Full Download PDF of Global Business 4th Edition by Mike W. Peng All Chapter

Global Business 4th Edition by Mike W.
Peng
Go to download the full and correct content document:
https://ebooksecure.com/product/global-business-4th-edition-by-mike-w-peng/
More products digital (pdf, epub, mobi) instant
download maybe you interests ...
GLOBAL 4: Global Business 4th Edition Mike W. Peng -

eBook PDF
https://ebooksecure.com/download/global-4-global-business-ebook-
pdf/
(eBook PDF) Global Strategy 4th Edition by Mike W. Peng
http://ebooksecure.com/product/ebook-pdf-global-strategy-4th-
edition-by-mike-w-peng/
Global Strategy, 5th Edition Mike W. Peng - eBook PDF
https://ebooksecure.com/download/global-strategy-5th-edition-
ebook-pdf/
(eBook PDF) International Business 2nd Edition by Mike

Peng
http://ebooksecure.com/product/ebook-pdf-international-
business-2nd-edition-by-mike-peng/
(eBook PDF) International Business 3rd Edition by Mike
Peng
http://ebooksecure.com/product/ebook-pdf-international-
business-3rd-edition-by-mike-peng/
(eBook PDF) Global Business Today 9th Edition by

Charles W. L. Hill
http://ebooksecure.com/product/ebook-pdf-global-business-
today-9th-edition-by-charles-w-l-hill/
Global Business Today 4th Canadian Edition by Hill
http://ebooksecure.com/product/global-business-today-4th-
canadian-edition-by-hill/
(eBook PDF) Global Business Today 5th Canadian Edition

by Charles W. L. Hill Dr
http://ebooksecure.com/product/ebook-pdf-global-business-
today-5th-canadian-edition-by-charles-w-l-hill-dr/
(eBook PDF) Global Marketing Management 6th Edition by

Masaaki (Mike) Kotabe
http://ebooksecure.com/product/ebook-pdf-global-marketing-
management-6th-edition-by-masaaki-mike-kotabe/
Table of Contents
Preface ix Chapter 4: Leveraging Resources

and Capabilities 96
About the Author xiv
Understanding Resources and Capabilities 98
Part 1 Laying Foundations 1 Resources, Capabilities, and the Value Chain 101
Chapter 1: Globalizing Business 2 From SWOT to VRIO 105
What Is Global Business? 4 Debates and Extensions 108
Why Study Global Business? 10 Management Savvy 112
A Unified Framework 13 Part 1 PengAtlas 120
What Is Globalization? 18 Part 1 Integrative Cases 126
Global Business and Globalization at a 1.1 Indigenous Reverse Innovation from
Crossroads 22 the Base of the Pyramid 126
Organization of the Content 25 1.2 The Future of Cuba 130
Chapter 2: Understanding Formal Institutions: 1.3 Political Risk of Doing Business in
Politics, Laws, and Economics 34 Thailand 132
Understanding Institutions 37 1.4 An Institution-Based View of IPR
What Do Institutions Do? 39 Protection 134
An Institution-Based View of Global 1.5 Bank Scandals: Bad Apples versus

Business 40 Bad Barrels 138
Political Systems 44 1.6 Occidental Petroleum (Oxy): From

Also-Ran to Segment Leader 140
Legal Systems 46
1.7 Ostnor’s Offshoring and Reshoring 145
Economic Systems 50
Debates and Extensions 51 Part 2 Acquiring Tools 147
Management Savvy 55 Chapter 5: Trading Internationally 148
Chapter 3: Emphasizing Informal Institutions: Why Do Nations Trade? 150
Cultures, Ethics, and Norms 64 Theories of International Trade 153
Where Do Informal Institutions Come From? 66 Realities of International Trade 164
Culture 67 Debates and Extensions 171
Cultural Differences 71 Management Savvy 173
Ethics 78
Chapter 6: Investing Abroad Directly 180
Norms and Ethical Challenges 82
Understanding the FDI Vocabulary 182
Debates and Extensions 83
Why Do Firms Become MNEs by Engaging
Management Savvy 86 in FDI? 186
vi
Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Table of Contents vii
Ownership Advantages 188 Part 3 Strategizing Around

Location Advantages 189 the Globe 295
Internalization Advantages 192 Chapter 9: Growing and Internationalizing
Realities of FDI 194 the Entrepreneurial Firm 296
How MNES and Host Governments Bargain 197 Entrepreneurship and Entrepreneurial Firms 298
Debates and Extensions 198 Institutions, Resources, and Entrepreneurship 299
Management Savvy 201 Growing the Entrepreneurial Firm 303
Chapter 7: Dealing with Foreign Exchange 208 Internationalizing the Entrepreneurial Firm 305
What Determines Foreign Exchange Rates? 210 Debates and Extensions 309
Evolution of the International Monetary Management Savvy 312

System 219 Chapter 10: Entering Foreign Markets 318
Strategic Responses to Foreign Exchange Overcoming the Liability of Foreignness 320
Movements 223 Where to Enter? 321
Debates and Extensions 225 When to Enter? 325
Management Savvy 229 How to Enter? 327
Chapter 8: Capitalizing on Global Debates and Extensions 334
and Regional Integration 236 Management Savvy 336
Global Economic Integration 238
Chapter 11: Managing Global Competitive
Organizing World Trade 240 Dynamics 342
Regional Economic Integration 244 Competition, Cooperation, and Collusion 345
Regional Economic Integration in Europe 246 Institutions Governing Domestic and
Regional Economic Integration in the International Competition 350
Americas 252 Resources Influencing Competitive Dynamics 353
Regional Economic Integration in the Attack, Counterattack, and Signaling 356
Asia Pacific 254
Local Firms versus Multinational Enterprises 358
Regional Economic Integration in Africa 257
Management Savvy 364
Chapter 12: Making Alliances and
Part 2 PengAtlas 266 Acquisitions Work 372
Part 2 Integrative Cases 272 Defining Alliances and Acquisitions 374
2.1 Brazil’s Quest for Comparative Institutions, Resources, Alliances,
Advantage 272 and Acquisitions 376
2.2 Twelve Recommendations to Enhance Formation of Alliances 383
UK Export Competitiveness 274
Evolution and Dissolution of Alliances 385
2.3 Would You Invest in Turkey? 281
Performance of Alliances 387
2.4 The Myth Behind China’s Outward
Motives for Acquisitions 388
Foreign Direct Investment 284
Performance of Acquisitions 389
2.5 The Korea-US Free Trade Agreement
(KORUS) 288 Debates and Extensions 392
viii Table of Contents
Chapter 13: Strategizing, Structuring, Compensation and Performance Appraisal 490

and Learning Around the World 402 Labor Relations 494
Multinational Strategies and Structures 404 Institutions, Resources, and Human
How Institutions and Resources Affect Resource Management 495
Multinational Strategies, Structures, Debates and Extensions 499
and Learning 412
Worldwide Learning, Innovation, and
Chapter 16: Financing and Governing
Knowledge Management 417
the Corporation Globally 508
Financing Decisions 511
Owners 512
Part 3 PengAtlas 432
Managers 514
Part 3 Integrative Cases 436
Board of Directors 517
3.1 Farmacias Similares: Innovating in the
Governance Mechanisms As a Package 519
Mexican Healthcare Industry 436
A Global Perspective 522
3.2 Wikimart: Building a Russian Version of
Institutions, Resources, and Corporate
Amazon 441
Finance and Governance 523
3.3 Business Jet Makers Eye China 444
3.4 The Antitrust Case on the AT&T–
T-Mobile Merger 446
3.5 Teliasonera’s Alliances and Acquisitions Chapter 17: Managing Corporate Social
in Eurasia 449 Responsibility Globally 536
3.6 China Merchants Group’s Acquisition A Stakeholder View of the Firm 539
of the Newcastle Port 451 Institutions, Resources, and Corporate
3.7 Japanese Multinationals in Emerging Social Responsibility 546
Economies 453 Debates and Extensions 553
Part 4 Building Functional Excellence 455
Part 4 PengAtlas 562
Chapter 14: Competing on Marketing
Part 4 Integrative Cases 566
and Supply Chain Management 456
4.1 ESET: From a “Living-Room” Firm to a
Three of the Four Ps in Marketing 459
Global Player in the Antivirus Software
From Distribution Channel to Supply Chain
Industry 566
Management 464
4.2 Employee Retention and Institutional
Triple As in Supply Chain Management 465
Change at PIGAMU 570
How Institutions and Resources Affect
4.3 Sino Iron: Engaging Stakeholders
Marketing and Supply Chain Management 468
in Australia 578
Glossary 585
Name Index 595
Chapter 15: Managing Human Resources
Globally 482 Organization Index 604
Staffing 484 Subject Index 607
Training and Development 488
Preface
The first three editions of Global Business aspired to set a chapters.1 It is this relentless focus on our big question
new standard for international business (IB) textbooks. and core perspectives that enables this book to engage
They have been widely used in Australia, Austria, Brazil, a variety of topics in an integrated fashion. This pro-
Britain, Canada, China, Denmark, Egypt, France, Hong vides unparalleled continuity in the learning process.
Kong, India, Indonesia, Ireland, Israel, Lithuania, Global Business further engages readers through an
Macau, Malaysia, Mexico, the Netherlands, Nether- evidence-based approach. I have endeavored to draw on
lands Antilles, New Zealand, Puerto Rico, Russia, Slove- the latest research, as opposed to the latest fads. As an
nia, South Africa, South Korea, Spain, Sweden, Switzer- active researcher myself, I have developed the unified
land, Taiwan, Thailand, and the United States. Based framework not because it just popped up in my head
on the enthusiastic support from more than 30 coun- when I wrote the book. Rather, this is an extension of
tries, the first three editions achieved unprecedented my own research that consistently takes on the big ques-
success. Available in Chinese and Spanish, Global Busi- tion and leverages the two core perspectives.2
ness has also launched a European adaptation (with Another vehicle to engage students is debates.
Klaus Meyer) and an Indian adaptation (with Deepak Most textbooks present knowledge “as is” and ignore
Srivastava). In short, Global Business is global. debates. But, obviously, our field has no shortage of
The fourth edition endeavors to achieve even more. debates. It is the responsibility of textbook authors to
It continues the market-winning framework centered engage students by introducing cutting-edge debates.
on one big question and two core perspectives, and has Thus, I have written a beefy “Debates and Extensions”
been thoroughly updated to capture the rapidly mov- section for every chapter.
ing recent research and events. Written for undergrad-
uate and MBA students around the world, the fourth
edition will continue to make IB teaching and learning
More Comprehensive
(1) more engaging, (2) more comprehensive, (3) more Global Business offers the most comprehensive and
fun, and (4) more relevant. innovative coverage of IB topics available on the market.
Unique chapters not found in other IB textbooks are:
Chapter 9 (entrepreneurship and small firms’ interna-
More Engaging tionalization), Chapter 11 (global competitive dynamics),
and Chapter 16 (corporate finance and governance).
As an innovation in IB textbooks, a unified frame- The most comprehensive topical coverage is made
work integrates all chapters. Given the wide range of possible by drawing on the latest and most comprehensive
topics in IB, most textbooks present the discipline in range of the research literature. I have accelerated my own
a fashion that “Today is Tuesday, it must be Luxem-
bourg.” Very rarely do authors address: “Why Luxem- 1
On the integration of these two perspectives, see K. Meyer, S. Estrin,
bourg today?” More important, why IB? What is the S. Bhaumik, & M. W. Peng, 2009, Institutions, resources, and entry strategies in
emerging economies, Strategic Management Journal, 30(1): 61–80; D. Zoogah,
big question in IB? Our unified framework suggests M. W. Peng, & H. Woldu, 2015, Institutions, resources, and organizational effec-
that the discipline can be united by one big question tiveness in Africa, Academy of Management Perspectives, 29(1): 7–31.
and two core perspectives. The big question is: What 2

For the big question, see M. W. Peng, 2004, Identifying the big question in
international business research, Journal of International Business Studies,
determines the success and failure of firms around 35(2): 99–108. For the institution-based view, see M. W. Peng, D. Wang, and
the globe? To address this question, Global Business Y. Jiang, 2008, An institution-based view of international business strategy: A
focus on emerging economies, Journal of International Business Studies, 39(5):
introduces two core perspectives—(1) the institution- 920–936. For the resource-based view, see M. W. Peng, 2001, The resource-
based view and (2) the resource-based view—in all based view and international business, Journal of Management, 27(6): 803–829.
ix
x Preface
research, publishing a total of 30 articles after I finished into the text. Non-traditional (“outside-the-box”) ex-
the third edition.3 Some of these recent articles appear in amples range from ancient Chinese military writings to
top-tier outlets in IB, such as the Academy of Management mutually assured destruction (MAD) strategy during
Journal (2012), Journal of International Business Studies (2014 the Cold War, from LEGO toys to Tolstoy’s Anna Kar-
and 2016), Journal of Management Studies (2012, 2013, and enina. Check out the following fun-filled features that
2015), Journal of World Business (2012, 2014, and 2015), and spice up the book:
Strategic Management Journal (2013, 2015, and 2016). Writ-
The rebirth of the East India Company (Chapter 1
ing Global Business has also enabled me to broaden the
Opening Case)
scope of my research, publishing recently in top-tier jour-
Testing the Dell theory of peace in East Asia (Emerg-
nals in operations (Journal of Operations Management), eth-
ing Markets 2.2)
ics (Journal of Business Ethics), entrepreneurship (Journal
LEGO’s secrets (Chapter 4 Opening Case)
of Business Venturing and Entrepreneurship Theory and Prac-
ANA: Refreshing the parts other airlines cannot
tice), and human resources (International Journal of Human
reach (In Focus 4.1)
Resource Management). In addition to my own work, I have
Why are US exports so competitive? (Chapter 5
also drawn on the latest research of numerous colleagues.
Closing Case)
The end result is the unparalleled, most comprehensive
One multinational versus many national companies
set of evidence-based insights on the IB market. While
(In Focus 6.1)
citing every article is not possible, I am confident that I
Sriracha spices up American food (Chapter 9 Open-
have left no major streams of research untouched. Feel
ing Case)
free to check the Name Index to verify this claim. (Unfor-
Mickey goes to Shanghai (Chapter 10 Closing Case)
tunately, a number of older references have to be deleted
Patent wars and shark attacks (Chapter 11
to make room for more recent research.)
Opening Case)
Finally, the fourth edition of Global Business contin-
Is a diamond (cartel) forever? (In Focus 11.1)
ues to have a global set of cases contributed by scholars
Can mergers of equals work? (In Focus 12.2)
around the world—an innovation on the IB market.
Marketing Aflac in the United States and Japan
Virtually all other IB textbooks have cases written
(Chapter 14 Opening Case)
by book authors. In comparison, this book has been
Dallas versus Delhi (Chapter 15 Closing Case)
blessed by a global community of case contributors who
High drama at Hewlett-Packard (HP) (Chapter 16
are based in Australia, Austria, Canada, China, Mexico,
Opening Case)
and the United States. Many are experts who are located
Professor Michael Jensen as an outside director
in or are from the countries in which the cases take
(In Focus 16.2)
place. For example, we now have a Mexico case penned
Global warming and Arctic boom (In Focus 17.1)
by two Mexico-based authors (see Integrative Case on
Farmacias Similares), and a China case written by a Finally, the PengAtlas allows you to conduct IB
China-based author (see Integrative Case on Ostnor). research using informative maps and other geographic
This edition also features a Russia case contributed by tools to enhance your learning. In addition, a series of
the world’s top two leading experts on Russian manage- new videos enhance the multi-media, fun aspects of
ment (see Integrative Case on Wikimart). learning (see below).
More Fun More Relevant

If you fear this book must be boring because it draws so So what? Most textbooks leave students to figure out
heavily on latest research, you are wrong. I have used a the crucial “so what?” question for themselves. In con-
clear, engaging, conversational style to tell the “story.” trast, I conclude every chapter with an action-packed
Relative to rival books, my chapters are shorter and section titled “Management Savvy.” Each section has
more lively. Some earlier users commented that read- at least one table (or slide) to summarize key learning
ing Global Business is like reading a “good magazine.” A points from a practical standpoint. No other IB book is
large number of interesting anecdotes have been woven so savvy and so relevant.
3
All my articles are listed at www.mikepeng.com and www.utdallas.edu
As a theme, ethics cuts through the book, with at least
/~mikepeng. Go to “Journal Articles.” one “Ethical Dilemma” feature and a series of Critical
Preface xi
Discussion Questions on ethics in each chapter. Finally, and other leading publications, as well as videos from
many chapters offer career advice for students. For sources such as the BBC and CBS and access to additional
example, Chapter 4 develops a resource-based view of the information from Business Insights. More information on
individual—that is, about you, the student. The upshot? the MindTap product is discussed later in this Preface.
You want to make yourself into an “untouchable,” some- Finally, I have directly drawn on my recent consult-
one who adds valuable, rare, and hard-to-imitate capa- ing experience to inject new insights. Chapter 1 Clos-
bilities indispensable to an organization. In other words, ing Case (“Two Scenarios of the Global Economy in
you want to make sure your job cannot be outsourced. 2050”) is adapted from a major consulting engagement
I completed for the UK Government Office for Science
as part of its two-year Future of Manufacturing project.
What’s New in the Integrative Case 2.2 (“Twelve Recommendations to
Fourth Edition? Enhance UK Export Competitiveness”) is a direct
excerpt from the final report submitted (coauthored
In addition to the completely updated content, the with Klaus Meyer). Table 3.4 (“Texas Instruments
fourth edition has (1) created a new video package, Guidelines on Gifts in China,” which is in the public
(2) dedicated more space to emerging economies, domain) is shared with me by a consulting client at TI.
(3) enhanced the quantity and variety of cases, and Overall, I am confident that students can directly bene-
(4) drawn directly on the author’s consulting experience. fit from such new insights gained from my consulting
First, a new video package has been created that is engagements with multinationals and governments.
tightly coupled with the content of the Opening and
Closing Cases for every chapter. Instructors can ask
students to watch such videos before class and answer
questions online, or to watch videos as a way to open or
MindTap
close class sessions. In short, students can “watch TV” Online resources are transforming many aspects of
and gain knowledge. everyday life and learning is not immune to the impact
Second, this edition builds on Global Business’ previ- of technology. Rather than simply take the book pages of
ous strengths by more prominently highlighting emerg- Global Business and place them on a screen to be accessed
ing economies. At least one Emerging Markets feature is via a PC, tablet, or smartphone, we have reset the con-
launched in every chapter. Many of the Integrative Cases tent and have adapted it to fully utilize the potential that
deal with emerging economies, such as Brazil, China, the medium allows. Students can highlight passages, take
Cuba, Mexico, Russia, Slovakia, Thailand, and Turkey. notes in the MindTap content, and compile their notes for
Numerous in-chapter features (Opening/Closing Cases, review in the EverNotes app. We have embedded assess-
In Focus, and Emerging Markets) deal with emerg- ments for each chapter as well as provide Flash Cards
ing economies other than those mentioned previously, for all of the key terms that provide feedback to students
such as the Czech Republic, Greenland, Guinea, India, and provide guidance so that they can address gaps in
Kenya, Liberia, Nigeria, Poland, Senegal, Sierra Leone, the course requirements. Faculty can use the results from
South Africa, Taiwan, Tanzania, and the United Arab the quizzes as well as using the Media Cases for assign-
Emirates. ments (see above) and utilize the assigned student work
Third, in response to students’ and instructors’ outside the classroom to benefit from a “flipped learn-
enthusiasm about the wide-ranging and globally relevant ing” approach that can result in more favorable outcomes
cases in previous editions, the fourth edition has further and more rewarding experiences for students and faculty.
enhanced the quantity and variety of cases. The variety Additional apps such as ConnectYard allow faculty to
has also been enhanced not only in terms of the geo- integrate social media capabilities into their course and
graphic diversity noted above, but also in terms of the are especially useful in online and hybrid course delivery.
mix of longer cases and shorter cases. In addition, I have As part of the MindTap product, we are not limited
pushed myself to more actively participate in case writ- to the page length limitation of a physical book.
ing. Finally, users of the online MindTap version of the Students certainly don’t enjoy carrying 1,000-page vol-
product will have access to Media Cases that pair the umes, and are also frustrated when material included
Opening and Closing chapter cases with news articles in the book is not assigned by the instructor. Since we
from sources such as the New York Times, The Economist, are not limited by length online, faculty will also have
xii Preface
access to numerous additional cases that they can kudos to these colleagues who have made Global Business
select and add to their course. We have also included more global.
additional homework assessments and unique pre- and At the Jindal School at UT Dallas, I appreciate
postcourse Global Literacy assessments that can be Naveen Jindal’s generous support to fund the Jindal
used to demonstrate student awareness of global busi- Chair. I thank my colleagues Shawn Carraher, Larry
ness knowledge. We want to thank Anne Magi of the Chasteen, Emily Choi, Tev Dalgic, Van Dam, Greg
University of Illinois at Chicago for her work on the Dess, Dave Ford, Richard Harrison, Maria Hasenhuttl,
homework and Global Literacy assessments. Charlie Hazzard, Jeff Hicks, Shalonda Hill, Seung-Hyun
Finally, users of MindTap will also have access to Lee, Sheen Levin, John Lin, Ginny Lopez-Kidwell, Livia
Business Insights: Global from Gale, which provides a Markóczy, Toyah Miller, Joe Picken, Orlando Richard,
rich online research tool. Jane Salk, Rajiv Shah, Eric Tsang, Habte Woldu, and
Jun Xia—as well as Hasan Pirkul (dean) and Varghese
Jacob (associate dean). I also thank my PhD students
Support Materials (Sergey Lebedev, Canan Mutlu, and Cristina Vlas) for
A full set of support materials is available for students their assistance. One colleague (Charlie Hazzard),
and adopting instructors: three PhD students (Pawinee Changphao, Sergey
●● Product Support Website Lebedev, and Canan Mutlu), and an EMBA student
●● Instructor’s Manual (Nagaraj Savithri) contributed excellent case materials.
●● Test Bank At Cengage Learning, I thank the “Peng team”
●● PowerPoint Slides that not only publishes Global Business, but also Global
●● MindTap (see above) Strategy: Erin Joyner, Vice President, Social Sciences
●● Peng DVD and Qualitative Business; Jason Fremder, Product
Director; Mike Roche, Senior Product Manager; John
Sarantakis, Content and Media Developer; Kristen
Acknowledgments Hurd, Marketing Director; Emily Horowitz, Market-
ing Manager; Chris Walz, Marketing Coordinator; Kim
As Global Business celebrates the launch of its fourth edi-
Kusnerak, Senior Content Production Manager.
tion, I first want to thank all the customers—instructors
In the academic community, I appreciate the metic-
and students around the world who have made the
ulous and excellent comments from the reviewers and
book’s success possible. A special thank you goes to
many colleagues and students who provided informal
Klaus Meyer (China Europe International Business
feedback to me on the book. It is especially gratifying
School, China) and Deepak Srivastava (Nirma Univer-
to receive unsolicited correspondence from students.
sity, India), who respectively spearheaded the adapta-
Space constraints force me to only acknowledge those
tion of the European, Middle Eastern, and African
who wrote me since the third edition, since those who
(EMEA) edition and the Indian edition. In China, a big
wrote me earlier were thanked in earlier editions.
thanks goes to Liu Yi (Shanghai Jiao Tong University),
(If you wrote me but I failed to mention your name
Xie En and Wang Longwei (Xi’an Jiaotong University),
here, my apologies—blame this on the volume of such
and Yi Jingtao (Renmin University of China). In
emails.)
Mexico, my heart-felt appreciation goes to two groups
of colleagues: (1) professional translators Ma. del Pilar Rosemary Bernal (Del Mar College, USA)
Carril Villarreal and Magda Elizabeth Treviño Rosales Santanu Borah (University of North Alabama, USA)
and (2) faculty colleagues who engaged in some tech- Thierry Brusselle (Chaffey Community College, USA)
nical revisions Claudia P. Gutiérrez Rojas (Tecnológico Lauren Carey (University of Miami, USA)
de Monterrey, Campus Estado de México), Mercedes Limin Chen (Wuhan University, China)
Muñoz (Tecnológico de Monterrey, Campus Santa Fe John Clarry (Rutgers University, USA)
y Estado de México), and Enrique Benjamín Franklin Ping Deng (Cleveland State University, USA)
Fincowski (Facultad de Contaduría y Administración, Robert Eberhart (Santa Clara University, USA)
Universidad Nacional Autónoma de México). They Gwyneth Edwards (HEC Montréal, Canada)
loved the book so much that they were willing to endure Felipe Fiuza (Florida Gulf Coast University, USA)
the pain of translating it into Chinese and Spanish. My Kenneth Fox (The Citadel, USA)
Preface xiii
Mike Geringer (Ohio University, USA) For the fourth edition, my gratitude goes to 23
C. Gopinath (O. P. Jindal Global University, India) colleagues who graciously contributed excellent case
Steve Hurst (Mount Hood Community College, USA) materials:
Anisul Islam (University of Houston, USA)
Ruth Ann Althaus (Ohio University, USA)
Michael Jacobsen (Copenhagen Business School,
Dirk Michael Boehe (University of Adelaide, Australia)
Denmark)
Charles Byles (Virginia Commonwealth Univer-
Sajal Kabiraj (Dongbei University of Finance and
sity, USA)
Economics, China)
Mauricio Cervantes (Tecnológico de Monterrey,
Ann Langlois (Palm Beach Atlantic University, USA)
Mexico)
Yumei Li (Southwest University, China)
Pawinee Changphao (University of Texas at Dallas,
Lianlian Lin (California State Polytechnic University,
USA)
USA)
Zhu Chen (SIA Energy, China)
Leonid Lisenco (University of Southern Denmark,
Charles Hazzard (University of Texas at Dallas, USA)
Denmark)
Sergey Lebedev (University of Texas at Dallas, USA)
Dong Liu (Georgia Institute of Technology, USA)
Daniel McCarthy (Northeastern University, USA)
David Liu (George Fox University, USA)
Klaus Meyer (China Europe International Business
Donna Lubrano (Newbury College, USA)
School, China)—two cases
David Lucero (Yantai University, China)
Miguel Montoya (Tecnológico de Monterrey, Mexico)
Charles Mambula (Langston University, USA)
Canan Mutlu (Kennesaw State University, USA)
Asmat Nizam (Universiti Utara, Malaysia)
Sheila Puffer (Northeastern University, USA)
Eydis Olsen (Drexel University, USA)
Alfred Rosenbloom (Dominican University, USA)
Jung-Min Park (University of Ulsan, South Korea)
Nagaraj Savithri (University of Texas at Dallas, USA)
Gongming Qian (Chinese University of Hong Kong,
Arnold Schuh (Vienna University of Economics and
China)
Business, Austria)
Surekha Rao (Indiana University Northwest, USA)
Weilei (Stone) Shi (Baruch College, City University
Pradeep Ray (University of New South Wales,
of New York, USA)
Australia)
Pek-Hooi Soh (Simon Fraser University, Canada)
Daniel Rottig (Florida Gulf Coast University, USA)
Sunny Li Sun (University of Missouri at Kansas City,
Henryk Sterniczuk (University of New Brunswick,
USA)
Canada)
Hao Tan (University of Newcastle, Australia)
David Stiles (University of Canterbury, New Zealand)
Yanli Zhang (Montclair State University, USA)
Anne Smith (University of Tennessee, USA)
Yanmei Zhu (Tongji University, China)
Clyde Stoltenberg (Wichita State University, USA)
David Zoogah (Morgan State University, USA)
Steve Strombeck (Azusa Pacific University, USA)
Vas Taras (University of North Carolina at Greens- Last, but by no means least, I thank my wife Agnes,
boro, USA) my daughter Grace, and my son James—to whom this
Rajaram Veliyath (Kennesaw State University, USA) book is dedicated. When the first edition was conceived,
Jose Vargas-Hernandez (Universidad de Guadala- Grace was three and James one. Now my 13-year-old
jara, Mexico) Grace is already a voracious reader and a prolific writer
Loren Vickery (Western Oregon University, USA) of young-adult novels, and my 11-year-old James can
George White (University of Michigan at Flint, USA) beat me in chess. Both are competitive swimmers and
Phil Wilton (University of Liverpool, UK) world travelers, having been to more than 30 countries.
Xiaohua Yang (University of San Francisco, USA) As a third- generation professor in my family, I can’t
Andrey Yukhanaev (Northumbria University, UK) help but wonder whether one (or both) of them will
Wu Zhan (University of Sydney, Australia) become a fourth- generation professor. To all of you, my
Man Zhang (Bowling Green State University, USA) thanks and my love.
About the Author
Mike W. Peng is the than 30 pieces in nonrefereed outlets, and five books.
Jindal Chair of Global Since the launch of Global Business’ third edition, he
Business Strategy at the has not only published in top IB journals, such as the
Jindal School of Manage- Academy of Management Journal, Journal of International
ment, University of Texas Business Studies, Journal of World Business, and Strate-
at Dallas. He is also a Na- gic Management Journal, but also in leading outlets in
tional Science Foundation entrepreneurship (Entrepreneurship Theory and Practice),
courtesy of Mike Peng
(NSF) CAREER Award ethics (Journal of Business Ethics), and human resources
winner and a Fellow of the (International Journal of Human Resource Management).
Academy of International Used in more than 30 countries, Professor Peng’s
Business (AIB). At UT best-selling textbooks, Global Business, Global Strategy,
Dallas, he has been the and GLOBAL, are global market leaders that have been
number-one contributor to the list of 45 top journals translated into Chinese, Portuguese, and Spanish.
tracked by Financial Times, which consistently ranks A European adaptation (with Klaus Meyer) and an
UT Dallas as a top 20 school in research worldwide. Indian adaptation (with Deepak Srivastava) have been
Professor Peng holds a bachelor’s degree from successfully launched.
Winona State University, Minnesota, and a PhD degree Truly global in scope, Professor Peng’s research
from the University of Washington, Seattle. He had pre- has investigated firm strategies in Africa, Asia Pacific,
viously served on the faculty at the Ohio State University, Central and Eastern Europe, and North America. He
University of Hawaii, and Chinese University of Hong is best known for his development of the institution-
Kong. He has taught in five states in the United States based view of strategy and his insights about the rise of
(Hawaii, Ohio, Tennessee, Texas, and Washington), as emerging economies such as China in global business.
well as in China, Hong Kong, and Vietnam. He has also With more than 18,000 Google citations and an H-index
held visiting or courtesy appointments in Australia, of 57, he is listed among The World’s Most Influential
Britain, China, Denmark, Hong Kong, and the United Scientific Minds (compiled by Thomson Reuters based
States, and lectured around the world. on citations covering 21 fields)—in the field of eco-
Professor Peng is one of the most-prolific and most- nomics and business, he is one of the only 95 world-class
influential scholars in international business (IB). scholars listed and the only IB textbook author listed.
Both the United Nations and the World Bank have Professor Peng is active in leadership positions. He
cited his work. During the decade 1996–2006, he was has served on the editorial boards of the AMJ, AMP,
the top seven contributor to IB’s number-one premier AMR, JIBS, JMS, JWB, and SMJ; and guest-edited a spe-
outlet: Journal of International Business Studies. In 2015, cial issue for the JMS. At AIB, he co-chaired the AIB/
he received the Journal of International Business Studies JIBS Frontiers Conference in San Diego (2006), guest-
Decade Award. A Journal of Management article found edited a JIBS special issue (2010), chaired the Emerging
him to be among the top 65 most widely cited manage- and Transition Economies track for the Nagoya confer-
ment scholars, and an Academy of Management Perspectives ence (2011), and chaired the Richard Farmer Best Dis-
study reported that he is the fourth most-influential sertation Award Committee for the Washington con-
management scholar among professors who obtained ference (2012). At the Strategic Management Society
their PhD since 1991. Overall, Professor Peng has pub- (SMS), he was elected to be the Global Strategy Interest
lished more than 120 articles in leading journals, more Group Chair (2008). He also co-chaired the SMS Special
xiv
About the Author xv
Conferences in Shanghai (2007) and in Sydney (2014). of Government, National Science Foundation of the
He served one term as Editor-in-Chief of the Asia Pacific United States, and Natural Science Foundation of
Journal of Management. He managed the successful bid to China), and national and international organizations
enter the Social Sciences Citation Index (SSCI), which (such as the UK Government Office for Science, US-
reported APJM’s first citation impact to be 3.4 and rated China Business Council, US Navy, and World Bank).
it as the top 18 among 140 management journals (by Professor Peng has received numerous honors,
citation impact factor) for 2010. In recognition of his sig- including an NSF CAREER Grant ($423,000), a US
nificant contributions, APJM has named its best paper Small Business Administration Best Paper Award, a
award the Mike Peng Best Paper Award. Currently, he is JIBS Decade Award, a (lifetime) Distinguished Scholar
a Senior Editor at the Journal of World Business. Award from the Southwestern Academy of Manage-
Professor Peng is also an active consultant, trainer, ment, a (lifetime) Scholarly Contribution Award from
and keynote speaker. He has provided on-the-job the International Association for Chinese Management
training to more than 400 professors. He has con- Research (IACMR), and a Best Paper Award named
sulted and been a keynote speaker for multinational after him. He has been quoted by The Economist, News-
enterprises (such as AstraZeneca, Berlitz, Nationwide, week, Dallas Morning News, Smart Business Dallas, Atlanta
SAFRAN, and Texas Instruments), nonprofit organi- Journal-Constitution, The Exporter Magazine, The World
zations (such as World Affairs Council of Dallas-Fort Journal, Business Times (Singapore), CEO-CIO (Beijing),
Worth), educational and funding organizations (such Sing Tao Daily (Vancouver), and Brasil Econômico (São
as Canada Research Chair, Harvard Kennedy School Paulo), as well as on the Voice of America.
© Lonely/Shutterstock.com
pa r t
1 Laying Foundations
iStockphoto.com/Harvepino
Chapters
1 Globalizing Business
2 Understanding Formal Institutions: Politics,

Laws, and Economics
3 Emphasizing Informal Institutions: Cultures,

Ethics, and Norms
4 Leveraging Resources and Capabilities
Chapter
1
The East India Company Limited
Learning Objectives
After studying this chapter, you should be able to
●● explain the concepts of international business
and global business, with a focus on emerging
economies.
●● give three reasons why it is important to study
global business.
●● articulate one fundamental question and
two core perspectives in the study of global
business.
●● identify three ways of understanding what
globalization is.
●● state the size of the global economy and its
broad trends, and understand your likely bias
in the globalization debate.
Globalizing Business
O p e n i n g C a s e Ethical
Dilemma
EmErging markEts: The Rebirth of the east india Company
Before picking up this book, the majority of readers are premium coffees and teas, artisan sweet and savory
likely to have already heard of the East India Company. biscuits, an exquisite range of chocolates, and gour-
Yes, we are talking about the East India Company, the met salts and sugars. While the old company obviously
colonial trading company that created British India, never had a website, the new one proudly announced
founded Hong Kong and Singapore, and introduced on its website:
tea, coffee, and chocolate to Britain and large parts of We see our role as bringing together the best the
the world. Wait a minute—as you scratch your head world has to offer; to create unique goods that
over your rusty memory from history books—wasn’t help people to explore and experience what’s out
the company dead? Yes, it was dead—or, technically, there. Products that help people see their world in
dissolved or nationalized in 1874 by the British govern- a different and better light. Products that have the
ment. But, no, it was not dead. power to amaze and astonish . . . The East India
After a hiatus of more than 130 years, the East Company made a wide range of elusive, exclusive,
India Company was reborn and relaunched in 2005 by and exotic ingredients familiar, affordable, and avail-
a visionary and entrepreneurial Indian businessman, able to the world; ingredients which today form
Sanjiv Mehta. With permissions granted by the UK part of our daily and national cuisines. Today we
Treasury for an undisclosed sum of money, Mumbai- continue to develop and market unique and innova-
born Mehta became the sole owner, chairman, and tive products that breathe life into the history of
CEO of the new East India Company, with the rights to the Company. We trade foods crafted by artisans
use the name and original trademarks. His goals were and specialists from around the world, with care-
to unlock and strengthen the potential value of the fully sourced ingredients, unique recipes, and dis-
world’s first multinational and the world’s first global tinguished provenances.
brand. In 2010, with much fanfare, the East India Com- Just like the old East India Company, the new
pany launched its first luxury fine foods store in the company is a “born global” enterprise, which immedi-
prestigious Mayfair district of London. In 2014, the East ately declared its intention to expand globally upon its
India Company set up a new boutique inside London’s launch. By 2014, it had expanded throughout Europe
most prestigious department store, Harrods—a format (Austria, Finland, France, Germany, the Netherlands,
called “store in store.” The initial products included Norway, and Spain), Asia Pacific (Australia, China,
4 Part One Laying Foundations
Hong Kong, Japan, Malaysia, and South Korea), and India. Granted a royal charter by Queen Elizabeth I in
the Middle East (Kuwait and Qatar). Its online store 1600, the old East India Company certainly benefitted
can deliver anywhere worldwide. Overall, in the first from formal backing of the state. Informally, the
five years since 2005, the East India Company spent brand still resonates with the 2.5 billion people in the
US$15 million to develop its new business. In 2011, British Commonwealth, especially Indians. Mehta
the Mahindra Group, one of India’s most respected was tremendously moved by the more than 14,000
business houses, acquired a minority stake in the East e-mails from Indians all over the world wishing him
India Company. After receiving capital injection from well when he announced the acquisition. In his own
Mahindra, the East India Company announced that it words: “I have not created the brand, history has cre-
would invest US$100 million in the next five years to ated it. I am just the curator of it.”
grow the iconic brand. Blending continuity and change, the saga of the
What had made the (old) East India Company East India Company continues. Mehta said he believed
such a household name? Obviously, the products the East India Company was the Google of its time.
it traded had to deliver value to be appreciated by But one reporter suggested, “Google is in fact the
customers around the world. At its peak, the com- East India Company of its modern era. Let’s see if
pany employed a third of the British labor force, con- Google is still around and having the same impact in
trolled half of the world’s trade, issued its own coins, 400 years’ time.”
managed an army of 200,000, and ruled 90 million
Sources: Based on (1) Arabian Business, 2014, The empire strikes
Indians. Its organizational capabilities were awe- back, October 4, www.arabianbusiness.com; (2) East India Company,
some. Equally important were its political abilities to 2014, EIC today, www.theeastindiacompany.com; (3) East India
Company, 2014, History, www.theeastindiacompany.com; (4) East
leverage and control the rules of the game around India Company, 2014, Press, www.theeastindiacompany.com; (5) East
India Company, 2014, History of fine foods, www.eicfinefoods.com;
the world, ranging from managing politicians back
(6) Economist, 2011, The Company that ruled the waves, December 17;
home in the UK to manipulating political intrigues in (7) Economist, 2014, Hidden gems, April 12.
How do firms such as the old and the new East India Company compete around the
world? How do they deal with the various rules of the game? What capabilities do they
have? How do they enter new markets? What determines their success and failure?
This book will address these and other important questions.
Learning Objective
Explain the concepts of
international business and
1-1 What Is Global Business?
global business, with a focus on 1-1a Defining International Business and Global Business
emerging economies.
Traditionally, international business (IB) is defined as a business (firm) that engages
International business (IB)
in international (cross-border) economic activities. It can also refer to the action
(1) A business (firm) that
engages in international (cross- of doing business abroad. The previous generation of IB textbooks almost always
border) economic activities, takes the foreign entrant’s perspective. Consequently, such books deal with issues
and/or (2) the action of doing such as how to enter foreign markets and how to select alliance partners. The most
business abroad. frequently discussed foreign entrant is the multinational enterprise (MNE), defined as
Multinational enterprise (MNE) a firm that engages in foreign direct investment (FDI) by directly investing in, control-
A firm that engages in foreign ling, and managing value-added activities in other countries.1 Of course, MNEs and
direct investment. their cross-border activities are important. But they only cover one aspect of IB—the
Foreign direct investment (FDI)
foreign side. Students educated by these books often come away with the impression
Investment in, controlling, and
that the other aspect of IB—namely, domestic firms—does not exist. Obviously, this
managing value-added activities is not true. Domestic firms do not just sit around in the face of foreign entrants. They
in other countries. often actively compete and/or collaborate with foreign entrants in their markets.
Chapter 1 Globalizing Business 5
Sometimes, strong domestic firms have also gone overseas themselves. Overall, focus-
ing on the foreign entrant side captures only one side of the coin at best.2
There are two key words in IB: international (I) and business (B).3 However,
many previous textbooks focus on the international aspect (the foreign entrant)
to such an extent that the business part (which also includes domestic business)
almost disappears. This is unfortunate, because IB is fundamentally about B (busi-
ness) in addition to being I. To put it differently, the IB course in the undergradu-
ate and MBA curricula at numerous business schools is probably the only one with
the word “business” in its title. All other courses are labeled management, mar-
keting, finance, and so on, representing one functional area but not the overall
picture of business. Does it matter? Of course! It means that your IB course is an
integrative course that can provide you with an overall business perspective (rather
than a functional view) grounded in a global environment. Therefore, it makes
sense that your textbook should give you both the I and B parts, not just the I part.
To cover both the I and the B parts, global business is defined in this book as
business around the globe—thus, the title of this book is Global Business (not IB).
In other words, global business includes both (1) international (cross-border) busi-
ness activities covered by traditional IB books and (2) domestic business activities.
Such deliberate blurring of the traditional boundaries separating international
and domestic business is increasingly important today, because many previously
domestic markets are now globalized.
Consider the competition in college textbooks, such as this Global Business book
you are studying now. Not long ago, competition among college business textbook
publishers was primarily on a nation-by-nation basis. The Big Three—Cengage
Learning (our publisher, which is the biggest in the college business textbook mar-
ket), Prentice Hall, and McGraw-Hill—primarily competed in the United States.
A different set of publishers competed in other countries. As a result, most text-
books studied by British students would be authored by British professors and pub-
lished by British publishers, most textbooks studied by Brazilian students would be
authored by Brazilian professors and published by Brazilian publishers, and so on.
Now Cengage Learning (under British and Canadian ownership), Pearson Prentice
Hall (under British ownership), and McGraw-Hill (under US ownership) have sig-
nificantly globalized their competition, thanks to the rising demand for high-quality
business textbooks in English. Around the globe, they are competing against each
other in many markets, publishing in multiple languages and versions. For instance,
Global Business and its sister books, Global Strategy, Global (paperback), and Interna-
tional Business (an adaptation for the European market), are published by different
subsidiaries in Chinese, Spanish, and Portuguese in addition to English, reaching
customers in more than 30 countries. Despite such worldwide spread of competition,
in each market—down to each school—textbook publishers have to compete locally.
Since no professor teaches globally and all students study locally, this means Global
Business has to win adoption every class, every semester. Overall, it becomes difficult
to tell in this competition what is international and what is domestic. Thus, “global”
seems to be a better word to capture the essence of this competition.
Global business
Business around the globe.
1-1b Global Business and Emerging Economies
Emerging economy
Global Business also differs from other books on IB because most of them focus A term that has gradually
on competition in developed economies. Here, by contrast, we devote extensive replaced the term “developing
space to competitive battles waged throughout emerging economies, a term that country” since the 1990s.
6 Part One Laying Foundations
has gradually replaced the term “developing countries” since the 1990s. Another
commonly used term is emerging markets (see PengAtlas Map 1). How important
Emerging market
are emerging economies? Collectively, they command 48% of world trade, attract
A term that is often used
interchangeably with “emerging
60% of FDI inflows, and generate 40% FDI outflows. Overall, emerging econo-
economy.” mies contribute approximately 50% of the global gross domestic product (GDP).4
In 1990, they accounted for less than one-third of a much smaller world GDP.
Purchasing power parity (PPP)
Note that this percentage is adjusted for purchasing power parity (PPP), which is
A conversion that determines
the equivalent amount of goods
an adjustment to reflect the differences in cost of living (see In Focus 1.1). Using
and services that different official (nominal) exchange rates without adjusting for PPP, emerging economies
currencies can purchase. contribute about 30% of the global GDP. Why is there such a huge difference
IN Focus 1.1
Setting the termS Straight
GDP, GNP, GNI, PPP—there is a bewildering vari- (see Chapter 7 for details). According to the Interna-
ety of acronyms that are used to measure economic tional Monetary Fund (IMF), the Swiss per capita GDP
development. It is useful to set these terms straight is US$81,276 based on official (nominal) exchange
before proceeding. Gross domestic product (GDP) is rates—a lot higher than the official US per capita GDP
measured as the sum of value added by resident of US$53,001. However, everything is more expen-
firms, households, and governments operating in an sive in Switzerland. A Big Mac costs US$6.83 in Swit-
economy. For example, the value added by foreign- zerland versus US$4.80 in the United States. Thus,
owned firms operating in Mexico would be counted Switzerland’s per capita GDP based on PPP shrinks to
as part of Mexico’s GDP. However, the earnings of US$53,977—only slightly higher than the US per capita
non-resident sources that are sent back to Mexico GDP based on PPP of US$53,001 (the IMF uses the
(such as earnings of Mexicans who do not live and United States as a benchmark in PPP calculation, which
work in Mexico, and dividends received by Mexicans does not change from the nominal number).
who own non-Mexican stocks) are not included in One of the most recent and probably most important
Mexico’s GDP. One measure that captures this is debates concerns the size of the Chinese GDP. Calcula-
gross national product (GNP). Recently, the World Bank tions based on the nominal exchange rates would find
and other international organizations have used a new China’s GDP to be 47% of the US GDP. But new calcula-
term, gross national income (GNI), to supersede GNP. tions based on PPP released by the World Bank in 2014
Conceptually, there is no difference between GNI and reported China’s GDP to be 87% as large as the US GDP.
GNP. What exactly is GNI/GNP? It comprises GDP Given that the Chinese economy grows a lot more quickly
plus income from non-resident sources abroad. than the US economy, some experts believe that China
While GDP, GNP, and now GNI are often used may become the world’s largest economy by the time
as yardsticks of economic development, differences you read this book—as opposed to in the next decade
in cost of living make such a direct comparison less or so (see the Closing Case). Overall, when you read sta-
meaningful. A dollar of spending in Thailand can buy tistics about GDP, GNP, and GNI, always pay attention to
a lot more than in Japan. Therefore, conversion based whether these numbers are based on official exchange
on purchasing power parity (PPP) is often necessary. rates or PPP, which can make a huge difference.
The PPP between two countries is the rate at which
Sources: Based on (1) Bloomberg Businessweek, 2014, Recognizing
the currency of one country needs to be converted into
China’s clout, May 12: 14; (2) Economist, 2014, Calculating European
that of a second country to ensure that a given amount GDP, August 23: 68–69; (3) Economist, 2014, The dragon takes wing,
May 3: 65; (3) Economist, 2014, The Big Mac index, July 26: 61; (4)
of the first country’s currency will purchase the same International Monetary Fund, 2014, Report for Selected Countries and
volume of goods and services in the second country Subjects (PPP Valuation of Country GDP), October, Washington, DC.
Chapter 1 Globalizing Business 7
between the two measures? Because the cost of living (such as housing and hair-
cuts) in emerging economies tends to be lower than that in developed economies.
For instance, US$1 spent in Mexico can buy a lot more than US$1 spent in the
United States.
Of many emerging economies, Brazil, Russia, India, and China—commonly
referred to as BRIC—command more attention. With the addition of South Africa,
BRIC becomes BRICS. As a group, BRICS countries have 40% of the world’s popu- atlas
lation, cover a quarter of the world’s land area, and contribute more than 25%
of global GDP (on a PPP basis). In addition to BRICS, other interesting terms
include BRICM (BRIC 1 Mexico), BRICET (BRIC 1 Eastern Europe and Turkey),
and Next Eleven (N-11—consisting of Bangladesh, Egypt, Indonesia, Iran, Korea,
Mexico, Nigeria, Pakistan, the Philippines, Turkey, and Vietnam).
Does it make sense to group together as “emerging economies” so many
countries with tremendous diversity in terms of history, geography, politics,
and economics? As compared to developed economies, the label of “emerging
economies,” rightly or wrongly, has emphasized the presumably homogenous
nature of so many different countries. While this single label has been useful,
more recent research has endeavored to enrich it. Specifically, the two dimen-
sions illustrated in Figure 1.1 can help us differentiate various emerging econ-
omies. 5 Vertically, the development of market-supporting political, legal, and
economic institutions has been noted as a crucial dimension of institutional
transitions. Horizontally, the development of infrastructure and factor markets
is also crucial.
Traditional (or stereotypical) emerging economies suffer from both the lack of
institutional development and the lack of infrastructure and factor market devel-
opment. Most emerging economies 20 years ago would have fit this description.
Today, some emerging economies still have made relatively little progress along
these two dimensions (such as Belarus and Zimbabwe).
However, much has changed. A great deal of institutional development and infra-
structure and factor market development has taken place. Such wide-ranging devel-
opment has resulted in the emergence of a class of mid-range emerging economies Gross domestic product (GDP)
The sum of value added by
resident firms, households, and
Figure 1.1 a typology of emerging economies governments operating in an
economy.
Gross national product (GNP)

Newly
Strong
Mid-Range GDP plus income from non-

Emerging Developed
Institutional Development
Economies resident sources abroad.

Economies
(e.g., INDIA) (e.g., SOUTH
Mid-Range KOREA) Gross national income (GNI)
Emerging
Economies
GDP plus income from non-
(e.g., BRAZIL, resident sources abroad. GNI
RUSSIA) is the term used by the World
Traditional Mid-Range
Bank and other international
Weak
Emerging Emerging
Economies Economies organizations to supersede the
(e.g., BELARUS) (e.g., CHINA) term GNP.
BRIC
Less More Brazil, Russia, India, and China.
Infrastructure and Factor Market Development
BRICS
Source: Adapted from R. Hoskisson, M. Wright, I. Filatotchev, & M. W. Peng, 2013, Emerging multinationals from
mid-range economies: The influence of institutions and factor markets (p. 1297), Journal of Management Studies, 50: Brazil, Russia, India, China, and
1295–1321. South Africa.
Another random document with
no related content on Scribd:
VI
If many of these elder statesmen rule by virtue of distinguished
ability and early adulthood, most do by virtue of a privileged position
that delays adulthood and prolongs infancy more literally. The locus
of this position is the high school and the college, especially the
college. Owing to democracy, there has been a diffusion of some of
the privileges of this status to the children of the masses. One of its
marks is the war against child labor which we have noted, and the
progressively later age at which work certificates are granted;
another is the advancement, already referred to, of the age of
consent and the measures for the protection of girls. Still another,
and the most signal, is the increase of the high school population
from the 300,000 of 1890 to the 5,000,000 of 1930, and the
corresponding growth of the body of college students. Nevertheless
the difference between the working young and the young at school
remains still the difference between the responsibility of adulthood
and the irresponsibility of infancy. The difference increases with the
income level. The richer the class, the more likely are the young to
be kept in a state of social infancy, the longer is the time delayed
when they are permitted to assume the responsibilities of adulthood.
The secondary school and the college are by tradition and practice
instruments pat to the social postponement of adulthood and the
prolongation of social infancy.
By and large, only those children enter high school who do not need
to work for a living. They enter about the time that children of the
residual world enter life, at puberty. Their attending high school
signalizes an invidious distinction between them and their
contemporaries, for the high school has been from its beginning a
mark of “aristocracy.” Even the “commercial” high school, which is
yet of low esteem beside the high school preparing for college,
celebrates this invidious distinction. But the real McCoy is the
“college preparatory.” College sits in excelsis. The topmost turn of
the educational system, it sets the standards and defines the ideal
both of knowledge and conduct. Secondary-school students
consequently prepare for college in a far completer way than is
recognized. They emulate and reproduce the whole pattern and
structure of “college life,” with its fraternities and other societies, its
athletics, its hidden sex interests, and all the rest. Indeed, since the
“educative process” worked by the schools is defined from above
downward, the colleges, which are for the most part resorts where
the well-to-do keep their physiologically mature young in a state of
personal irresponsibility and social-economic dependence, set the
standard of education for the whole nation.
Practice under this standard maintains a gulf between the curriculum
and student interests. The school work, as the teacher sees it,
makes up the “serious purpose” for which schools and colleges exist.
Yet here is what a boy who believes in this serious purpose writes to
the New York Times about his education:
“In a few weeks I will be handed a diploma, have my
hand shaken by sundry individuals, and then told that I
have been graduated from high school. I am supposed
to be educated. The city has provided me for some
four years with skilled teachers and expensive
apparatus and told me, ‘Be conscientious in your
studies and you shall know.’ I know that I have been
sincere, but I will tell a few things I do not know.
“I know by heart several slices of Shakespeare and
Browning, but I do not know how to write an ordinary
form letter that would be accepted by any business
firm. I know some irregular French verbs but if I were
lost in the streets of Paris I would not be able to ask
my way home. I can, ‘amo, amas, amat,’ also ‘en to
oikio ton anthropon horo,’ but I cannot keep the ledger
in my father’s place of business nor send out his
monthly statements. I am a member of the tennis team
and know all the quirks and tricks used in hitting a
tennis ball, but I do not know how to build a woodshed
nor shingle a roof.
“I know how to parse a sentence from Macaulay’s
essays, but I do not know how to light a match in the
wind or chop down a tree. I have studied economics
until my head is full of raw theories and long words, but
I do not know the name of the Alderman from our ward
nor the Congressman from our district, nor the political
creeds and platforms they have pledged themselves to
uphold. I can prove the square of the hypothenuse is
equal to the sum of the squares of the base and the
perpendicular, but I do not know how to hang a picture,
put in a pane of glass or paint a chair. I have studied
chemistry for a year and have received high marks, but
I know nothing of food values and gorge myself on
what pleases my palate. I received 85 per cent in
English literature, but I cannot get $15 per week writing
news for a newspaper, or write an acceptable
advertisement, and my average conversation is on the
level of the tabloid. With the exception of the Mayor, I
do not know the names of the other important officials
of the City Government, but I could at random name
about 95 per cent of the prominent movie actresses
and actors, prizefighters and baseball players.
“Surely, some vital element is wholly missing from our
social system which provided for only a classical but
not for a practical education. I am taught a multitude of
subjects, but I am not taught how to apply them so that
I will be able to make a success of myself in my
struggle for and with life. Life so far as I have viewed it
is rose-colored, mellow and delightful, but I know that
life is far different than I see it at present. None of life’s
sorrows, pains or struggles have been my lot to
embitter and mature my ambitious mind. I have been
led to regard life as a nut that must be cracked to
succeed, not as a long hard swim with the odds
becoming greater against you every moment and if you
stop struggling you sink and are gone.
“I was educated according to the ancient formulas for
producing a scholar and a gentleman and I find I have
to work for a living. I have no taste nor love for hard
work, no habits for saving, no disposition to resist
temptation and no skill in doing anything the world is
willing to pay for. I am wholly untrained for efficiency,
and before I succeed in life I will have to undo most of
what has been taught to me in school.”
B. S.
And this boy is very exceptional. For the school work as the average
student sees it, is the price in boredom and discomfort which the
system exacts and which he somewhat unwillingly pays in return for
the pleasure and excitement of the activities known (and not known)
as extra-curricular. These and not his studies are what touch the life
of the student. And these are what the curriculum excludes and
teachers ignore until they present themselves as disciplinary
problems. The age of high school and college is the age of poignant
laboring over the ever-renewed questions of luck and destiny, good
and God and evil, of groping after first and last things. It is the age of
upsurging sexual energies, of inevitable preoccupation with sex in all
its degrees and forms, from romantic love to promiscuity, from
fantasy to perversity. So far, however, as the mechanisms of
curriculum and instruction are concerned, students are not males,
not females, but sheer intellects, uncontaminated by such a vital
propulsion, or by any of the others whose development, gratification,
obstruction, deviation, realization, or repression, compose the
dynamic units of personality in the living adolescent, determining its
timbre, emotional quality and behavior pattern.
For the most part there is no correspondence between what the
students spontaneously and directly want and what the higher
education provides. There is no opportunity for the idealistic
initiative, for generous self-discipline and adventure, and for the
accompanying responsibility on matters of serious social import such
as adolescence craves and students do assume in backward
cultures like China or India or Russia or the countries of continental
Europe. Only athletics provides any occasion for the play of emotion
and the exercise of the responsibility proper to an adult. But athletics
is formally extra-curricular, is a preoccupation of alumni, highly
specialized and professional among its practitioners, and to the
residual mass of the students a spectacle, not a vocation or an
activity.
In essence, the secondary and tertiary academic establishments
impose a double life on the students that enter them. One life is
defined by the so-called “serious purpose” of the higher education:
the course of study, the examination, the diplomas, the degrees. The
other life is defined by the psychological traits, the wants and the
frustrations of young people between the ages of fourteen and
twenty-four. One life is the life of the classroom. The other life is the
life of the fraternity or the sorority, the club, the prom, the press,
class-politics, “contacts” and all the rest, including the “bull
sessions.” To these, curriculum and professor are mostly irrelevant;
president and dean affect them only as policemen affect corner
gangs. Yet these are what is meant by “college life.” In a word, the
correlation between the “serious purpose” of the academic
establishment and the ruling passion of the youthful psyche is
negative. “College life” and “serious purpose” of schools and
colleges are in conflict.
Thus, authorities in secondary schools find obscene notes being
passed; notice masturbation, spy out chanceful or organized petting
parties; point to unnecessary noises, desultory killing of time, smart-
aleckism, and especially to cheating. They make elaborate studies of
disciplinary situations and talk about bad home conditions, natural
meanness, and the like. But they ignore the fact that they are
themselves passing judgment on situations in which they are active
parties. How can the manifestations of the overruling sex-urge be
anything but illicit, when school life is overtly organized as if sex
were either evil or non-existent? To whom are unnecessary noises
unnecessary? What else can one do with time but kill it desultorily,
when one’s ruling passions are ignored and one is required to pay
attention to matters one’s heart cannot possibly be in? As for smart-
aleckism and cheating—are not those who succeed therein heroes
in the eyes of their peers? Do they not overcome an enemy and put
him in his place?
VII
Allowing for the small differences of tradition and maturity, the
situation is the same in the colleges. The ways of an undergraduate
community are determined by standards which do not apply to men
and women of the same age who must work for their livings. For
example, there survives from the Middle Ages an antagonism
between gown and town. When this began it involved all the
members of the academic community—faculty even more than
students. It turned on conflicts over the very structure of the
municipal economy in the course of which “gownsmen” established
and vindicated their autonomous jurisdiction over the persons,
properties, and actions of their “own.” College or university became a
city within a city, sovereign over all affairs affecting it, and privileged
in the national life. Today, faculty is for practical purposes a part of
“town.” “Gown” consists only of the body of undergraduates. These
often stand in a predatory relationship to the residual community.
They may steal signs, fences, garments, and whatnot; they may
destroy dishes, furniture, and other property not their own—
academic or lay; they may brawl on the public street and on
occasion beat up policemen and citizens without being held
responsible as workers of the same age would be. They may
endeavor in every way to “beat the game” in relation to their studies
—wangle more cuts than they are entitled to, hand in work as their
own which is not their own, cheat at examinations, and in every other
possible way “put it over” on the faculty. For an undergraduate to be
serious about the “serious purpose” of college, to be academically
law-abiding, to show an interest in studies, is at best to be slightly
declassé, at worst to be a greasy grind. Any manifestation of
friendliness to a teacher is “boot-licking.” The total impression which
undergraduate conduct makes in the mass is of an underground
class war between student and faculty; and the traditional
undergraduate code is a warlike code, requiring students under all
circumstances whatsoever to stand by each other and against the
faculty. Even under an “honor system” a “squealer” is as total a loss
among students as among gangsters.
In sum, tradition allows the college man certain privileges and
protects his abuse of them. Like the infant, he is held not
accountable for violations of the adult social code. He is maintained
in a state of infantile irresponsibility. This state is even more
significant, if not so conspicuous, in the matter of the basic economy
of life. For the representative undergraduate does not keep himself.
He is kept. He does not earn his food and clothing and shelter and
entertainment. Again, like the infant, he is sheer consumer, not
producer; Veblen would call him an instrument of “conspicuous
consumption” and a foremost avatar of the leisure class.
As a community of consumers merely, a student body is no more
homogeneous than a community of producers. Within the frame of
similarity generated by the condition of dependence there exist both
the formal academic gradations dividing year and year as rank and
rank, and the non-academic but “collegiate” gradations of caste and
class, interest and attitude. Every college, for example, has its tiny
liberal group, its sparse collection of students who trouble
themselves with social problems, international relations,
disarmament, and the like. This group is usually looked upon as a
troublemaking nuisance by the college administration (the high point
of this attitude may be found in the University of Pittsburgh), and as
“lousy” by the arbitres elegantiae of undergraduate opinion. “Political
and social agitation,” declares a Yale senior who had degraded
himself by concern with such agitation, “is frowned upon by
undergraduate leaders, and consequently relegated to the obscurity
of almost clandestine off-campus coteries.”
To no small degree such coteries are made up of students who are
working their way through college, and what is worse, Jews count
heavily among them. Yet Jews are the exception that prove the rule.
Between 1920 and 1930, the tradition of a love of learning which
they brought to college has been dissipated. The adult responsibility
which they felt for the problems of their own people and of the
community at large, and which was signalized by their membership
in such organizations as the Menorah Societies, the Zionist, the
Liberal, or the Social Questions Clubs, has been destroyed. As their
numbers grew, their fields of interest and modes of behavior
conformed more and more to the prevailing conventions of
undergraduate life. Although excluded by expanding anti-Semitism
from participation in that life, they reproduce it, heightened, in an
academic ghetto of fraternities, sororities, and the like. And they
emulate the invidious distinctions they suffer from by projecting them
upon the Jews too proud, too poor, or too Jewish to be eligible for
“collegiate” secret societies of Jews.
Because the dynamic distinctions within the academic community
are invidious only. College is not a republic of letters but a plutocracy
of fraternities, sororities, clubs, and “activities.” Scholarship is no
attribute of merit for a student. Athletic prowess, especially if
conspicuous, could be; but the prepotent properties are wealth,
sectarian affiliations, and “contacts and connections.” These delimit
members of the fraternities and sororities. Since initiation fees run
from $50 to $1000, and membership is correspondingly expensive, a
rich father is the prime qualification for the prospective “pledge.”
Before pledging, such a prospect is courted like a bride. Pledging is
followed by initiation, which often lasts months. It begins in hazing
and may grow into sadistic torture, recalling the rites of the
primitives. It culminates in a solemn self-dedication with highfalutin’
vows whose practical application to the subsequent daily life
amounts to training in the amenities (à la Emily Post); “loyalty” to
“brothers” in the competition for the cream in undergraduate
activities such as class-politics, proms, athletics, and the like;
collaboration, mostly illicit, with brothers and sisters to insure their
passing examinations or any other kind of test; and most of all, in the
facilitation of “contacts.”
Thus the academic aristocracy are indoctrinated in the academic
“traditions” and equipped to watch over them. These have primarily
to do with the mores of garb and conduct ordained for freshmen, with
the prerogatives of upperclassmen, such as wearing shorts and
slickers, and similar matters reminiscent of the primitives. If they are
moved by social and political questions at all, it is at times of
presidential elections, when national committees—Republican,
mostly—have been known to put a good deal of money into
corralling “the college vote.” In times of strike, as during the Boston
street railway strike, some of the better-class Harvard
undergraduates had almost as much fun strike-breaking as they
used to have rioting after a rare football victory over Yale. But the
record hardly ever shows considered idealism, spontaneous,
generous giving of goods and self, such as one finds among the
students in Europe and Asia. The American undergraduate makes
the impression of a self-centered and selfish creature, absorbed in
trivialities, comfort-loving, reactionary and irresponsible; in a word,
infantile.
VIII
Graduates, recalling their college life, tend to fall into two groups.
One group see college as the happiest time of their lives—and why
should they not? This group composes the backbone of the alumni
associations, forever whoops it up for “dear ol’ Whatsis,” and proves
the life of the party at alumni reunions, especially those where good
liquor is poured out in the hopeless effort to make the man a boy
again, while he stays a father too.
By the other group, college is recalled as a waste of time. The
transition from the position of a kept and protected favorite child into
that of a grown man under the imperative of having to earn his own
keep has worked a disillusionment. Instead of getting the job he
believes his degree entitles him to, he finds himself a superfluity in
the labor market. Employers are likely to speak of him as bumptious,
immature, undeveloped, a cub. He finds, even for the simplest tasks,
either that he must unlearn what he has learned, or, if he is lucky,
that he has no training at all. He begins to regret his college life and
to consider that college has failed him. Thinking about it, as did
Philip Wylie, he realizes that “the serious purpose” of college not
only was not serious to him, but could not have been. For, as the
New York boy found already in high school, the curriculum offers him
no momentous living option. The subject matter is irrelevant to all
that is dynamic in him, it lacks vital links with both the passions of his
heart and the actual world where, after college, he must live and
move and have his being. It is presented mostly by persons to whom
teaching is as much a disagreeable penalty for the amenities of
“scholarly” life as learning is to the student for the amenities of
college life. Hence, the student seeks to pay the minimum penalty,
which is to pass his examination by any means whatsoever.
Sometimes the disillusion rises during undergraduate years. Then
there are editorials in the college papers. Administrations are
criticized, professors are graded, courses are scored, abuses are
denounced. Deans and faculties squirm and are glad when the
student interest in education subsides. Fortunately such bursts of
interest are rare interludes. For the most part, it is faculties, not
students, who are agitated about education.
And why should students be agitated about anything still so
monastic, that isolates nearly all of those who enter upon it from the
realities among which they expect to spend their lives, and sustains
them in a state of irresponsibility and irrelevance? At an age when
body and mind cry out against infancy, “the higher education”
prolongs infancy; it sets up and maintains a conflict between
psychobiological adulthood and social childishness. In this conflict
“college life” has its fertile soil. It nourishes all those psychological
expressions which fall into the patterns of undergraduate attitudes
and behavior that are designated by the word “collegiate.”
An apt example of what “collegiate” has come to mean in these
United States broke into public view during the fall of 1931. The
occasion was an article from the pen of the editor-in-chief of the
Spectator, which is the student daily paper at Columbia University in
New York City. The article was a serious and intelligent endeavor by
a student whose social maturity had by some stroke of chance kept
pace with his physiological adulthood, to deal seriously with the
realities of athletics, especially football, at Columbia. It called for the
public recognition of football as the professional vocation it actually
is, and for ordaining coaches as reasonably-paid instructors and not
as super-salaried dictators. Of course the response was anger,
denunciation, threats against the writer. Among the commentators
was the alumni secretary. “The editorial is nonsense,” he said. “The
matter is complicated but there are lots of reasons why the head
football coach should get a larger salary than a professor. The editor
of the Spectator is too serious-minded. He should be more
collegiate.”
So standard is this usage of “collegiate” that the very students whose
habits sustain it, admonish each other: “Oh, don’t be so collegiate,”
and in one of the women’s colleges—women’s, nota bene—“Don’t
be collegiate” is a commandment which upperclassmen deliver from
the Sinai of their seniority to freshmen entering.
But so long as colleges are managed as they are managed, and
college teaching continues as and what it is, it is impossible that
students should not be, in one form or another, collegiate—that is,
adults conducting themselves like children. For social adulthood
consists in self-support and self-management, in moral responsibility
and intellectual integrity. These are facilitated by physiological
maturity but are by no means identical with it. Physiological maturity
comes as an instinctive ripening, in the course of nature. Social
adulthood is a learned mode of behavior in the social environment; a
system of habits acquired, not a state of the body grown into. This is
why bodies may grow up and grow old while minds and hearts
remain infantile. And this is why adulthood cannot be learned in
colleges as they are any more than swimming can be learned on dry
land; the medium is too different, too alien. This is why such
academic reformations as those at Harvard or Wisconsin or Chicago
are futile jugglings of the same pieces, whereas what is required are
new materials and new forms. Antioch comes closer to putting the
student on his own as a self-supporting, self-managing adult, but in
Antioch the work on the job and the classes in the college are far
from the interfusion they require. Nevertheless, Antioch points the
hopeful direction of change for colleges that desire to stop
prolonging infancy and to begin educating adults.
25 cents (35 cents in Canada)
THE JOHN DAY PAMPHLETS
REBECCA WEST.
Arnold Bennett Himself.
STUART CHASE.
Out of the Depression—and After: A
Prophecy.
JOSEPH V. STALIN.
The New Russian Policy (June 23, 1931).
NORMAN E. HIMES.
The Truth About Birth Control.
WALTER LIPPMANN.
Notes on the Crisis.
CHARLES A. BEARD.
The Myth of Rugged American Individualism.
REXFORD GUY TUGWELL.
Mr. Hoover’s Economic Policy.
HERMANN HAGEDORN.
The Three Pharaohs.
M. H. HEDGES.
A Strikeless Industry.
GILBERT SELDES.
Against Revolution.
GEORGE S. COUNTS.
Dare the School Build a New Social
Order? (Special, 64 pages.)
HENDRIK WILLEM VAN LOON.
To Have or to Be—Take Your Choice.
NORMAN THOMAS.
The Socialist Cure for a Sick Society.
H. G. WELLS.
What Should be Done—Now:
A Memorandum on the World Situation.
V. F. CALVERTON.
For Revolution.
HORACE M. KALLEN.
College Prolongs Infancy.
THE JOHN DAY COMPANY

386 Fourth Avenue, New York
*** END OF THE PROJECT GUTENBERG EBOOK COLLEGE
PROLONGS INFANCY ***
Updated editions will replace the previous one—the old editions

will be renamed.
Creating the works from print editions not protected by U.S.

copyright law means that no one owns a United States copyright
in these works, so the Foundation (and you!) can copy and
distribute it in the United States without permission and without
paying copyright royalties. Special rules, set forth in the General
Terms of Use part of this license, apply to copying and
distributing Project Gutenberg™ electronic works to protect the
PROJECT GUTENBERG™ concept and trademark. Project
Gutenberg is a registered trademark, and may not be used if
you charge for an eBook, except by following the terms of the
trademark license, including paying royalties for use of the
Project Gutenberg trademark. If you do not charge anything for
copies of this eBook, complying with the trademark license is
very easy. You may use this eBook for nearly any purpose such
as creation of derivative works, reports, performances and
research. Project Gutenberg eBooks may be modified and
printed and given away—you may do practically ANYTHING in
the United States with eBooks not protected by U.S. copyright
law. Redistribution is subject to the trademark license, especially
commercial redistribution.
START: FULL LICENSE

THE FULL PROJECT GUTENBERG LICENSE
PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK
To protect the Project Gutenberg™ mission of promoting the

free distribution of electronic works, by using or distributing this
work (or any other work associated in any way with the phrase
“Project Gutenberg”), you agree to comply with all the terms of
the Full Project Gutenberg™ License available with this file or
online at www.gutenberg.org/license.
Section 1. General Terms of Use and

Redistributing Project Gutenberg™
electronic works
1.A. By reading or using any part of this Project Gutenberg™
electronic work, you indicate that you have read, understand,
agree to and accept all the terms of this license and intellectual
property (trademark/copyright) agreement. If you do not agree to
abide by all the terms of this agreement, you must cease using
and return or destroy all copies of Project Gutenberg™
electronic works in your possession. If you paid a fee for
obtaining a copy of or access to a Project Gutenberg™
electronic work and you do not agree to be bound by the terms
of this agreement, you may obtain a refund from the person or
entity to whom you paid the fee as set forth in paragraph 1.E.8.
1.B. “Project Gutenberg” is a registered trademark. It may only

be used on or associated in any way with an electronic work by
people who agree to be bound by the terms of this agreement.
There are a few things that you can do with most Project
Gutenberg™ electronic works even without complying with the
full terms of this agreement. See paragraph 1.C below. There
are a lot of things you can do with Project Gutenberg™
electronic works if you follow the terms of this agreement and
help preserve free future access to Project Gutenberg™
electronic works. See paragraph 1.E below.
1.C. The Project Gutenberg Literary Archive Foundation (“the
Foundation” or PGLAF), owns a compilation copyright in the
collection of Project Gutenberg™ electronic works. Nearly all the
individual works in the collection are in the public domain in the
United States. If an individual work is unprotected by copyright
law in the United States and you are located in the United
States, we do not claim a right to prevent you from copying,
distributing, performing, displaying or creating derivative works
based on the work as long as all references to Project
Gutenberg are removed. Of course, we hope that you will
support the Project Gutenberg™ mission of promoting free
access to electronic works by freely sharing Project
Gutenberg™ works in compliance with the terms of this
agreement for keeping the Project Gutenberg™ name
associated with the work. You can easily comply with the terms
of this agreement by keeping this work in the same format with
its attached full Project Gutenberg™ License when you share it
without charge with others.
1.D. The copyright laws of the place where you are located also
govern what you can do with this work. Copyright laws in most
countries are in a constant state of change. If you are outside
the United States, check the laws of your country in addition to
the terms of this agreement before downloading, copying,
displaying, performing, distributing or creating derivative works
based on this work or any other Project Gutenberg™ work. The
Foundation makes no representations concerning the copyright
status of any work in any country other than the United States.
1.E. Unless you have removed all references to Project

Gutenberg:
1.E.1. The following sentence, with active links to, or other

immediate access to, the full Project Gutenberg™ License must
appear prominently whenever any copy of a Project
Gutenberg™ work (any work on which the phrase “Project
Gutenberg” appears, or with which the phrase “Project
Gutenberg” is associated) is accessed, displayed, performed,
viewed, copied or distributed:
This eBook is for the use of anyone anywhere in the United

States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it
away or re-use it under the terms of the Project Gutenberg
License included with this eBook or online at
www.gutenberg.org. If you are not located in the United
States, you will have to check the laws of the country where
you are located before using this eBook.
1.E.2. If an individual Project Gutenberg™ electronic work is

derived from texts not protected by U.S. copyright law (does not
contain a notice indicating that it is posted with permission of the
copyright holder), the work can be copied and distributed to
anyone in the United States without paying any fees or charges.
If you are redistributing or providing access to a work with the
phrase “Project Gutenberg” associated with or appearing on the
work, you must comply either with the requirements of
paragraphs 1.E.1 through 1.E.7 or obtain permission for the use
of the work and the Project Gutenberg™ trademark as set forth
in paragraphs 1.E.8 or 1.E.9.
1.E.3. If an individual Project Gutenberg™ electronic work is

posted with the permission of the copyright holder, your use and
distribution must comply with both paragraphs 1.E.1 through
1.E.7 and any additional terms imposed by the copyright holder.
Additional terms will be linked to the Project Gutenberg™
License for all works posted with the permission of the copyright
holder found at the beginning of this work.
1.E.4. Do not unlink or detach or remove the full Project

Gutenberg™ License terms from this work, or any files
containing a part of this work or any other work associated with
Project Gutenberg™.

Full Download PDF of Global Business 4th Edition by Mike W. Peng All Chapter

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Full Download PDF of Global Business 4th Edition by Mike W. Peng All Chapter

Uploaded by

Copyright:

Available Formats

Global Business 4th Edition by Mike W.

GLOBAL 4: Global Business 4th Edition Mike W. Peng -

(eBook PDF) Global Strategy 4th Edition by Mike W. Peng

Global Strategy, 5th Edition Mike W. Peng - eBook PDF

(eBook PDF) International Business 2nd Edition by Mike

(eBook PDF) Global Business Today 9th Edition by

Global Business Today 4th Canadian Edition by Hill

(eBook PDF) Global Business Today 5th Canadian Edition

(eBook PDF) Global Marketing Management 6th Edition by

Preface ix Chapter 4: Leveraging Resources

An Institution-Based View of Global 1.5 Bank Scandals: Bad Apples versus

Political Systems 44 1.6 Occidental Petroleum (Oxy): From

Ownership Advantages 188 Part 3 Strategizing Around

Evolution of the International Monetary Management Savvy 312

Chapter 13: Strategizing, Structuring, Compensation and Performance Appraisal 490

and two core perspectives. The big question is: What 2

More Fun More Relevant

2 Understanding Formal Institutions: Politics,

3 Emphasizing Informal Institutions: Cultures,

4 Leveraging Resources and Capabilities

Gross national product (GNP)

Mid-Range GDP plus income from non-

Economies resident sources abroad.

THE JOHN DAY COMPANY

Updated editions will replace the previous one—the old editions

Creating the works from print editions not protected by U.S.

START: FULL LICENSE

To protect the Project Gutenberg™ mission of promoting the

Section 1. General Terms of Use and

1.B. “Project Gutenberg” is a registered trademark. It may only

1.E. Unless you have removed all references to Project

1.E.1. The following sentence, with active links to, or other

This eBook is for the use of anyone anywhere in the United

1.E.2. If an individual Project Gutenberg™ electronic work is

1.E.3. If an individual Project Gutenberg™ electronic work is

1.E.4. Do not unlink or detach or remove the full Project

You might also like