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Worldwide Set of Laws for International Business - Dissertation Example

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This paper “Worldwide Set of Laws for International Business” will give specific focus to the desirability and possibility of establishing a worldwide set of laws for international business by giving reference to countries having emerging markets…
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Worldwide Set of Laws for International Business
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Download file to see previous pages Globalization promoted an associated force called economic globalization, which in turn enhanced the development of a global economy. As Selden (2008) points out, different nations have a different set of business laws and this situation makes huge difficulties for multinational organizations in the context of international trade. To illustrate, China, one of the most potential emerging markets in the world, has stringent business laws as compared to other international markets. As a result, foreign companies face many barriers in entering the Chinese market and promoting their business activities. In contrast, India, worlds’ another emerging market, is more liberal to foreign market players and therefore foreign companies obtain easy access to the Indian market. Since varied business regulations impede the growth of international trade, it is necessary to establish a set of worldwide laws for international business.
Similarly, each nation has its own distinct cultural aspects and hence it would be very difficult for organizations to remain in a country’s market successfully unless they par with the cultural environment of the destination. Hence, multinational corporations strive to fit their business practices with the cultural aspects of the market/country in which they operate. For instance, while marketing goods and services in India, Multinational companies like Coca-Cola mainly employ cricket and Bollywood celebrities as part of their product/service promotion because those groups of individuals have a great influence on Indian people. As Mujih (2008) states, since determining the nationality of an MNC is a difficult task, those organizations have many limitations in integrating its business activities with the cultural aspects of an overseas market. When an MNC operates in an overseas market in accordance with the policies of its home country, the business is most likely to be rejected because cultural aspects of the overseas market may not support the legal provisions of another country. ...Download file to see next pagesRead More
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