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Challenges and

Opportunities in

International Business

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Table of Contents

About the Authors.................................................................................................................

Chapter 1: Introduction.......................................................................................................

What Is International Business?

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2C@%GJ= #OCD>NDN@N Chapter 2: International Trade and Foreign Direct Investment..............................

What Is International Trade Theory?

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Chapter 3: Culture and Business......................................................................................

What Is Culture, Anyhow? Values, Customs, and Language

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Chapter 4: World Economies...........................................................................................

Classifying World Economies

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International Economic Cooperation among Nations

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Chapter 6: International Monetary System.................................................................

What Is the International Monetary System?

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.M<>OD>@N #I? JA !CDN@N Chapter 7: Foreign Exchange and the Global Capital Markets................................

What Do We Mean by Currency and Foreign Exchange?

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Global Strategic Choices

.#12#*%GJ=1>@I #I? JA !CDN@N Chapter 9: Exporting, Importing, and Global Sourcing............................................

What is Importing and Exporting?

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Chapter 10: Strategy and International Business......................................................

Business and Corporate Strategy

%@I@MD>1OM2C@$DQ@#G@H@IONJA1OM +DN@N Chapter 11: Global Entrepreneurship and Intrapreneurship.................................

Entrepreneurship

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$MJH#IOM@KM@I@PMNCDKOJ JMI %GJ=DN@N Chapter 12: Winning through Effective, Global Talent Management.................... The Changing Role of Strategic Human Resources Management in International Business

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2DKNDI7JPM5 #I? JA !CDN@N Chapter 13: Harnessing the Engine of Global Innovation........................................

An Introduction to Research and Development (R&D)

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Supply-Chain Management.............................................................................................

Fundamentals of Global Marketing

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Competitive Advantage....................................................................................................

International Accounting Standards

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About the Authors

Mason A. Carpenter

Mason (PhD, 1997, University of Texas at Austin) is the +)@DOC5@DF@GKMJA@NNJMJAG@PNDI@NN&DNM@N@CDINOMH >JI>@MIN>JMKJM@OJKHIPH@MJPN=JJFNPN@?DIG@

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Sanjyot P. Dunung

Sanjyot is president of Atma Global

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Acknowledgements

This book would not have been possible without our combined eagerness to be

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Dedications

Mason I dedicate my work on our book to my wife, Lisa, and my kinetically active boys,

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To my boys - Yash, Anand, and Shanth - for making sure the sun always rises in my RJMG?

Preface

Thank you for using Carpenter and Dunung'sInternational Business! If you are an

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Organization

The overarching logic of the book is intuitive - organized around answers to the WHAT? Section one introduces what is international business and who has an WHERE? Section two develops student knowledge about key facets of the global

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Features

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Chapter 1

Introduction

WHAT'S IN IT FOR ME?

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Image courtesy of Kit Eaton.

Of all the changes going on in the world, the Internet is the one development world, according to Thomas Friedman, Pulitzer Prize-winning author ofThe World Is Flat: A Brief History of the Twenty-First CenturyandThe Lexus and the Olive Tree: Understanding Globalization. Because of this flattening effect, Internet >JINOM@KODJIN>MJNN =JM?@M=PNDI@NNQ@IOPM@N =>@@?RCDG@HlNG@PMQ@DI!CDI@?OC@JK@IDIBJADON!CDI@N@

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