovalofrestrictionsonFDIexceptincertainsectorsMexicanrailwayandenergyUSairlin
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