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Role of the World Trade Organization, the International Monetary Fund and the World Bank in the UK Economy - Assignment Example

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The paper "Role of the World Trade Organization, the International Monetary Fund and the World Bank in the UK Economy" discusses that because of the high value of the British pounds, it would take a lot more for the foreign buyers to buy commodities coming from the UK…
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Role of the World Trade Organization, the International Monetary Fund and the World Bank in the UK Economy
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Download file to see previous pages Outsourcing is the process of finding an offshore company to do things that would normally be a costly undertaking if done domestically by the firm itself. An outsourcing website simply defined it as contracting out a non-core business to another company. (Sourcingmag.com, 2003) Countries, especially in Eastern Europe, are said to have well-developed human resources, and where wage costs are relatively lower. These are good conditions where one can get a vendor company to outsource business operations. (Alexandrova, n.d.) On the other hand, the same report by Prof. Alexandrova (n.d.) enumerated the risks that may occur when outsourcing certain functions of the business to these countries. Firstly, companies lose the ability to become more creative when encountering difficult business challenges. It was claimed that companies lose “competence to innovate through synergistic interactions”. (Alexandrova, n.d.) Risks are also observed when there is an uneven level of technical and legal expertise between two parties in contract negotiations, as this may be possible among companies between developed and less-developed countries. There is also the risk related to the economy of the vendor country. Prof. Alexandrova (n.d.) mentioned that in transition economies in the EU, these risks include those associated with exchange rates, policies related to profit repatriation, and those related to taxation. For UK companies, costs would still be the prime consideration when considering the option to outsource. There may be some social implications by resorting to outsourcing, the loss of jobs by British nationals being one. There are reports, however, that claim that the benefits can outweigh the costs associated with it if outsourcing is managed well and supported by appropriate business policies. (Sourcingmag.com, 2003) The World Trade Organization (WTO) is an international body composed of 157 countries with headquarters located in Geneva, Switzerland. ...Download file to see next pagesRead More
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