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Hill International Business
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New Asian Content
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International Business: An Asian Perspective

Charles W. L. Hill, University of Washington
Chow-Hou Wee, Nanyang Technological University
Krishna Udayasankar, Nanyang Technological University

ISBN: 0071088059
Copyright year: 2012

New Asian Content



NEW ASIAN CONTENT

Chapter 1
The Dynamic Flow of Globalization
Through a series of examples that draw heavily on Asian instances, we show how globalization now refers to not just a two-way flow of goods and services between East and West, but also to multiple interactions of trade, societies, and cultures across many countries. By showing how the products and services consumers use have become multinational in nature, we aim to demonstrate how the global business environment has changed. At the same time, these examples highlight yet another important point—a single product or service may no longer originate from one country, just as consumers have now become multicultural “global citizens.” We also updated this chapter to include more recent and relevant statistics.

Chapter 2
National Differences in Political Economy Within and Across Asia
The opening case is a new addition that complements the existing closing case. Focusing on the rise of the Suharto regime in Indonesia, it traces Suharto’s rise to power including how the same regime that laid the foundations of corruption had also once ushered in an era of rapid economic development. In this way, the case highlights not only the intensity and impact of national eco-political differences, but also the need to understand these differences from various perspectives and in greater depth. At the same time, a Country Focus box on Corruption in the Philippines has been added so that readers can compare and appreciate trends across these different Asian countries—and in this way understand Asian countries as distinct entities instead of approaching the region as one congruent unit. In the same vein, the chapter contains a new Management Focus box on International Corporate Governance which highlights the differences in corporate governance environments across the globe, as well as the broad trend towards convergence. This chapter also contains content on the financial crisis of 2008 and 2009, as well as the Euro crisis of 2010.

Chapter 3
Understanding Asian Culture
With a view to taking a deeper and more insightful approach to differences in culture— both within Asia and across the rest of the world—this chapter incorporates a specific Management Focus box on “Guanxi.” In addition, some of the material in this chapter on philosophy and religion in Asia, as well as cultural practices, has been revised.

Chapter 4
Developing Economy Ethics
This chapter contains material that presents ethical dilemmas—such as issues relating to the use of child labor—that arise especially in emerging economies in Asia and elsewhere. These additions emphasize how ethical variations arise not from divergent moral beliefs or virtues, but from the realities presented by socio-economic conditions in these developing nations. The chapter also contains a new Management Focus box on Corporate Social Responsibility in the global environment and its implications for international business.

Chapter 5
International Trade and the Rise of New Asian Industries
Online gaming—a popular and well-known activity amongst today’s youths—had its start not in the West, as one might expect, but in Korea. The new Management Focus box on Korea and the Online Gaming Industry shows how new products, innovations, and even entire industries can take form and grow into multi-billion dollar businesses in the unique socio-economic contexts found in different parts of the world, especially Asia. The Appendix is also updated, which covers the basics of international trade and balance of payments.

Chapter 6
Developing Economies in International Trade Environment
We introduce a new Management Focus box on the Patenting of Basmati Rice, which deals with the Political Economy of International Trade. This case traces how a U.S.-based corporation filed a patent on “Basmati” rice—a plant variety indigenous to Pakistan and India—and the dispute that resulted. The chapter also includes some material on the impact of “dumping”, particularly on developing nations, and a brief discussion of the use of subsidies and protectionist measures by developed nations, with a view to understanding the global ramifications of different trade regimes from multiple perspectives. Some of the Discussion questions have also been revised.

Chapter 7
Foreign Direct Investment
In this chapter, some content on U.S.-directed inflow and outflow statistics has been removed in order to highlight global trade flows. We also updated other statistics to reflect recent global trends and revised some Discussion questions.

Chapter 8
Regional Economic Integration in Asia
We included a significant amount of new material to the sections on the Association of Southeast Asian Nations (ASEAN) and Asia-Pacific Economic Cooperation Group (APEC). We also added a new section on the South Asian Association for Regional Cooperation (SAARC).

Chapter 9, 10 AND 11
Foreign Exchange, Monetary Systems, and Global Capital Markets
Some examples and Discussion questions in these chapters were revised to reflect the global nature of the Foreign Exchange Market, the International Monetary Environment, and Global Capital Markets. They have also been updated to reflect the latest trends and statistics.

Chapter 12
Strategy of International Business
The chapter has been updated, and some Discussion questions revised.

Chapter 13
Organization of International Business
New content on different corporate structures and ownership patterns in Asia has been added, as in the case of Japanese Keiretsu and the Korean chaebol. Some material is also included on the differences in organizational culture. The chapter also includes a new Management Focus box on effective leadership in Asia. It is likely to be of great interest especially to non-Asian managers and students, as well as to those well-grounded in the Asian context.

Chapter 14
MNE Entry Strategy and Strategic Alliances
We introduce material that traces the rise of Asian multinationals alongside traditional Western MNEs to capture the changing climate in which entry decisions are now being made. We also highlight the unique value propositions that Asian and South American firms bring to the competitive environment, as these would affect both entry and alliance decisions in such an environment. Finally, we revised some Discussion questions to encourage students to apply their knowledge and skills across a broader global context.

Chapter 15
Driving Exports in Developing Nations
We included examples of Export-Import Banks in Asia and the type of support they offer, including Export Credit Insurance. This is particularly relevant as it shows how political and economic risks can be somewhat mitigated, especially for smaller firms and those from emerging economies. This is further emphasized through the addition of a new Country Focus box on the Export Processing Authority of Pakistan. Finally, a new Management Focus box outlines the case of Symbiotica, a Malaysian manufacturer of pharmaceuticals, and its rise as a global exporter.

Chapter 16
Outsourcing and Logistics
The chapter has been updated.

Chapter 17
Global Marketing
A new example based on Honda was included, and some Discussion questions were revised.

Chapter 18
Expatriate Managers in the Global Business Environment
A new Management Focus box that identifies the five different types of expatriate managers is included, which examines their motivations and attitudes. Drawing particularly on the behavior of Western expatriates living in Asia, it promises to be of interest to both expatriates and their host countries.

Chapter 19
Differences in Accounting Practices
New content has been included on the various informal capital market mechanisms that can be found in different countries, both developed and emerging economies alike. By paying particular attention to the examples of family-owned businesses in India such as Reliance Industries and the Tata group—as well as the Keiretsu system in Japan—we highlight how differences in financial arrangements may lead to variations in accounting practices.

Chapter 20
The Globalization of Financial Management
We highlight the differences in financial management practices and introduced a new Country Focus box that showcases how Indian companies—including software giants Infosys and Satyam Infoway—have begun to list themselves on stock exchanges in the United States in a bid to benefit fully from global sources of finance. Some Discussion questions were revised to lend a more global flavor to the chapter.

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