Globalization and International Management

These flashcards cover key concepts from the lecture on globalization and international management, addressing definitions, economic impacts, and significant agreements.

What is the definition of international management?

The process of applying management concepts and techniques in a multinational environment and adapting practices to different economic, political, and cultural contexts.

What is a multinational corporation (MNC)?

A firm that has operations in more than one country, international sales, and a mix of nationalities among managers and owners.

How does globalization impact emerging market MNCs?

Globalization has brought prosperity to many previously underdeveloped parts of the world.

What is 'offshoring'?

When some company activities take place at offshore locations instead of in their countries of origin.

What is the World Trade Organization (WTO)?

The global organization that oversees rules and regulations for international trade and investment.

What agreement replaced NAFTA?

The United States-Mexico-Canada Agreement (USMCA) replaced NAFTA following ratification by each country.

What is Foreign Direct Investment (FDI)?

The amount invested in property, plant, and equipment in another country.

What is a market economy?

An economic system where private enterprise owns property and monitors the production and distribution of goods and services.

What are chaebols?

Major conglomerates in South Korea, including companies like Samsung, Hyundai, and LG.

What challenges do emerging economies in Eastern Europe face?

Maintaining social order, establishing law, rebuilding infrastructure, and attracting foreign investment.

Why is China considered a complicated market for MNCs?

Due to intellectual property concerns and national policies favoring domestic companies.

What are the key features of Brazil's economy as an emerging market?

Attracted considerable FDI but experienced setbacks; still has positive long-term prospects.

What is the significance of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)?

It is an Asia-Pacific trade agreement aimed at enhancing trade relationships among member countries.

What are some economic challenges faced by African nations?

Political instability, overwhelming diversity, and health issues such as AIDS and malaria.