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InternationalBusiness
9eByCharlesW.L.HillMcGraw-Hill/IrwinCopyright?2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter3PoliticalEconomyandEconomicDevelopmentWhatDeterminesACountry’sLevel
OfEconomicDevelopment?Grossnationalincome(GNI)perpersonmeasuresthetotalannualincomereceivedbyresidentsofanationJapan,Sweden,Switzerland,andtheU.S.havehighGNIChinaandIndiahavelowGNI
GNIcanbemisleadingbecauseitdoesnotconsiderdifferencesinthecostoflivingneedtoadjustGNIfiguresusingpurchasingpowerparity(PPP)HowDoCountries
CompareOnGNI?
EconomicDataforSelectCountriesWhatDeterminesACountry’sLevel
OfEconomicDevelopment?OfficialfigurescanalsobemisleadingbecausetheydonotaccountforblackeconomytransactionsInaddition,GNIandPPPdataarestaticanddonotconsidereconomicgrowthratesSo,whileChinaandIndiaarecurrentlycategorizedasbeingpoortheyaregrowingmorerapidlythanmanydevelopednationsandareexpectedtobecomeamongthelargesteconomiesintheworldHowDoCountries
CompareOnGrowthRates?
EconomicDataforSelectCountriesWhatDeterminesACountry’sLevel
OfEconomicDevelopment?Nobel-prizewinnerAmartyaSenargueseconomicdevelopmentshouldbeseenasaprocessofexpandingtherealfreedomsthatpeopleexperiencetheremovalofmajorimpedimentstofreedomlikepoverty,tyranny,andneglectofpublicfacilitiesthepresenceofbasichealthcareandbasiceducationAmartyaSenalsoclaimsthateconomicprogressrequiresthedemocratizationofpoliticalcommunitiestogivecitizensavoiceWhatDeterminesACountry’sLevel
OfEconomicDevelopment?TheUnitedNationsusedSen’sideastodeveloptheHumanDevelopmentIndex(HDI)whichisbasedonlifeexpectancyatbirtheducationalattainmentwhetheraverageincomesaresufficienttomeetthebasicneedsoflifeinacountryHowDoCountriesCompareonEconomicDevelopment?
EconomicDataforSelectCountriesHowDoesPoliticalEconomyInfluenceEconomicProgress?Innovationandentrepreneurshiparetheenginesoflong-runeconomicgrowthinnovationincludesnewproducts,newprocesses,neworganizations,newmanagementpractices,andnewstrategiesentrepreneurscommercializeinnovativenewproductsandprocessesInnovationandentrepreneurshiphelpincreaseeconomicactivitybycreatingnewmarketsandproductsthatdidnotpreviouslyexistinnovationinproductionandbusinessprocessesresultinmoreproductivelaborandcapitalfurtherboostingeconomicgrowthratesHowDoesPoliticalEconomyInfluenceEconomicProgress?Innovationandentrepreneurshiprequireamarketeconomythereislittleincentivetodevelopnewinnovationsinplannedeconomiesbecausethestateownsallmeansproductionandtherefore,thegainsThereisastrongrelationshipbetweeneconomicfreedomandeconomicgrowththesixcountrieswiththehighestratingsofeconomicfreedomfrom1975to1995werealsoamongthehighestforeconomicgrowthHongKong,Switzerland,Singapore,theUnitedStates,Canada,andGermanyHowDoesPoliticalEconomyInfluenceEconomicProgress?Innovationandentrepreneurshiprequirestrongpropertyrights withoutstrongpropertyrights,individualsandbusinessesriskhavingtheirinnovationsandpotentialprofitsstolenEconomistHernandodeSotoclaimsthatinadequatepropertyprotectioninmanydevelopingnationslimitseconomicgrowthHowDoesPoliticalEconomyInfluenceEconomicProgress?Democraticregimesareprobablymoreconducivetolong-termeconomicgrowththandictatorships,eventhebenevolentkindpropertyrightsareonlysecureinwell-functioning,maturedemocraciesSubsequenteconomicgrowthleadstotheestablishmentofdemocraticregimesSouthKoreaTaiwanHowDoesGeographyInfluenceEconomicDevelopment?Countrieswithfavorablegeographyaremorelikelytoengageintrade,andso,bemoreopentomarket-basedeconomicsystems,andtheeconomicgrowththeypromoteJeffreySachsstudiedeconomicgrowthratesbetween1965and1990andfoundthatlandlockedcountriesgrewmoreslowlythancoastaleconomiesbeingtotallylandlockedreducedacountry’sgrowthrateby0.7%peryeartropicalcountriesgrewmoreslowlythancountriesintemperatezonesHowDoesEducationInfluenceEconomicDevelopment?CountriesthatinvestineducationhavehighergrowthratesbecausetheworkforceismoreproductivecountriesinSoutheastAsiahaveoffsettheirgeographicaldisadvantagesbyinvestingineducationIndonesia,Malaysia,andSingaporeHowIsThePolitical
EconomyChanging?Sincethelate1980s,twotrendshaveemergedDemocraticrevolution(late1980sandearly1990s)democraticallyelectedgovernmentsreplacedtotalitarianregimesmorecommittedtofreemarketcapitalismAmoveawayfromcentrallyplannedandmixedeconomiesmorecountrieshaveshiftedtowardthemarket-basedmodelHowIsThePolitical
EconomyChanging?Trend1:Democracyhasspreadoverthelasttwodecadesmanytotalitarianregimesfailedtodelivereconomicprogresstothevastbulkoftheirpopulationsnewinformationandcommunicationtechnologieshavebrokendowntheabilityofthestatetocontrolaccesstouncensoredinformationeconomicadvancesofthelast25yearshaveledtoincreasinglyprosperousmiddleandworkingclasseswhohavepushedfordemocraticreformsHowFreeAre
CountriesPolitically?PoliticalFreedomin2010HowIsThePolitical
EconomyChanging?AuthorFrancisFukuyamaarguesthatthenewworldorderwillbecharacterizedbydemocraticregimesandfreemarketcapitalismBut,politicalscientistSamuelHuntingtonarguesthatwhilemanysocietiesaremodernizingtheyarenotbecomingmoreWesternpredictsaworldsplitintodifferentcivilizationsthesecivilizationswillbeinconflictwitheachother
HowIsThePolitical
EconomyChanging?Trend2:Thespreadofmarket-basedsystemsmorecountrieshavemovedawayfromcentrallyplannedandmixedeconomiestowardthemarket-basedmodelCommandandmixedeconomiesfailedtodeliverthesustainedeconomicgrowthachievedinmarket-basedcountriesHowFreeAre
CountriesEconomically?EconomicFreedomin2010WhatIsTheNatureOf
EconomicTransformation?
Theshifttowardamarket-basedsysteminvolvesderegulation–removinglegalrestrictionstothefreeplayofmarkets,theestablishmentofprivateenterprises,andthemannerinwhichprivateenterprisesoperateprivatization-
transferstheownershipofstatepropertyintothehandsofprivateinvestorsthecreationofalegalsystemtosafeguardpropertyrightsWhatDoesTheChanging
EconomyMeanForManagers?Marketsthatwereformerlyoff-limitstoWesternbusinessarenowopenfirmsneedtoexploreopportunitiesinthesemarketsDespitebeingunderdevelopedandpoor,somemarketshavehugepotentialChina-1.2billionpeopleIndia–1.1billionpeopleLatinAmerica–400millionpotentialconsumersWhatDoesTheChanging
EconomyMeanForManagers?However,thepotentialrisksarelargewilldemocracythriveespeciallyindifficulteconomictimes?willtotalitarianregimesreturn?willamulti-polarworldofdifferentcivilizationsemerge?willChina’sfinancialsystembestable?WhatAreTheImplicationsOfPoliticalEconomyDifferencesForManagers?Countrieswithdemocraticregimes,marketbasedeconomicpolicies,andstrongpropertyrightsprotectionaremorelikelytohavehighersustainedratesofeconomicgrowththesemarketsaremoreattractivetointernationalbusinessesthebenefits,costs,andrisksofdoingbusinessinacountryareafunctionofthecountry’spolitical,economic,andlegalsystemsWhatAreTheImplicationsOfPoliticalEconomyDifferencesForManagers?Thebenefitsofdoingbusinessinacountryareafunctionofthemarket’ssizethepurchasingpowerofitsconsumerstheirlikelyfuturewealthByidentifyingandinvestingearlyinpotentialfutureeconomicstars,firmsmaybeabletogainfirstmoveradvantages(advantagesthataccruetoearlyentrantsintoamarket)andestablishloyaltyandexperienceinacountryChinaWhatAreTheImplicationsOfPoliticalEconomyDifferencesForManagers?Thecostsofdoingbusinessinacountryareafunctionofitspoliticalsystemisitnecessarytopaybribestogetmarketaccess?economiclevelarethenecessarysupportingbusinessandinfrastructureinplace?legalsystemitcanbemorecostlytodobusinessincountrieswithdramaticallydifferentproduct,workplace,andpollutionstandards,orwherethereispoorlegalprotectionforpropertyrightsWhatAreTheImplicationsOfPoliticalEconomyDifferencesForManagers?TherisksofdoingbusinessinacountryareafunctionofPoliticalrisk-thelikelihoodthatpoliticalforceswillcausedrasticchangesinacountry'sbusinessenvironmentthatadve
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