Research Topics: Global Markets

A Sample Paper Introduction on Global Markets

Introduction               Most companies today especially those playing in the global market have undergone a lot of changes basically to address the issues and problems confronting the company and some for strategic reasons. Whether due to problems faced by the company or as part of the company’s strategy to remain competitive and improve sales, or both of these reasons, organizational development and changes are necessary. These changes may include change in the company’s objective, change in strategy, location, operational techniques or organizational structure.             A company’s organization comprises of individuals, teams and management who are all behind the company’s success or failure. Each individual or team in an organization has different tasks which must be performed effectively in line with the goals and objectives of the company.  A company undergoing organizational changes in order to solve problems and improved the company’s present situation needed to use strategies in human resource management, making each individual and team within the company perform their tasks efficiently. Strategic HRM requires good leadership that can effectively motivate, communicate and lead the company to its success. However, most problems in businesses are people problems; that is why strategic HRM is important in every organization.             This paper discusses about the issues in strategic HRM by evaluating and analyzing the case study of HRD and Change at FumeGo Ltd. By analyzing a company’s situation and identifying its problems, the paper has come up to possible solutions backed up by some theories on strategic HRM. The paper includes discussion of organizational development, techniques that can possibly identify and solve problems, and the importance of organizational change as strategy of HRM. Company Overview             FumeGo Ltd. is a company which manufactures customized cupboards for the laboratories of pharmaceutical companies and universities. The company manufactures the cupboards according to the specification and needs of the customer. Currently, the company is divided into several department departments such as the sales, design, manufacturing and support function departments which includes the payroll, accounting, FIRM, and the administration. The manufacturing department is further divided into different team or section depending on its function or task, which include the plumbing section, electrical section, sheet metal cutting and folding, protective coating application section, and the assembly section. All in all the company employs about 220 individuals of whom 175 belong to the manufacturing department. Although most people in other departments such as those who perform supervisory, sales and design roles seems satisfied with their jobs, there are higher turnover in the manufacturing department.             During the recent years, the company has been experiencing sales decline, lower financial returns, and a noticeable decline on the number of repeat orders from its past clients due mainly to poor quality and delivery performance as well as failure to meet the customers’ needs. To address these issues, the company hired a new Managing Director, MD. With the initiatives and strategies that will be formulated by its new MD, the company hopes for improvement of the company’s organization, gaining new orders and winning back past customers. In other words, the company relies on the efficiency and leadership of its new MD.               In order to identify the company’s problems, the new MD conducted a thorough investigation on the company’s current activities and reviewed the company’s past performances. He found out several problems in the manufacturing and the design departments. First, the manufacturing departments allowed delivery of products with some defects for the sake of meeting delivery dates which led to customer complaints and modification of the products. This wrong process involves additional costs in the part of FumeGo. Another problem found out by the new MD is that the production process of FumeGo lacks efficiency and that the standards used by the company is not enough to be able produce high quality customized products. Aside from these, lack of concern for the company and for the customers, and laziness are evident to the workers in the manufacturing process because of the untidy workplace. In the design departments, there are also some problems which cost a lot to the company such as unnecessary additional features of the products and the department does not involve manufacturing with its design process. Problems/Issues Identification             From the case study, different problems can be identified. The primary problem is lack of adequate skills and knowledge for the employees, not only with the specified departments in the case study like the manufacturing and the design departments, as well as with other departments since, as an organization, different departments are linked directly or indirectly with each other, causing chain reactions which means that a problem with one department may cause problems with the other departments. In the individual level, the problem is that they lack of skillful leaders that will guide and motivate them especially in the manufacturing process. A good leader in the manufacturing department should be well knowledgeable in producing high quality products. High quality products yield to more sales and profits which is the primary reason why the business exists. A good leader is also a good motivator, encouraging his subordinates to perform efficiently with concern to both the company and the customers. Also, the manufacturing department must be involved in the design process in order for the design and manufacturing to be aligned with each other. The design department should regularly check if the products are manufactured according to the design and specifications, while the manufacturing department must inform the design department of the processes that are involved, if there are some specifications that may be altered or can not be done. Furthermore, the individuals comprising the design departments lack the ability to integrate cost-effectiveness while maintaining the quality of the products. These individuals must be focused on how to integrate customers’ specifications while meeting their needs. Also, individuals involve in the design of the products must conduct further research on how to improve the quality of the products they design especially today that most manufacturing companies are driven by technology, making more improved and advanced designs that satisfy customers. In the organizational level, company seems to lack of established mission and objectives that must be formulated by its leaders. The company is seemed to be focus on gaining profit without the realization of how it can gain more profit. The company is focus only on production but not on the quality, on customer satisfaction and improving company performance. The entire company needs good leadership and management that have enough knowledge, skills, and experiences in strategic management, customer relations and human resource management. The company has no goals of satisfying employees, in return, its employees have no concern over the company and its customers, and high labor turnover happened. Another problem is the reason behind the company’s sales decline which is poor responsiveness to customers’ needs. The company’s employees are not oriented in satisfying customer care and satisfying customers’ needs, thus the company is losing loyal customers and having hard times gaining new customers. Behind all these problems, HR management seems to have failure in identifying the problems in the company. The company became aware that problems exist only after a period of sales decline and when the financial return of the company becomes unsatisfying. Credit:ivythesis.typepad.com

A Sample Paper Introduction on Global Markets

Introduction Most companies today especially those playing in the global market have undergone a lot of changes basically to ...

Whirpool’s Global Supply Chain initiative

EXECUTIVE SUMMARRY   Whirlpool Corporation is a global manufacturer and marketer of major home appliances and nearly 50 manufacturing and technology research centers on the globe. The company markets Whirlpool, Kitchen Aid and other major brand names to consumers in more than many countries. Thus, Whirlpool’s global supply chain process and management can be complex with various areas of concern for the company’s current business challenges’ involving their supply chain management and that Whirlpool is moving towards a better supply chain initiative process relating to their SAP and ERP systems that enables to appreciate its business processes as reflected through its high level balanced scorecard. Thus, it is useful to basically realize that changes and strategic planning of the supply chain initiative is really a relevant source of profit growth and market stability for Whirlpool. In their supply chain initiative, Whirlpool can usually spread various functions necessary to overlay a coordination system along with responsibilities and structures to bring together successful activities within the company among the company’s business partners, the selection of partners, the design of incentives and the design of processes to monitor performance, set goals and solve problems. The strategic and operational activities and the design of the coordinating system will have to provide value on a better, useful supply chain management as Whirlpool may seek to provide prescriptive ways to pursue an optimizing approach given the assumption of a completely rational decision maker.  In principle, there could be such behavioral dynamics on supply chain management that emphasizes key concepts in terms of understanding Whirlpool’s visible stretches of wasted inventory and unmet supply chain process as Whirlpool supply chain limps along, never quite achieving its full potential as a source of competitive advantage or of the reduction of the entry barriers to other competitive settings in improving performance of such resource process. The related issues and or problems require more than IT implementation or optimization algorithms in such observation of the company, there seems to a palpable orientation in managers and executives who purposefully address the behavioral issues in supply chain planning as an optimization problem with objective to minimize forecasting accuracy. Whirlpool Corporation is now using SEEBURGER technology to provide a standardized business integration solution for thousands of trade customers that use Electronic Data Interchange (EDI) to automate business transactions. SEEBURGER adapters embedded in the SAP Net Weaver(TM) technology stack will eliminate the need for multiple solutions and also support Whirlpool’s global use of the my SAP Business Suite as well as the company’s initiatives to implement the Net Weaver platform.  The use of SEEBURGER adapters for data translation and communications will simplify Whirlpool’s network architecture, both by allowing the company to move away from non-SAP-compliant solutions and by eliminating the need to use trade customer integration solutions from different vendors. In addition, AS2 connectivity services provided by SEEBURGER will aid Whirlpool’s efforts to migrate more suppliers and customers to the AS2 standard in order to reduce costs and maximize its investment in global data synchronization through the UCCnet data pool service. Whirlpool is currently using SAP Net Weaver’s master data management (MDM) capabilities to synchronize product item information with UCCnet, the SAP Exchange Infrastructure (SAP XI) to provide integration broker services, and the SEEBURGER AS2 adapter to meet UCCnet’s requirement for Internet-based AS2 document exchange and that data synchronization effort will help Whirlpool comply with its trade customers’ demands for uniform product information, while also lowering supply chain costs by reducing invoice and product shipment errors. ANALYSIS AND DISCUSSION OF WHIRLPOOL’S GLOBAL SUPPLY CHAIN INITIATIVE USING THE BUSINESS ARCHITECTURE FRAMEWORK  Great companies don’t stick to the same supply networks when markets strategies change. Rather, such organizations keep adapting their supply chains so they can adjust to changing needs. Adaptation can be tough, but it’s critical in developing a supply chain that delivers a sustainable advantage. Most companies don’t realize that in addition to unexpected changes in supply and demand, supply chains also face near-permanent changes in markets. Those structural shifts usually occur because of economic progress, political and social change, demographic trends and technological advances. The best supply chains identify structural shifts, sometimes before they occur, by capturing the latest data, filtering out noise, and tracking key patterns. They then relocate facilities, change sources of supplies, and, if possible, outsource manufacturing. Companies that adapt supply chains when they modify strategies often succeed in launching new products or breaking into new markets.  VALUE PROPOSITION Building an adaptable supply chain requires two key components: the ability to spot trends and the capability to change supply networks. To identify future patterns, it’s necessary to follow some guidelines: Track economic changes because as nations open up their economies to global competition, the costs, skills and risks of global supply chain operations change in the rise of specialized firms and companies to see if they can outsource more stages of operation. Make out the needs of the company’s ultimate consumer’s not just immediate customers which amplify and distort demand fluctuations. Whirlpool should ensure that product design teams are aware of the supply chain implications of their designs and must also be familiar with the three design-for-supply principles: commonality, which ensures that products share components; postponement, which delays the step at which products become different and standardization, which ensures that components and processes for different products are the same.    RESOURCES Whirlpool’s global platform provides their operations with resources and capabilities no other manufacturer can equalize as Whirlpool’s global procurement, product development and information technology organizations help the company operations reduce costs, improve efficiencies and introduce a continuous stream of relevant innovation to consumers as the management was inspired by innovations and designs, customers around the globe trust Whirlpool to make their lives easier and their brands are connecting with customers in ways that will last a lifetime. Moreover, Whirlpool Corporation is searching for ways to realize useful efficiencies in its supply chain operations within its eight factories and eleven regional and sixty local distribution centers that could monitor and track facets of its supply chain, from toaster scheduling to deployment and inventory planning. Whirlpool chose to implement a broad range of i2 solutions to integrate and drive greater efficiency through its supply chain and wanted to work with the thought leaders in the supply chain space, says J.B. Hoyt, Whirlpool’s Project Director of Supply Chain. After researching several alternatives, including systems integrators, Whirlpool executives selected i2 Business Optimization Services (BOS) to implement these solutions.  The i2 BOS methodology is a framework of tools and techniques consisting of intellectual property and service offerings required to model build and operate an integrated planning framework to synchronize supply chain operations. With i2 BOS, companies can optimize key business workflows. The first is that the i2 BOS team has great knowledge of the software tools and how the tools work. The second benefit is the intellectual property. The i2 BOS team has the knowledge of where the industry is going, where the future of supply chain planning is going to take advantage of things that are coming down since its implementation of i2 solutions, Whirlpool has achieved significant results in its targeted areas of improvement.   PROCESSES Whirlpool’s trade processes migrated to the SEEBURGER- based AS2 service with UCCnet connectivity that customer’s system will be used to demonstrate the benefits of AS2 and UCCnet to other trade customers with the vast majority of their business coming in on EDI over a value-added network for Whirlpool Corporation’s Global Information Systems. SEEBURGER will help move more trade customers to the AS2 communication platform and expect to see significant cost reductions with VAN elimination while bringing more suppliers and customers into the UCCnet and AS2 fold.  Whirlpool Corporation’s transition to such connectivity solution set is part of the first phase of its SAP Net Weaver and SAP XI implementation. The company is then using the SEEBURGER’s SAP consulting services to deploy the adapters, link to UCCnet and configure the message formats required for each trade customer. The implementation is significant because it reflects two major IT trends for consumer packaged goods companies today. The move to consolidate on a single global platform – my SAP Business Suite and related applications to reduce costs and enable the service oriented architecture required to efficiently link business processes and the push for global data synchronization through UCCnet of providing reliable electronic communication among trade customers support Whirlpool’s efforts in important fields.   PROFIT AND GROWTH Whirlpool success involves customer service and reduced supply chain costs providing financial impetus to drive the remaining systems work, a Web-based collaboration tool for sharing and combining the sales forecasts of Whirlpool and its major trade partners, the advanced planning and scheduling system boosted in North America from 83 percent to 93 percent by having inventories by 20 percent from freight and warehouse costs and Whirlpool spends a lot on manufacturing materials. Its biggest buys worldwide are steel (3-6 million annually), followed by plastic resins and parts (5-5 million), motors and pumps (more than 5 million), fabricated steel components (0-0 million) and electrical and electronic components (5-0 million) Whirlpool company is looking to develop world class suppliers which is capable of meeting today’s needs preparing for the quality, cost and delivery requirements of the future. Whirlpool’s global initiative focused on establishing its presence in North America, Latin America, Europe and Asia and acquires the appliance business which gave the company a solid European operations base. Thus, Whirlpool expanded its involvement in the market and established and appliance joint venture partner and strengthened its position in Latin America and Europe and building a solid manufacturing and marketing base in Asia.  PARTNERSHIP Whirlpool provides the software, training and telephonic support services to their internal applications development group and does on-site support for building new types of applications over the ongoing development of the product in providing the basis of Whirlpool’s ongoing relationship with the supplier and started the working relationship that led the management to communicate with SAP using the tool, give input to other development improvements and develop Lighthammer partnership application functions that have saved significant dollars and improved plant productivity. Whirlpool views the relationship with Lighthammer as ongoing and plans to continuously work with the supplier to improve upon and meet new demands as they are encountered as it has provided a tool set that gives the best of both worlds and continue to manage and deliver value within application landscape and provide Whirlpool with a path of transition to migrate to our global strategy to help drive operational excellence and when applicable, real-time performance management, providing for the capability of a global sustainable competitive advantage that will be drive customers’ needs.  Customer operating partnerships are customer-vendor arrangements that involve tightly linked extended supply chains and offer great gains, including 20 to 35 percent share increases, most profitable accounts and a shift to a strategic positioning as a highly service-differentiated supplier as well as direct-sales relationship with value-oriented top customer executives and highly-defensible competitive position with switching costs. The most desirable customers are seeking more intensive operating partnerships within capable suppliers entailing that price is not the primary factor creating opportunity for managers who develop and offer useful arrangements. Generally, managers who fail to initiate partnerships with their best customers run the risk of losing them and the lion’s share of their company’s profitability and have the capability to develop arrangements with their highest-profit customers. It is crucial to understand that appropriate management measures must be put in place.  Whirlpool Corp. has lived through some difficult IT and e-business hardships and flawed enterprise resource planning implementation and an Web partnership but Whirlpool has learned from their mistakes and is forging ahead with a methodical e-business strategy. The company’s biggest e-business accomplishment of the was not a Web initiative, but the creation of an overarching IT strategy that includes an Internet technology portfolio stretching across major corporate customers and suppliers in referring to their supply chain at getting products to the right place at the right time – the right supply chain strategy, the satisfaction of consumers at the end of the supply chain. Most supply chain initiatives do the opposite: They start with the realities of a company’s manufacturing base and proceed from there. A highly disciplined project management office and broad training in project management were key to keeping work on budget and on benefit and be part of Whirlpool’s supply chain business approach toward quality and productivity enhancement as new product development. Improving customer service via the Web is central to its approach, to live up to their commitment to the customer as Whirlpool is moving ahead with its e-business plans after facing difficulties in the past. Whirlpool was ensnared by SAP implementation for ERP that had gone awry, leading to fourth-quarter distribution and fulfillment problems. Whirlpool admitted it was facing delays in shipping small orders of appliances since moving to the SAP software and ERP implementation to consumers through its Web site, then direct the consumers to participating appliance dealers.   DISCUSSION OF THE INFORMATION COMMUNICATIONS AND TECHNOLOGY CHALLENGES FACED BY WHIRLPOOL IN IMPLEMENTING ITS GLOBAL SUPPLY CHAIN  The supply chain organization was the part of the business that Whirlpool’s salespeople were in the habit of calling the “sales disablers” in 2000. Whirlpool was behind the eight ball, tying up too much capital in finished goods inventory and yet failing to provide the product availability to the customers needs as the availability hovered around 87 percent on the delivery performance of the four biggest appliance manufacturers in the U.S. as Whirlpool is in the fifth place. The company is now proposing a new suite of IT solutions for which the company had little appetite and had flipped the switch on a massive new ERP system, with less than desired effect. Normally, Whirlpool ships close to 70,000 appliances a day to North American customers. Even though the situation was soon righted SAP remains a valued partner, the experience of being treated as a sort of poster child for ERP folly had left scars. Purchasing and supply management are keys to the Whirlpool Corp.’s strategic gamble that it can remain profitable while it restructures, reduces costs and expands manufacturing operations worldwide in the face of a global economic slowdown. Already recognized as one of the world’s best cost-management organizations, the purchasing group at Whirlpool is reorganizing to deliver best-value materials to regional assembly plants. That will be done, says Roy V. Armes, corporate vice president for global procurement, by optimizing the supply base for the world’s largest major appliance company. That means finding the best possible suppliers globally. Whirlpool today is for the performance of the global supply chain. But in 2001, the company utterly new to the supply chain organization to lead its e-business efforts. By contrast, Paul Dittmann, the vice president of supply chain strategy, was a Whirlpool veteran with a tenure spanning a quarter century. ‘’Sales had risen to record levels in 2000 as their launch of some innovative products coincided with an up tick in housing starts. With the rest of the company chugging on all cylinders, there was only one thing holding Whirlpool back: to their supply chain’’ Whirlpool CEO has said. At the top level, it’s a simple formulation: getting the right product to the right place at the right time.  Whirlpool makes a diverse line of products with manufacturing facilities in different countries and sells those through retailers big and small and to the construction companies and developers that build new homes. I agree that Whirlpool needed to formulate a battle plan that would include new information technology, processes, roles and talents by defining their strategy as the company aims to be world-class in supply chain performance by focusing on customer requirements as their approach to developing their supply chain strategy would start with the last link involving the consumers and then proceed backward. The overwhelming tendency in a manufacturing organization is to think about the supply chain as something that originates with the supply base and moves forward. It’s understandable: This is the part of the chain over which the company has control. But the unfortunate effect is that supply chain initiatives typically run out of steam before they get to their end point and real point. Whether or not they make customers’ lives easier becomes an afterthought. Whirlpool asked about their overall availability requirements, their preferences in communicating and would like to see along the lines of e-business along which performance was varying in importance according to the customer. Strategy does not simply address the needs of the moment. It anticipates the challenges of the future. A component of the supply chain strategy was identifying the probable range of future operating scenarios based on industry, economic and technological trends. The enterprise resource planning (ERP) solution, has shipped to customers worldwide a as the world’s premier ERP solution, designed to take full advantage of the industry’s renowned, standards-based SAP Net Weaver(TM) platform that brings new functionality, flexibility and innovation to customers from automating end-to-end processes within an organization to extending processes beyond the enterprise to the entire ecosystem of customers, suppliers and partners, providing companies with one solution to increase efficiency and manage the innovation and growth of their organization giving businesses the flexibility to sense and respond to market changes and continuously align their operations with evolving supply chain demand for services-based business processes which combines software applications and the underlying software infrastructure and enables customers to expose and leverage ERP delivers many new features to help companies improve efficiency and free up resources to invest in innovation and growth. New and enhanced user roles and self-services make the solution easier to use, increasing user productivity and solution adoption.  New role templates provide appropriate applications, information and services to specific user groups and range from job-specific ones, such as plant manager, to general roles, such as employee or manager. ERP features comprehensive analysis, forecasting and reporting tools that support all standard ERP processes such as human capital management, financial operations and corporate services. These enhanced analytical tools are embedded in all processes, adding real-time data analysis capabilities to ERP’s traditional back-office role. This gives employees and executives the appropriate insight into company activities for effective decision-making at all levels of the organization. Analytics from all business processes can be fed into and retrieved from the business information warehouse in ERP. On the B2B side, the company has developed WhirlpoolWebWorld.com, a portal that describes as a doorway for their partners, vendors and trade suppliers and other employees as the site has about 50,000 users and Whirlpool expects to have 25 percent of its North American supplier base and of its procurement organizations worldwide. Whirlpool Web World includes Partner Store, where dealers order from Whirlpool and the company’s Internet-enabled Global Procurement system, accessible by employees and suppliers.    LIST OF REFERENCES Ciarlone, L, 2005, Building a house of brands: Whirlpool Corporation’s Blueprint for success, <http://www.gilbane.com/case_studies/Whirlpool_case_study.html>, Gilbane Report   Bowman, RJ, 2000, Whirlpool: Connecting pieces of a big puzzle, <http://www.glscs.com/archives/07.00.whirlpool.htm?adcode=5>, SupplyChainBrain.com, July   Russell, J, 2004, Achieving Operational Excellence, <http://www.appliancemagazine.com/editorial.php?article=550&zone=1&first=1>, APPLIANCE magazine, July 2003, Customer Loyalty taken to heart, <http://www.appliancemagazine.com/editorial.php?article=157>, APPLIANCE magazine, April   Whirlpool’s annual report     ANNOTATED BIBLIOGRAPHY   Content Technology Works Case Study Building a House of Brands: Whirlpool Corporation’s Blueprint for Success August, 2005 Leonor Ciarlone Whirlpool’s digital asset management architecture provides the enterprise pillar to protect and expand brand value   Content Technology Works (CTW) is an industry initiative, administered by The Gilbane Report, to develop and share content technology best practices and success stories. CTW case studies provide organizations with best practices in content technologies and strategies for securing funding, measuring actual value, and driving adoption. The company’s growth strategy has been to introduce innovative new products, strengthen customer loyalty for its brands, continue to expand its global footprint or enhance distribution channels and, where appropriate, make strategic acquisitions which enhance the company’s innovative global product offering. Whirlpool a valuable asset: a corporate brand that communicates innovation, consumer-driven research and development, and excellence in design and performance. Injecting these principles into internal and customer-facing business processes enables the company to invoke a consistent set of emotional responses from consumers including trust, uniqueness, and most important, loyalty.    Global Logistics & Supply Chain Strategies SPECIAL ISSUE: GLOBAL SUPPLY-CHAIN PARTNERSHIPS Whirlpool: Connecting Pieces of a Big Puzzle By Robert J. Bowman July, 2000   Whirlpool leads the market in the United States and South America, and is among the top three producers in Europe. In addition, it is the largest western manufacturer in Asia, according to Steve Whalen, director of supply-chain operations. Many companies fear outsourcing because of the temporary chaos that results when operations are shifted from one party to another. One thing that did change was Whirlpool’s logistics information systems. Prior to the new contract, the company had been developing software for hand-held personal data assistants, in order to collect electronic proofs of delivery and information on product damage. Penske contributed four systems to Quality Express: a logistics management system (LMS) to track shipments at the order level on a real-time basis, a route optimization system known as Route Assist, communications software from Qualcomm and Penske’s license for the use of a common-carrier optimization system from ITLS, part of i2 Technologies as the elements were integrated into Whirlpool’s new ERP system, acquired from SAP AG shortly before Penske was chosen to oversee Quality Express. Whalen says Penske helped Whirlpool to cope with the usual start-up problems arising from the massive ERP implementation. Whirlpool’s affinity for outsourcing doesn’t stop at the U.S. border. Over the next two years, the company expects to get its third parties more heavily involved in international logistics, both for import/export and in-country operations and that Whirlpool is putting the finishing touches on information systems that control domestic distribution but don’t yet provide the level of detail needed to operate there has to be a goal that should be applied for their global supply chain initiative.   Credit:ivythesis.typepad.com

Whirpool’s Global Supply Chain initiative

EXECUTIVE SUMMARRY Whirlpool Corporation is a global manufacturer and marketer of major home appliances and nearly 50 manufacturing a...

Global Marketing

TABLE OF CONTENT   executive summary.. 3 standardized global marketing.. 3 concentrated global marketing.. 4 Differentiated global marketing.. 5 Conclusion.. 9 References.. 12                                                   1.      Executive Summary   Nowadays, global marketing is a great important in international, group companies and individual companies.  Global marketing means that the companies focus their resources on the global market (more than one country) opportunities and threats.  According the performance of their companies’ activities designed to plan, price, promote and direct the flow of the company’s products and services to customers’ more than one nation for a profit.  Marketing is means that has a set of concepts, tools, theories, practices, organizations and experience.  Many companies and industries participant in global marketing so many businesses will need to know and understand the global dimension.    Two tasks for global marketing, they are controllable and uncontrollable.  Example for controllable are price, promotion, product and distribution.  Example for uncontrollable are political forces, cultural, economic, competitive forces and technology.  Companies should identify what the global customer needs, how satisfy their global customers…   There have 3 criteria to presented global target market strategy; there are Standardized Global Marketing, Concentrated Global Marketing, and Differentiated Global Marketing.   In this report will give you some examples and ideas for Standardized, Concentrated and Differentiated Global Marketing.    2.  Standardized Global Marketing:   Standardized global marketing is means that it attains the lower cost of position, great sales volume and use the best global marketing strategy to sell the standard products.  Company should standardize theirs marketing mix has become one of the most strategy around the world.  Companies using a standardized strategy can achieve the benefits such as cost reductions, improved quality of products and enhanced customer preference.  For example Budweiser is one of the largest global brands, they are fortunate in a global position, they use the standardize products and use the attractive advertisement to develop and promote them such as advertising, program and sponsorships.  They sponsors the racing soccer, they have their own Budweiser Team.    3.  Concentrated Global Marketing:   Concentrated Global Marketing means that plan a marketing mix to reach a single segment o the global market.  This approach will make the originations’ markets narrowly.  The companies will develop a product that caters for the needs of their particular group.  For example Rolls Royce cars aim their vehicles at the premium segment with same as Harrods within the UK.       4.  Differentiated Global Marketing:   Differentiated Global Marketing is a means that the companies target several segments with different marketing mix strategies at the varying groups.  For example Cathay Pacific Airline.  They offer different classes with separate marketing programmers to attract different type of people. Credit:ivythesis.typepad.com

Global Marketing

TABLE OF CONTENT executive summary .. 3 standardized global marketing .. 3 concentrated global marketing .. 4 Differentiat...

Sample Global Business Retailing Strategy on Wal-Mart as a True Global Firm

Wal-Mart as a true Global Firm A global firm or a multinational corporation like Wal-Mart is a corporation or an enterprise that manages production establishment in at least two countries. Wal-Mart Stores, Inc. operates in 15 countries worldwide aside from the United States. It has more than 2,400 units in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Germany, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico, South Korea and the United Kingdom. Aside from that, Wal-Mart own more than 3,800 facilities in the United States. It employs 1.6 million associates and serves more than 138 million customers per week visit in Wal-Mart stores worldwide. In fact, Wal-Mart Stores, Inc. is the world’s largest retailer with 5.2 billion in sales in fiscal year ending January 31, 2005.             If for sheer size alone and the number of countries Wal-Mart is operating, then truly this largest retail store is a “global firm poster child”. However, a global firm strictly defined is not only a firm that have business ventures in two or more countries other than its origin but is a firm that incorporates a worldwide perspective in its operations rather than inheriting the local perspective of the country of its origin.             Wal-Mart attends people around the world. People with different culture and therefore, sometimes people with different needs or preferences. It is a very diverse market in which Wal-Mart operates. Wal-Mart foresees the need to adapt and incorporate the culture of its host country if it wants to be successful in its investment. Wal-Mart as a company experienced international success through its ability to adapt Wal-Mart’s unique concepts to each new country. Wal-Marts associates are involved in local communities and cultures. They respond to customer needs, merchandise preferences and local suppliers. By serving each local market in its own unique way, Wal-Mart International has realized significant growth with potential for much greater development worldwide.             Wal-Mart usually go into joint ventures or into buying big local retailing companies outright in its international expansion. By doing so, it retains the culture of the old company which is a native to the foreign country while changing only its name to Wal-Mart. Wal-Mart associates adopts a global perspective in its international operation instead of following the corporate culture and portfolios of the original store. Like for example in Brazil, it developed what is now called small format stores or “Todo Dia”. These smaller stores enable Wal-Mart to enter crowded Brazilian neighborhoods where they could never locate a supercenter. In its international ventures, Wal-Mart learned a very important lesson of flexibility and adaptation. This is much obvious in Wal-Mart’s store design. The neighborhood market is now also used in populated cities in China.             Another proof of Wal-Mart’s associate’s global perspective is its global sourcing of products. It first identifies a product commonly used by all its consumers around the world, and then Wal-Mart look for opportunities to improve the products supply to provide for its international costumers. With increase product supply, economies of scale is usually gained thereby reducing the price of the product. Wal-Mart then retails these products to its worldwide chain of stores.     Wal-Mart International Success             Wal-Mart has been hugely successful in its ventures to Latin countries like Mexico and Puerto Rico. Wal-Mart moved also to South America by opening ventures in Argentina and Brazil. The investment in Brazil is also promising but its counterpart, Argentina was been hugely affected by political turmoil and economic crisis. China, the dream market of every retail industry player proved to be another “good business” endeavor. Wal-Mart only started operating in China in 2000 but it is expanding its retail outlets left and right before the end of 2003. So what could possibly be the common factor between the countries mentioned where Wal-Mart yielded good investment returns? Among the four countries mentioned where Wal-Mart generated good return of investments, Brazil and China belongs to the top 10 most populous countries in the world. Mexico is at number 11 of the 2005 ranking.  It has always been an unspoken retailers dogma that the more the number of expected buyer, the better chance of business growth. Wal-Mart was been widely known as a retailer store that offers products at a cheaper price. Another consideration to look up to as to explain Wal-Mart’s success in the mentioned countries is the individual countries Gross Domestic Product (GDP). GDP is defined as the total output of goods and services for final use produced by an economy, by both residents and non-residents, regardless of the allocation to domestic and foreign claims. It does not include deductions for depreciation of physical capital or depletion and degradation of natural resources. In simple terms if the GDP is divided by the population, it gives us an idea of how wealthy the people are on average with in a particular country. GDP may be used as one of many indicators of the standard of living in a country. Based on the recent estimates of the CIA factbook on the countries ranking of GDP per capita as of 2005, Puerto Rico is registered at number 56 of 232 countries. Puerto Rico have a GDP per Capita of ,500. Mexico ranked 86 with a per capita of ,000, followed by Brazil with a per capita of ,500 and is ranked at number 93. China, despite its recent economic boost, ranked at a lowly number 118 with a GDP per capita of ,200. If we would compare this to United States GDP per capita of ,800, the above mentioned countries can be classified as generally poor. Though it should be noted that GDP is not the sole estimate of a particular country’s living standard. Wal-Mart’s success can be generally attributed to the large population and the low cost of living standard on the above mentioned countries, other factors not in consideration. With Wal-Mart’s affordable goods and services, people would logically shop at Wal-Mart’s store. Wal-Mart’s Expansion Plan According to the Retail Construction Magazine, announced its plans for the continuation of its aggressive unit growth for the fiscal year beginning Feb.1, 2005. Domestically, the Wal-Mart division plans to open 40 to 45 new discount stores and 240 to 250 new Supercenters in the fiscal year. The company expects that relocations or expansions of existing discount stores will account for approximately 160 of those Supercenters, while the remainder will be new operating units. Wal-Mart International plans to open 155 to 165 units in its current markets. The company anticipates that relocations or expansions of existing stores will report for approximately 30 of these units, while the remainder will represent new operating units for the company. Wal-Mart is still currently doing its own research and feasible studies as to which country it is planning to conquer next. I can suggest India as my top prospect for opening another giant supermarket named Wal-Mart. Population wise, India ranked among top 10 of world’s most populous country, a common denominator among countries where Wal-Mart proved successful. It also has a GDP per capita estimate as of 2005 of $ 3, 400, way below also if compared to the United States, which is another factor it shares with the other countries where Wal-Mart gained success in its operation. Other than that, India being a one billion country of people now has a large young working population with a median age of 24. The number of nuclear families in urban areas is growing fast. Then there is the increase in working women population. Add to these the emerging opportunities in the service sector. Next is the astonishing consumer finance boom. Add to this the growing credit card spend. And last but not the least, the changing pattern in rural consumption, a sure sign that the consumer revolution will soon spread to rural India (Business Standards, 2004). Rated the fifth most attractive emerging retail market, India is being seen as a potential goldmine. It has been ranked 2nd in a Global Retail Development Index of 30 developing countries drawn up by A T Kearney. The list was developed as a response to requests from retail chains facing saturated demand in most western markets (IBEF, 2004). A.T. Kearney has estimated India’s total retail market at 2.6 billion which is expected to grow at a compounded 30 per cent over the next five years. India’s vast middle class and its almost untapped retail industry are key attractions for global retail giants wanting to enter newer markets (IBEF, 2004).             India seems to have all the ingredients Wal-Mart is looking for in brewing another foreign venture. Corporate studies done by international consulting firm also affirms to the good prospect India is giving to the retail industry. And another good thing about India is its culture is a mold between the East and the West, a big advantage for a global firm like Wal-Mart who is looking also for global customers.             Credit:ivythesis.typepad.com

Sample Global Business Retailing Strategy on Wal-Mart as a True Global Firm

Wal-Mart as a true Global Firm A global firm or a multinational corporation like Wal-Mart is a corporation or an enterprise that manages ...

Research Paper of the Challenges in the Global Market and International Competition

Introduction             This paper will identify challenges firms meet in the hyper competitive conditions being international corporations, discuss different cooperative strategies that can minimize difficulties and maximize potentials, and finally, explain the role of strategic management leadership in the implementation of these strategies.                      The Challenges in the Global Market and International Competition             In the desire of companies to obtain advantages by operating to other countries, it enters a different environment that puts its resources and core competencies at high risks.  There are many challenges a firm will encounter in the highly competitive market from the pre-operation until it is already magnetized by the market. Price and Quality Positioning              In the global market, domestic and foreign companies will be the fierce competitors of a firm.  They can usually fight and gain the market in terms of price or quality.  They can use price strategy that is a result of improved primary and secondary activities that ultimately minimize cost, and therefore, provides more price control.  On the other hand, differentiation strategy relates to the ability of the company to transform their product with added value that customers can see a premium in it, and therefore, the latter are willing to pay also at a premium price.  Basically, the target market of price strategy is low-to medium- end customers that are price sensitive while differentiation is high end and customers who are after luxury goods or services.                The challenge of a firm is to develop a strategy that can fit into its culture and system.  The difficulty arises as there are also available focused strategies for products which target a specific market segment.  In addition, price and quality positioning can also be combined to exploit both the underlying advantages.  In the case of Southwest Airlines, it integrates four important areas for a business: price, customers, service and employees.  It offered point-to-point and less traffic service flights, kept price of almost 20% less than other competitors, provided free-overnight stay in the firm’s agents homes and maintained employee motivation.              The inability of the firm to pinpoint the best strategy that can stimulate competitive advantage for its resources, capabilities and core competencies can undermine its value, reduce efficiency and loose profitability.  The decision to select certain strategy is not an easy task.  The initial phase is to scan the specific foreign market’s background in its important aspects through PEST and SWOT analysis, competitors and available support intermediaries.  Then, such factors will be subjected to a firm’s internal features.  One wrong consideration may take away potential or aggravate problems and difficulties.  At the time of operation, contingency plans and its implementation is necessary that can even call for a change in the strategy already identified.              The difficulty converges on the question of flexibility of the strategy.  Since global companies are situated in a complex environment, to be able to be successful and maintain it, a firm should be flexible enough to counter the effects of competitor sudden moves, legal restrictions and economic recessions.  Not to mention that it should also its own undetermined internal problems that could originate instantaneously.  Establish First Mover Advantage and Create New Know How                 Aspects of price and quality are only one-half of the strategy available to the firm.  For the biggest technological breakthrough of the inception of information technology and computer age, innovation and speed-to-market are the two most crucial strategies for a firm.  They can create core competencies from the capability of a firm to create and develop innovative products to satisfy the fast and ever-changing customer needs and tastes.  eBay’s delayed response to Yahoo! Japan’s enter to online auction market service in the country resulted for only a tiny 3% market share against Yahoo’s 95%.              Although can serve a dramatic positive turn-over for a firm, first mover advantage and ability to create new know how set drawbacks and constraints that a firm cannot sustain, if not, survive of its implementation.  It requires huge financial budget to build facilities for research and development and customer awareness through advertising.  A successful technology does not dictate success in this strategy.  It will be less appreciated by the market if other companies have substitute products at competitive price.  Almost as expensive as the individual firm’s net worth, strategies dedicated for hi-tech product innovation are high risk.  This is the reason why multi-national companies are not encouraged to deal with the complexity and cost of producing hi-tech products.             The challenge is not only stemmed on cost factors, it also asks the question of corporate willingness to continuously operate in a dynamic way and invest in ventures that success are not eminent.  Creating and upgrading a certain product through extensive research every now and then establishes continued learning of the human capital, systems improvement and technological change.  The company culture may not hold such characteristics that hinder its participation in the industry even if it has financial capability to do so.  Protection/ Invasion of Established Products and Geographical Markets             Creating a product and successfully situating it in a specific market completes the duty of manufacturing and sales departments.  However, protecting the added value found on the product and interested market segment is a corporate consideration.  Being a first-mover and earning profits from it in a sustainable manner is a result of a firm’s conviction to patent its product design and continuously improving its usability for the appreciation of the customers.  It also needs some advertising to remain active in the competitive landscape.              In the contrary, a firm can exploit the competitor’s advantages that can be seen in its products and market through invasion of some aspects of them.  It can range from simple counter-advertising to a more aggressive product imitation.  The latter is defined as adoption of a competitor’s innovation that oftentimes can be priced relatively cheaper but limited in product features and durability.  It is effective to offer in a low-end, non-critical market.  Sometimes, product and market invasion can be achieved by attracting and importing employees from competitor’s workforce.  The process is generally prohibited when caught, but if successful, it not only entails imitation but the true formula, process and technique of creating the competitor’s product.             Thus, the challenge is a two-way process: offensive and defensive, that oftentimes overlaps each other.  A firm may admit it invade product features to protect its market share.  In one way or the other, the processes involve financing for official patent or trademark, advertisement and promotions, research and development, and possibly employee importation.  More importantly, a firm should also possess loyal and dedicated employees to ensure zero knowledge-spill which is not easy to generate because of individual goals and monetary drives.  Credit:ivythesis.typepad.com

Research Paper of the Challenges in the Global Market and International Competition

Introduction This paper will identify challenges firms meet in the hyper competitive conditions being international corporations...

LOGISTICS

Introduction Many businesses are faced with tremendous pressure as globalization of market intensifies competition.  In other words, global markets spells intense competition and that logistics is the key aspect of keeping pace with the fast changing world of the global economy.  Nowadays, logistics has emerged as a pivotal element in the business world as it can trimmed down the percentage of company’s total cost significantly, wherein, the logistics cost tends to decrease when customer satisfaction and retention is already evident.  Interestingly, according to (1994) logistics costs currently comprise between 10 and 25 percent of the total cost of an international sale alone, and these costs are rising due to the fact that being able to accrue customer retention, it means profitability in a sense and moreover, the increase of logistic cost is in pursuance for more global market opportunities.             In general, logistics encompasses the processes involved from raw materials to end customer delivery, including purchasing, inventory management, warehousing, shipping and even customer returns. Further, logistics refers to the process of planning, implementing, and controlling the efficient, effective flow and storage of raw materials, in-process inventory, finished goods, services, and related information from the point of origin to the point of consumption (including inbound, outbound and external movements) for the purpose of confirming to customer requirements (1998) .  Logistics contribution to a company, especially companies operating in a global scale, aids the company be able to sustain competitive advantage through the combined benefits of improved customer service and lower costs (1993).  In this paper, we would tackle ten identified disparate areas and issues of global logistics and be able to describe and expound on five of the ten areas or issues for the purpose of extending our knowledge about the essence of the said issue or area.   Main Part   When we speak of the word “global”, it denotes a broad spectrum.  It talks about the imports from Asia to the U.S., the exports heading to Europe, the movements occurring within regions and products or the finished goods moving from a manufacturing plant in the Philippines going to Germany.  Global logistics is dynamic in its nature, particularly the way it is done. Advancement in global logistics is thereby, making the world small as it continues to conquer the boundaries.  However, as global logistics being more driven to defy globalization arise the accompaniment of global logistics issues and expansion of its area.  To name several global logistics issues, this paper will mention 10 different issues in relation to global logistics, the first five issues or area will be discussed. First, is the global logistics area of reverse logistics, sometimes being regarded as a recycling process, is a special form of inbound logistics that embodies an objective to maximize economic value given the resulting product.  Reverse logistics is one of the elements of the increasing diverseness of logistics systems that is concerned with secondary flow of goods referring to the products in which the original use of the products has been completed.  Recently, reverse logistics had an economic impact on industry significantly as reflected, either a detrimental to a company or as a competitive advantage for capturing market share’s potentials. Second, since the process of global distribution, it entails that the logistics function will be susceptible to intricate as well.  To countermeasure the complexities of global logistic functions, many firms have turned to third party or contract logistics (1995). The major manufacturers are looking forward to their transport operators to take over some of the functions previously done in-house.  Additionally, to be able to be successful, companies are inclined to foster a strong partnership with the third party providers, such that companies can maximize their potentials in delivering globally, through offering exclusive long-term contracts, thus, allowing companies to focus on their core businesses functions.             Third is the movement of product.  With global logistics, it is able to drive the delivery cycle via the power of the contract combined with the customer that establishes expectation and satisfaction of a successful solution way before the actual shipment happens.  Movement of products is critical in the global logistics process since it evaluates and assesses the capabilities of a certain company as to how they are capable of doing business in an efficient way.  In Walmart, for example, the movement of products in their supply chain is very well-organized, dependable and up to date. Fourth is the movement of invaluable information that is a key aspect of the success of global logistics. The nature of doing global business necessitates the relegation of the accurate messages that can make or break a certain business transaction.  That is why, global logistics seeks the aid of technological advancements to be able to provide a communication line and to break the barriers in the operation of global logistics, such as culture.  Language, for instance, may hamper the dealings of global logistics, but with the help of email, one is able to rely on it and interpret of what is it that needs to be interpreted. The nature of time zones greatly varies from country to country.  Not only the global logistics requires doing boundless business, it should also come to terms of dealing with time zone barrier, which brings us to our fifth issue.  Therefore, the time zone of Europe must also come to terms with that of an Asian country.  More or less the issue of time zone makes business do over time so that it can make both ends meet and drawing out a win-win solution that would likely result to collaborative efforts. Sixth is the delivering of superb service, in spite of the hindrances, means fully grasping the customer expectations, like the dimensions of assurance, responsiveness and empathy, in trying to meet the said expectations or even exceed on it. Customers compare their perceptions with their expectations when evaluating a firm’s service. Consequently, research from  (1991) revealed that reliability of service, which entails performing the promised service dependably and accurately, is the most important dimension in meeting customer expectations.  Seventh is the integration within the company between the company and the customers and between company and the vendors. In logistics, where there is limited customer contact and rare face-to-face interactions, along with the issue of time zone, culture and language, companies should work on the integration aspect to foster smooth flow of business processes in the long-run, eliminating the risk of conflict or misunderstandings.   Eight, since of the non-traditional approach to global logistics, presumably there is difficulty in implementing reverse logistics strategies especially in the world economy that operates 24 hours a day, 7 days a week in 365 days.  The combination of both inbound and outbound transportation to and from the company will be able to take advantage of the worldwide economies of scale.   Ninth, are the lack of standardized bill of lading & other uniform documents of the fact that global logistics also varies.  The bill of lading from Japan mayhap different from that of Switzerland or even in some countries it introduces paperless transactions. Tenth is the capacitance issue that is plaguing the United States & other industrialized nations, for the fact that, as the dimension of global logistics widens the need to increase the capabilities of the global logistics.   Conclusion   It is important for companies to closely look into the global logistics issue and areas because it would be vital and an important key aspect in the business process. Unable to do so, in the long run, the company would experience the adverse impact of logistics, like resulting to higher costs, non-competitiveness that leads might lead to market share loss, low profits, inhibit the potential for profitable global market opportunities, if companies in this regard neglects the logistic issues that may surmount.  Nevertheless, companies should brace the likely future trends of global logistics as it is seen to continue to expand.       Credit:ivythesis.typepad.com

LOGISTICS

Introduction Many businesses are faced with tremendous pressure as globalization of market intensifies competition. In other words, glob...

SOURCES FOR ECONOMIC DEVELOPMENT IN THE DEVELOPED WORLD

SOURCES FOR ECONOMIC DEVELOPMENT IN THE DEVELOPED WORLD   I.             Introduction   Much has been said on the context of development and economic growth in the past and existing literature. Countries have gone out of their way to follow the path on which actual development could be acquired. Economic theories and other principles that will essentially help nations make policies have not been rare in contemporary studies of development. Unfortunately, a considerable number of countries have tried and miserably failed in its attempt to acquire development and essentially sustain it. Nevertheless, there are still nations that have been in the forefront of advancement both in terms of its economy and even the standard of living of its people. These countries are those that have been coined as developed countries. This study will be trying to discuss the possible sources of economic development that these countries have acquired. Moreover, a closer look on the manner in which they have sustained these sources will be taken into consideration in this study. Specifically, the discussions will focus on factors like human resource, technology, and global trade. The discussions will be based on the reading requirements of the course and a considerable number coming from academic articles found in the World Wide Web.   II.           Human Resource   Human capital is one of the vital elements of development. Theories on how to effectively mange this factor essentially focused on the improvement of organizations. Nevertheless, in a much wider scale, the effective management of a country’s human capital represents the consequent boost in the development efforts in terms of one’s economic status. Studies have been made regarding the improvement of a nation’s human capital particularly with regards to the improvement in education, health, and even growth opportunities for the individual. ( 2002, 200) This shows that the development of a country’s human capital rest on the capability of the state leadership to enact and implement laws that inherently would achieve a higher standard on elements like education, health and growth opportunities. The policies serve as the strategies in which nations could manage the development of their human capital. (, 2000, 5)         This part of the study will be tackling the human element in the development of economies. Particularly, the discussions will be focusing on the development of economies of developed countries. Topics like the evolution of human capital, the current states of human capital in developed countries, the potential of the human element, and a view of the industrial revolution. All the discussions will be taking a close look in the contribution of human capital on the economic development of developed countries.       A.  Human Evolution   The development of man and society in general is attributable to the changes and improvements in his/her general environment. According tol (2005, 6) the environment of man has been subjected to a massive biospheric evolution subsequent to World War I. This means that this period actually triggered the most recent development in the environment of man, one that is highly related to the formation of massive economies. In the said work, these changes are characterized by a couple of processes: phyletic gradualism and punctuated equilibrium. The former indicates the gradual change of the environment in general. Specifically, the said change entails the evolutionary alterations of the species and the creation of new organisms. Thus, this kind of change represents the slow and snail-paced progression of the environment. On the other hand, the context of punctuated equilibrium represents a sort of antithesis of the former. This means that said bispheric process represents the fast and rather immediate changes in the context of the environment of man.    (2005, 7) added that the development of the technological environment of man have shared similar characteristics with processes of phyletic gradualism. This shows that the evolution of man’s pursuit for development has acquired an unhurried pace. Smil pointed out examples like the waterwheels and its rather slow improvement at the time. Nevertheless, it has been indicated in the same discussion that those developments in the environment of man came about rather discretely. This manifests that changes normally does not have a flair for the theatrics as Smil indicated. Small advance like the creation of the ballpoint pen (p7) have considerably changed the face of the human environment without him/her realizing it.   At any rate, these changes in the environment of man, either man-made or naturally occurring, contribute to the general knowledge economy of human development.  2005, 13) The pursuit of ideas and their subsequent realization contributed more to the need of man to develop and seek avenues that would cater to this rapid development. As early as the pre-WWI era, man has realized that there are things that need more understanding and he/she understood that with its understanding comes development in a more general sense.   It is a wonder how with these discussions ol (2005, 1) represent what seems to be the impossible feat of rapid change and the commencement of the modern world took place in an era where discontinuity is inevitable, WWI. This shows that the fate of man is bound for development and advancement regardless of any discontinuity that comes in its way. Be it an issue on peace, shortage of resources, or even the lack of commercial connections, man has found a way to challenge it environment and essentially took control of his/her fate.   B.  Human Capital   Human capital has been noted in past and existing literature as one of the most essential elements needed for a state to competitively coexist with its contemporaries, particularly in the context of trade. Aon (2005, 30) indicated, increased trade is required for any state to be able to sustain faster growth. However, they also claimed that to effectively make that into a realization, then the improvement of human capital should be one of the basic courses of action engaged with by states.   A close consideration on knowledge and learning should be among the basic elements that states should consider particularly with regards to the creation of policieon (2005, 30) indicated that countries may benefit from improving the learning environment of its country by installing more technology sectors. In this manner, the country could contribute to the external development of technological elements and at the same time it provides the state the available venue for its students to learn.   One example that has been noted in the discussrlton (2005, 30) is the use of comparative advantage. In the case of the South Korean setting, they have focused its energies towards the improvement of their agricultural sector. Specifically, they have placed their sights towards the improvement of rice crops. Nevertheless, the government of South Korea realized that despite this rather promising future in the export of agricultural foodstuff, their economic performance will continue to lag behind other economies. Thus, policies that pointed to the expansion of technological capabilities are ratified. Today, South Korea is one of the top nations that hold high technological expertise as among its competitive advantage. Specifically, majority of its training networks have been concentrating on improving the technological skills of the country’s human capital. In fact, the country is one of the top manufacturers of automobile and other motor vehicles in the Asian region.    (2005, 30) also pointed out the importance of government intervention in improving the human capital of the country. This still emphasizes the need of policies complementing education and improving the knowledge economy of the state. In addition to that, the proper implementation is similarly required such that states could steer clear of any market failure in the future. (p31) This is especially needed when countries seek to follow the path of South Korea in finding a different comparative advantage and building on it.   Today, countries that need this the most are the developing countries and least developed countries. (2005, 87) These are countries that have limited resources and limited human capital. This scarce nature of resources among these countries adds up to the need to make such endeavors right the first time. Second chances are rather rare for these countries.   C.  Human Endeavor and Achievement   The ability of man to steer his fate has been reflected on his endeavors and achievements throughout his existence. According toi (2002b, 179) these are manifested on technological and artistic outputs made by man throughout the years. Both represent the potential of the human endeavor to visualize things on a grand scale and eventually realizing it to its actual magnificence. In terms of technology, it manifests the inherent interest of man to actually improve his/her environment. This intention to essentially develop has been marked by numerous successes despite of even much more failures. Be it crumbling granite intended to reach the heavens or bridges that eventually crumbled even before it has been completed, the resolve of man to excellence is beyond boundaries.   As stated by Faulkner  2002b, 179), man will prevail. Fair enough, the inherent ability of man to adapt and essentially develop is not the sole reason for this “immortality.” (p179) On a more profound scale, it is the soul of man that enables him/her to not only endure but also the keep on living on the top of the world, wielding his/her weapon of empathy and survival. To this degree, Faulkner indicates the capability of man and the importance to hone these capabilities such that it would benefit the community as a whole. The importance of pointing out these represents the importance of human capital in society. In terms of improving his/her environment, man is not afraid to “reach the unattainable dream.”  2002b, 179)   In the context of art, man’s failures apparently are paradoxically one of man’s greatest achievements.  2002b, 179) Not having endured such letdowns denotes the inability of man to push the limits of his/her environment. Thus, having failed represents man’s tenacity to push the bar even higher such that developments could actually take place. In the presence of ever-changing moods both in art and technology, the persistence to evolve kept human being in a perfectly imperfect state. This means that there is always room for change, improvements to say the least. Regardless of the apparent deficiencies and flaws, the presence of these actually defines how the human capital is essentially valuable to the state. Feeding it with the necessary weapons of knowledge and skills through education and a high standard of health will essentially preserve the continuity of man’s development.   This part of the paper has indicated the resolve of man and the inherent capabilities of human nature to endure and essentially prevail. As Faulkner said, man is immortal.  2002b , 179) And the facilities that allow man to be in this state are not only its strength but also its deficiencies. Man will endure because he is flawed. It is these flawed nature that man will fundamentally require development and improvements in his environment. It fuels this drive for achievement, break records, and basically prevail over its previous failures. And to a certain extent, these capabilities are manifested in a period when man, along with his endeavors and achievements, had the opportunity to shine: the Industrial Revolution.          D.  Industrial Revolution   One of the top phenomena that have highly influenced modern society is the emergence of the Industrial Revolution. To this extent, technology has been attributed to be the main element of such improvements and developments. Nevertheless, as discussed in the portion above, it is the resolve of man that triggered the advancements in technology in the said period. Moreover, the emergence of such evolution in society has also been triggered by significant influences to man and society. As De Gregori (2002b, 3) pointed out, the emergence of the industrial revolution set off the collapse of certain societal barriers. Specifically, he discussed that prior to such advancements in the Industrial revolution, elitism and intellectual snobbery was imminent in society. Apparently, there is this unseen barrier that serve as an intellectual apartheid in the pre-industrial revolution setting. De Gregori (2002b, 3) added that the importance of workers and their “tacit knowledge” were among the basic factors that has been added in society. Intellectual elitists thus have to deal with these workers because of this leverage. This tacit knowledge is characterized by De Gregori (2002b, 3) as those encompassing “subtle acts of judgment.” This point to the ability of the common worker to inherently discern certain elements of technology to that equal to what is commonly known as gut feel or common sense. This “unselfconscious” function of workers has instigated the capability of the common person to work with intellectual elitists in an equal ground. And this, as stated by De Gregori (2002b, 3), is not only one of the implications of the industrial revolution, but also one of its essential elements. The importance of human capital is thus represented in the emergence of the Industrial revolution.   Even in the current setting of development among countries, industrialization still is one of the major sources of growth in developed countries. Industrialization does not cease on its heels. As seen in the context of North America, Australia, East Asian “Tiger” Economies, India and China. (2005, 13) They were among the developed countries that made use of industrialization practices, along with its human capital towards its drive to development.   Other countries such as those in the South-East Asian region have also taken the path towards industrialization. (2005, 211) Although they have originally been considered as agricultural states in the second half of the 20th century, they have successfully acquired a pattern that would eventually trigger industrialization measures in the states. Malaysia is one such country that manifests this situation. Along with other ASEAN countries, their governments sought to ratify policies that would cater and complement the industrialization measures needed by the state to deviate from its originally agricultural setting. Up until the 1997 economic crisis, these countries have thrived towards the economic development in a considerably stable pace.            III.         Technology   Another source of economic development that developed countries possess is the employment of technology. In today’s society, the context of development is often tied up with the elements concerning modernity. In this view, technology promises what is considered modern and views it in the context of modernity.  2002a, 147) However, along with the promise of modernity, there is also the impending issue of steering away from the status quo. With this appended issue on modernity, the use of technology should inherently have to contend with resistance to change.   Basically, this fear of changes brought about by technology is founded on worst case projections and pessimistic considerations of modernity.  2002a, 147) Critics of the modernity feed this fear of change. However, in order for development to actually take place, change has to occur. A shift from the status quo has to take place in such a way that society would be able to reap the benefits of modernity. This part of the study is going to tackle the use of technology as a means to facilitate change and consequently as means for developed countries to establish themselves in the competitive world. Specifically, the discussions will center on the importance of technology to economic development. The discussions will look into the efficient and intelligent use of technology, western technology, the transfer of technology, and accessibility as well as the need of instruction and training towards the use of such technologies.      A.  Use of Technology Intelligently   As stated in the discussions above, technological changes initially intend to provide positive advances in society. However, that is not always the case. A lot of technological innovations have given society more menace than advantages. Take for example the case of the invention of Nobel, the dynamite. It was initially intended to provide advantages such as a new source of energy; however, the unstable state of the invention has turned it into a weapon of destructive power. As De Gregori (2002b, 191) indicated, the benefits of technology could be maximized if only it is used intelligently.   One such example given by the book of De Gregori (2002b, 190) is the mortality rate of children. Basically, a comparison of the rate of children death in the early parts of the 20th century and the turn of the millennium indicate a significant difference. This shows that the existing standards to which society depends on are significantly raised by advances in technology. In the case of mortality rates, the improvement of care particularly in the general well-being of the public represents that change imposed by technology.   De Gregori (2002b, 191) even contended that the critics of technology must realize that majority of the living conditions that our existence is based upon these days are held closely with technology. An illustration provided is in terms of the use of chemicals. He claimed that the use of such elements are not intended to poison or even change the constitution of the human psyche, it is intended more on the improvement of the physical attributes of man. Specifically, he noted that chemicals are employed medically to enhance the condition of human beings.   In this sense, developed countries may have used these technologies to enhance the condition of their own societies. The use of intelligent measures to deal with possible unpleasant outcomes may have been well studied and analyzed such that the repercussions are mitigated, if not totally averted. As with the earlier discussions, the importance of policies manifests itself once again. The use of technology by states is not the sole requirement now for development. As noted by De Gregori (2002b, 192) it is how states intelligently use their technology. Thus, policies ratified by states should be held in complete balance with the technological plans of the state, whether it is on areas like health or industries. Careful judgment aided by careful analysis will not put the state astray. In the same way, technological advances coming from the Western culture have pointed other regions of the world to the right direction with regards to how technology could be intelligently used. The success and failures of the Western countries in their use of technology have established the best practices in which the rest of the world could implement.          B.  Western Technology   The Western society has been coined in history as among the very first to have achieved what is considered a modern economy. (2005, 11) Specifically, countries in Europe have been among the mostly influenced by the benefits of technology. In the work of Stiglitz and Charlton (2005, 11) they have noted the case of Britain as among the top players in the 18th century. This has been due to the pioneering works that most Europeans and British have done in the context of technology. With the expansion of the cities in Britain to a more cosmopolitan setting, the industrial activities along with the consequent technological advances in manufacturing has given the said country an edge over the other countries that were dominant at that period. Even today, Western technologies developed during the 18th century have instilled a major influence. Aside from actual innovations and gadgets, the western though has given the modern world a considerable amount of models and theories that are based on years of research. Though not entirely applicable solely to science, these theories similarly reflect on the context of the management of the organization and economic development of organized units.   In the context of industrialization, Western technologies have made an impact even as early as the first parts of the 20th century. The industrialization in the country of Japan manifests this influence. Specifically, the Meiji Empire of Japan has acquired Western technologies to improve the transport problem in the said nation. (2005, 11) In acquiring such improvements and technological advancements from the Western culture, the trading in Japanese territory has flourished significantly. With the eradication its initial policies of isolation, the Japanese leadership has commenced to the acquisition of a modern economy the moment it nailed its first railroad.   Along with the railroads, the Japanese government has also established certain institutions within the empire that will essentially complement the western thoughts and technologies they have acquired. (2005, 11) On a more specific note, they have also acquired educational and training systems that reflect western thought. To culminate this endeavor, the Meiji Empire has sent several of its top scholars to Western countries to learn the foundations of modern learning. They were sent to countries like the United States and some parts of Europe to learn modern math, science, and even foreign language. (2005, 11) With countries like Japan embracing and accepting the modern theories and technologies proposed by the Western world, it has been one of the first countries in Asia that have welcomed technology transfer. As seen in the current state, Japan is one of the superpowers in the world and among the most influential countries in the Asian continent. The recognition of the need for technology transfer from other cultures has worked on their advantage. With the amalgamation of both western technologies and theories with local values and principles, the Japan has come a long way since it has chosen to be inaccessible from the rest of the world.         C.  Technology Transfer   With the emergence of globalization and internationalization, countries are now open to the possibility of accepting and giving out certain technologies to other states. In this scenario, developing countries are able to benefit from this especially if they intend to follow the path of industrialization of developed countries. (2005, 103) The trend towards the improvement of trading and commerce among nations has considerably heightened this possibility. And to a certain extent, the organizations that govern these trade agreements as well as the international bodies that encourage free trade among nations has a bigger share in promoting the transfer of technologies among its member states.   To illustrate, a world renowned agreement called the Trade-Related Aspects of Intellectual Property Rights (TRIPS) has infuse upon itself to encourage the transfer of technologies from state to state. (2005, 103) Specifically, the said international agreement has considerably influenced the technological and industrial policies of the member countries. (p103) To a certain extent, this agreement favors developing countries as it generates a much stronger intellectual property rights. As stated by Stiglitz and Charlton (2005, 103) it will essentially reduce the technological disadvantage of these developing countries. This means that they are protected in such a way that abuse from influential countries may be averted. Specifically, the technologies that these developing countries possess are protected from unwarranted transfer. Basically, the holder of technologies in such countries is able to charge certain financial amounts or even make demands to other entities outside their state provided that they are covered by intellectual property laws.   In the same level, the Doha Declaration of the WTO similarly realizes the potential of trade to ensure the transfer of technology from developed nations to the developing and less developed countries. (2005, 145) Moreover, the said declaration even recommended that an actual body be built to govern such issues of technology transfer. To add to the possible realization of the recommendation, the declaration even urged developed countries to establish a set of incentives that would rather persuade their local firms to transfer technologies to other countries.   However, there are still inherent problems that nations will face in their attempt to transfer their technologies. Certain provisions of international trading could also spell the end of the transfer of technology among underprivileged nations. To illustrate, countries that are considered new members of the WTO have reservations on implementing the coverage of intellectual property rights of firms from developed countries. (2005, 163) This is basically due to the fact that it could hold back the possibility of technology transfer from the developed country to their own. To deal with this issue, most developing countries have sought to implement a considerably long transition period to deal with their intellectual property commitments. This is what happened in countries like Cambodia, Nepal and Vanuatu. (p162) To boot, this endeavor is encouraged by the TRIPS agreement which effectively given developing countries an eleven-year transitional period to address their intellectual property commitments.        D.  Accessibility and Need for Education   In the same way, the emergence of globalization has spawned the need for technology among every state. Technology has been the main “culprit” of the development and accessibility of commercial elements that are considered of high value.  2004, 168) As stated in the earlier discussions, technology has given the promise of modernity for states thus making the need for it essential. It has also been pointed out that this could be done through technology transfers from developed countries to less developed ones. gori (2004, 168) pointed out, the quest to modernity is an unending journey for countries. It is a continuing cycle. With the victories won and battles lost, technology has always been regarded as an important element. Be it the one lacking or the one that triggered the success, the use of such factors like technology, as stated earlier, should be dealt with utmost care and intelligence.   Human knowledge and culture has defined how technology is needed.  2004, 169) Essentially, both culture and knowledge could not develop with the absence of technology. In this context, one must also consider not only the importance of technology, but the importance of the capability of states to actually have access to technologyi (2004, 169) indicated in his work, the accessibility of technology brings forth a considerably larger opportunity for individual growth. This also means that the possible consequence of such growth in the individual scale is the general development of the population.   In seeing this perspectivori (2004, 169) shows that the continuing promise of modernity relating to technology is the subsequent unleashing of the potential of the population. As stated in the discussion on human capital above, maximizing the potentials of the human capital rests on the capability of governments to support the development of the individual. And the greatest medium that governments could implement this endeavor is by providing the individual sound training and education that will essentially build on the skills and capabilities to take charge on the technologies needed by the state.   In this section, it is thus established that the issue of accessibility of technology and the need for the subsequent education of the human capital regarding these technologies are the most pressing issues governments should tackle if they indeed seek continuing modernity. This could be done by governments by implementing policies that complement the technologies that they need. Ratification and implementation of such policies will allow for the creation of opportunities for the individual, and essentially for the entire state. All in all, the potential not only of the individual is “unleashed” but also the total capability of the government to establish measures and courses of action that point to the development of the state on the whole.           IV.        Global Trade   Traditionally, the concept of global trade is basically to engage commercially with other business entities that apparently need the merchandise or services offered. This concept has been in constant presence even in the ancient periods of civilization. Early settlers from the west have been noted to have encountered trading vessels coming from the east years before the existing literature even used the term globalization. However, modern globalization has exposed the trading parties to certain risks that may well hinder commerce. More importantly, the issue of fairness and equality comes to mind when global trade is discussed. The guarantees on which abuse would not occur are still blurry especially on the case of less developed and developing countries. This part of the paper will be discussing how developed countries use global trade to their advantage. Specifically, the discussions will cover the issues of globalization in general, along with the principles of trade liberalization, and its effects on state policies and free trade. In this part, along with the reading materials, sources from the internet would also be used to draw a discussion regarding the issues involved.       A.  Opponents to Globalization   Based on the discussions in the earlier parts of this paper, opposition to change is inevitable. Unfortunately, the emergence of globalization actually introduces change. Needless to say that globalization, despite having a considerable number of advocates, has equally numbered adversaries.  In the book of De Gregori (2004, 153) he indicated that there are numerous organizations unrestricted from presenting their views as social protests for social changes such as globalization. Specifically, he noted the existence of non-government organizations (p153) as a potent instrument in putting forth certain political agenda to society. These “moral actors”, despite openly opposing the principles of globalization are still cautious and intelligently choosing their decisions on who to support and what agenda to push. (p156) This has been documented in the case of the Zapatistas in Mexico and the Ogoni movement in Nigeria. (p 153)   In this context, De Gregori (2004) points out that NGOs have placed a face on those who actually place opposition to globalization. In addition to this, the discussion implied that these organizations have presented themselves as aides to those in need. It is them who help those who have aggrieved by the unfair and inequitable conditions put forth by globalization. However, as De Gregori (2004, 160) pointed out, these organizations who claim that they speak for the poor and act on the welfare of the needy ironically have their own selfish agenda. And in the end, it is these groups that essentially decide on what should be heard based on what suits their principles.       B.  Trade Liberalization   Developed countries from both the west and east has taken much of international trade with the intention of generally improving their economic state. (2005, 13) As stated in the earlier parts of this study, countries like North America and the East Asian Tiger economies have been among the top players in international trade. With their position and influence in the realm of global trading, other elements of that boost their economic standing are also influenced. According to Stigliz and Charlton (2005, 12) these countries’ industrial sector have benefited the most with their stature in international trading. However, they have also said that such improvement in their policies. In this context, the liberalization of trade in one of the top concerns of their trading partners.   Even before WWII, countries have taken measures to place trade barriers like restrictions and taxes on their laws. (2005, 12) These trade barriers are imposed on specific items coming from other countries in order to protect the local counterparts from being left out and even driven off the market. Such taxes and restrictions places advantage towards the local goods because these essentially places additional costs on the part of the foreign business. And normally, these additional costs are handed down to the consumer thus making the price of foreign made products more expensive as compared to the local brands.   After the Second World War, the trend of reducing these barriers has taken place. (2005, 13) This means that the drive towards the liberalization of trade has begun right after the discontinuity provided by WWII. In addition to this, economically developed countries have been in the forefront in persuading other nations to cut down the barriers of trade. To this end developing countries had heeded this call believing that the liberalization of their trading laws will essentially be an advantage for their pursuit of economic excellence. (2005, 13)   C.  State Policies and Free Trade   In the pursuit for economic development, developed countries have acquired several courses of action that deals with their own issues of free trade. In the study on (2005, 14) developed countries of East Asia and Latin America has began to work its way towards economic development through certain changes in their policies on international trade. Generally, the East Asian countries have gone to a more export-oriented style with regards to their international trading endeavors. On the other hand, Latin American countries have acquired import substitution techniques to deal with their trading activities with other countries. 2005, 14)   Moreover, countries have to generate their own individual policies that will inherently suit their individual characteristics. To illustrate, countries like Japan and Korea built on their own conglomerates and companies to establish a worldwide competitive advantage. (2005, 15) Companies like KIA and Hyundai from Korea has been one of the most notable automobile brands in the Asian region. On the other hand, companies like Toyota and Honda has been the leading car manufacturers that originated from Japanese territory. In doing so, these countries have limited the inflow of foreign direct investments. Contrary to what the said countries did, Singapore and Malaysia built on their inherent r4esources to attract as much FDI as possibarlton, 2005, 15) Foreign companies and multinational corporations have flooded the gates of these two countries as they have fashioned policies that would cater to them. All in all, Stiglitz and Charlton (2005, 14) indicated that these countries from East Asia have developed in such a way that they have diverted themselves from widely accepted notions on the requirement of inequality. Specifically, they claimed that East Asian countries learned to develop on their own without the requirement of inequality and at the same time the initial stages of development were far from showing some increase of inequality. These conditions have been favorable to the environment to which these countries rest. Moreover, the initiative of the individual governments of the states mentioned has been able to install the needed policies and acted on them such that imminent market failures were remedied if not totally averted.    D.  Global Institutions   This part of the paper is going to provide a description of the current global institutions that shape up the global community. Specifically, the discussions will revolve around the IMF, World Bank, and the WTO.    1.    International Monetary Fund The IMF was found in 1945, when the initial nations ratified its Articles of Agreee, 2002) The legal principles of the IMF at present are unchanged as when they were devised in 1944. The IMF’s authority in the international economy progressively augmented as it built up more signatories. The amount of IMF member states has increased four times from the initial nations caught up in its institution, replicating particularly the achievement of political sovereignty by a lot of developing nations. 2004) The development of the IMFs connection, in cooperation with the alterations in the international economy, has entailed the IMF to become accustomed in a selection of means to carry on serving its purposes successfully.   2.    World Bank The World Bank is a collection of five global organizations in charge for granting finance and counsel to nations for the reasons of economic growth and poverty cutback, and for supporting and protection of international investment.  1999) The group and its associates have their head office in Washington DC, with local bureaus in over a hundred member nations. It gives loans at favored rates to member nations, in addition to grants to the most poverty stricken nations. Loans or grants for particular projects are frequently connected to more comprehensive policy alterations in the segment or the economy. ( 1994)   3.    World Trade Organization The World Trade Organization (WTO) is a global, multilateral association, which institutes the regulations for the international trading system and decides conflicts involving its member nations, all of whom are participants to its more or less thirty accords.  2001) The WTO intends to boost global trade by encouraging lower trade obstacles and grant a stage for the concession of trade and to decide disputes involving member countries, when they take place. The objective is to assist producers and merchandisers of goods and services, exporters, and importers perform their trade in the world market. The WTO has indeed opened the doors for nations to access on free trade. It has established rules that take into account the management of international trade and to monitor the dealings among the member states. However, there is still doubt on whether the processes involved in this organization resembles a democratic process which entails a more reasonable and even-handed playing field for the entire member states, not just a select few. Participation and accountability in these processes are required to make achieve this end.   E.  Dispute Settlement in Global Trade   Organizations that seek to liberalize trade and lessen trade barriers among the member nations. This actually served as an impetus for countries. Specifically, the GATT was born out of the need to respond to the protectionist policies of the decades following World War I. At that point tariffs on goods shot up to an extent where trading partners in the international arena were not satisfied and similarly imposed higher tariffs in retaliatioar, 2003, 34) A group labelled the International Trade Organization (ITO) was born. Basically, the ITO claims to serve as a body that would ensure that agreements and negotiations among nations would enjoy an impartial and advantageous reduction of tariffs in order to promote international trade. It was in this scenario (1947) that the GATT came about. It served as an interim agreement among the countries who sought to be a member of the ITO. (1995, 12) The problem is that the ITO was never actually ratified after the US congress refused to deal with it. Though the ITO was never ratified, the interim agreement prevailed. Up to that point, the GATT still prevails as the governing principles in international trade. Though it is actually an agreement, not an actual organization, its principles continue to be adhered by participating countries. All in all, there have been eight rounds that completed the GATT negotiations. In its earlier rounds, the main purpose was to deal with the reduction of the tariffs on the nations seeking to be part of the agreement.   In the article oy (2003, 42), she noted that certain mechanisms under the GATT rules were imposed to manifest a “measured retaliation” among the signatories of the treaty. These include the use of safeguard in the agreement. As indicated in the Agreement on Safeguards, this initially served as a motivating factor for greater concession. This is seen in Articles XXVIII and XIX on the agreement. The former represents the option of the signatories to raise a tariff or even initiate a restriction on a temporary basis. The latter represents the option of the member countries to impose a permanent raise on the tariffs. In the same way, these safeguards were only reserved for situations where there are “unforeseen” circumstances that brought about increase in imports. (p42) The problem seen in this situation basically rests on the definition of “unforeseen” circumstances. As a result, this is used as a retaliatory tool among nations who have been hurt by the imposition of safeguards. Retaliation basically comes in the form of a similar increase in tariff on other products. (p45) It was not after the signing of the Uruguay Round that mended the loophole in the said international law. With the conclusion of the Uruguay Round, retaliation has been circumvented to all member countries by imposing a three year grace period from the use of these safeguards.   In the modern setting, the World Trade Organization is one of the governing bodies that regulate the trading between member countries. Along with these commissions, the organization is also tasked to govern over disputes and conflicts among the members relating to trade.  Based on the descriptions of the retaliation mechanism provided by the WTO, one could surmise several objectives of the employment of such schemes. One important objective of the retaliation mechanism is to resolve any conflict. This is done through the exchange of facts and information to arrive at a commonly held solution to the conflict. This is seen in the Dispute Settlement Understanding where it clearly stated that the organization prefer to settle than to provide punishment to the parties involved. (   V.          Conclusion Developed countries are enjoying their current economic state because they are able to properly manage three elements that have great influence in their competitive advantage in the international scene: human capital, technology, and global trade. Essentially, with proper polices and proper implementation of such policies makes developed countries able to withstand crises and essentially prevail. As discussed above, human capital will essentially boost the potential of a state once it is given the tools to develop, tools like education and training will allow individuals to grow and hone their skills. In the same note, the proper policies of the state relating to the access to technology will also help this development significantly. The access of a country’s human capital to such technologies will inevitably increase their competitive advantage on a much larger scale. In so doing, states could concurrently be able to vie for economic dominance with other countries in the international market through global trade. However, it has also been given emphasis in this study that countries have to work hand in hand with their own governments. And at the same time, these governments have to create a thriving relationship with other countries as well as with global institutions such that economic development will not only be achieved but sustained as well.   Credit:ivythesis.typepad.com

SOURCES FOR ECONOMIC DEVELOPMENT IN THE DEVELOPED WORLD

SOURCES FOR ECONOMIC DEVELOPMENT IN THE DEVELOPED WORLD I. Introduction Much has been said on the context of devel...