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chapter 2

define global shift: A term used to characterize the effects of change in the competitive landscape prompted by worldwide competition. This means the international business environment is changing faster than ever.
what is General Agreement on Tariffs and Trade? it is a treaty signed by 120 nations to lower trade barriers for manufactured goods and services. It is designed to protect our own people.
What is the North American Free Trade Act ( NAFTA)? it eliminated tariff and and most nontariff barriers and allows for free flow of agricultural products between the U.S and Mexico. it also increases U.S employment by keeping jobs here.
There are four major factors affecting international business: General business environment, legal systems, economic environment, and culture.
there are three types of legal systems when doing international business: common law ( precedents based on past court decision) civil law ( rely on a comprehensive set of rules that form part of a highly structured code) and Muslim law ( religious beliefs)
To succeed international business, Hofstede uses 5 dimensions to summarize different cultures: power distance, individualism, uncertainty avoidance, masculinity/femininity, and long term/short term orientation.
Firms who want to expand to another country face 3 key decisions: which country to enter, when to enter, and the scale of involvement (can you make money)
there are 7 modes of entry into another country: exporting, turnkey projects, licensing, franchising, joint ventures ( most common), wholly owned subsidiaries, strategic alliances.
Three basic approaches to managing foreign subsidiaries: ethnocentric approach, poly-centric approach, and the geocentric approach
Created by: charchar