Economics Of International Trade And Of The Global Monetary System Essay

Economics Of International Trade And Of The Global Monetary System Essay

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MGT305 – International Business

Module #: Introduction to Globalization

******Page I: What is globalization?
******Page II: The changing global economy
******Page III: Differences in culture
******Page IV: Business and economic implications of differences in culture


This course explains how and why the world’s countries differ, by looking at their demographic, political, legal, economic, and technological environments. Students will be able to learn and apply in practice how these variables affect the business decision-making process. The course also presents a thorough review of the economics of international trade and of the global monetary system. Students will also examine and apply strategies of international business, as well as assess the role of international business. This course creates the foundation to study more international dynamics of various functional areas, such as accounting/finance, economics, management, and marketing.


This module presents an overview of the current international and global business climate and underlines the changing nature of the global economy. It also shows the country differences regarding national culture and discusses their impact on international businesses.


International businesses deal with a very different and much more complex environment than domestic companies, so it is important to understand the basics of the global business environment and its challenges. Moreover, it is essential to know the implications of cultural variations for international business.

Learning Outcomes

1. Understand what is meant by the term globalization.
2. Spot the main causes of globalization.
3. Describe the changing nature of the global ...

... middle of paper ...

...mple, when there are different norms between how individuals from different countries interact, make purchase decisions and negotiation, the costs of doing business rise as people deal and adapt to unfamiliar ways of doing business.
Different class structures and social mobility also raise the costs of doing business, because they may increase communication deficiencies, impact corporate culture and even increase labor costs. Variations in ethical norms and values can also lead to differences in attitudes towards work, entrepreneurship, honesty, fairness, and social responsibility. Finally, a country 's education system can have important implications for the costs of business and the ability to find a specialized workforce. Therefore, culture can have implications on different aspects of an international business, from communication and ethics, to labor costs.

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