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Lecture Global business today (6e): Chapter 5 - Charles W.L. Hill

In this chapter, you will learn: Understand the ethical issues faced by international businesses. Recognize an ethical dilemma. Identify the causes of unethical behavior by managers. Describe the different philosophical approaches to ethics. Explain how managers can incorporate ethical considerations into their decision making. | Global Business Today 6e by Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5 International Trade Theory Introduction International trade theory explains why it is beneficial for countries to engage in international trade helps countries formulate their economic policy explains the pattern of international trade in the world economy An Overview of Trade Theory Question: What is free trade? Free trade refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country An Overview of Trade Theory International trade allows a country to specialize in the manufacture and export of products that can be produced most efficiently in that country, and import products that can be produced more efficiently in other countries International trade theory help explain trade patterns While trade theories all suggest that trade is beneficial, they lack agreement in their recommendations for government policy Mercantilism Mercantilism (mid-16th century) asserted that it is in a country’s best interest to maintain a trade surplus, to export more than it imports it advocated government intervention to achieve a surplus in the balance of trade it viewed trade as a zero-sum game (one in which a gain by one country results in a loss by another) Mercantilism is problematic and not economically valid, yet many political views today have the goal of boosting exports while limiting imports by seeking only selective liberalization of trade Absolute Advantage In 1776, Adam Smith attacked the mercantilist assumption that trade is a zero-sum game and argued that countries differ in their ability to produce goods efficiently, and that a country has an absolute advantage in the production of a product when it is more efficient than any other country in producing it According to Smith, countries should . | Global Business Today 6e by Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5 International Trade Theory Introduction International trade theory explains why it is beneficial for countries to engage in international trade helps countries formulate their economic policy explains the pattern of international trade in the world economy An Overview of Trade Theory Question: What is free trade? Free trade refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country An Overview of Trade Theory International trade allows a country to specialize in the manufacture and export of products that can be produced most efficiently in that country, and import products that can be produced more efficiently in other countries International trade theory help explain trade patterns While trade theories .