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Two World Wars were sufficient to create a large void in international trade for about forty years. While a cold war and various hostilities prevailed after the late 1940s, international trade and capital flows resumed and grew remarkably. The fall of the Berlin Wall, symbolic of the end of the Cold War, intensified interest and growth in trade in the early 1990s and we find us now in a world where almost all countries feel quite free to trade with any of the others. We trade anything and everything. We trade old and new goods. We trade each other’s financial assets and we open up factories, stores, and offices almost any place we want.
How have Chinese multinationals benefited from China's economic boom to enable their international expansion? This book is based on many years of original research tracing the emergence, growth and future of Chinese firms in the world economy. The authors seek to provide new perspectives and insights for business executives and graduate students through a comprehensive study of how China's firms globalize and operate, and the implications of this for economic success. Based on detailed case studies and summative examples of successful Chinese firms, Tse and Hung point out their strengths (e.g. making innovations affordable to many developing nations), their weaknesses (products made in China are not highly regarded) and their mistakes (being insensitive to host economy needs and at times corruptive acts). They argue that the world economy would benefit from engaging with Chinese and other emerging economy firms to learn from the strategies they employ to achieve their global reach.
In 2007, Mother Nature saved Tampax. An advertising campaign, featuring nature personified as a middle-aged woman, played a decisive role in helping the tampon brand overcome a challenging period. Five years earlier, the owners, Procter & Gamble (P&G) had developed their own plastic, as opposed to cardboard, tampon applicator in the form of Tampax Pearl, and were promptly sued for patent infringement by the original plastic applicator inventor Playtex (Hanes Brands), a fight P&G lost. On other fronts, the menstrual product industry was battling against an aging population and menstruation-suppressing hormonal birth control, resulting in an annual 1 percent market share drop for the previously globally best-selling brand. A team of women at the Leo Burnett advertising agency came up with a new Tampax branding strategy in response, and as a result the international Mother Nature campaign ran in Europe and North America from 2007 till 2009. This article surveys the issues facing Tampax in the 2000s, and the campaign that stabilized it at the top of the sector by the 2010s.
Slavery has deep roots in the rise of American capitalism, and two recent publications have made significant contributions toward our understanding of how human bondage shaped the growth of the United States’ economy in the eighteenth and nineteenth centuries. Accounting for Slavery: Masters and Management, by Caitlin Rosenthal, and Slavery’s Capitalism: A New History of American Economic Development, edited by Sven Beckert and Seth Rockman, each explore traditionally overlooked aspects of slavery’s connection to business innovation and American capitalism and present readers with a fuller—and perhaps more complicated—narrative of the ties between enslavement and the economy.
This article traces the history of foreign direct investment in China’s electricity industry from 1882 to 1952 through the conflict between colonialism and nationalism. China’s electrification started with foreign direct investment in colonial enclaves: settlements, annexed territories, and leaseholds. Foreign direct investment contributed the majority of China’s power supply, but the penetration to China’s hinterland had faced the hurdle of nationalism on the part of both the Chinese government and the business community. Exceptions in Taiwan and Manchuria were related to Japanese colonialism, which peaked during the Sino-Japanese War (1937–1945). After World War II, domestication was implemented by the Chinese government. This article provides a new perspective on multinationals by delineating between inward and expatriate foreign direct investment in the Chinese context.
Some firms are initiating pro-stakeholder activities and policies that transcend conventional corporate social responsibility (CSR) conceptions and seem inconsistent with their business interests or economic responsibilities. These initiatives, which are neither legally nor morally obligatory, are responding to calls for a more active role of business in society and for a broader interpretation of CSR. In fact, they benefit stakeholders in a superior and an innovative way and are difficult to reconcile with commonly used rationales in the extant CSR literature, such as win-win opportunities, creating shared value, or corporate philanthropy. For better insight, we develop a qualified account of the concept of supererogation from ethical theory. This account, which examines voluntary responses to moral obligations from which a business is normally excused, is applied to identify the unique features of the initiatives that are not readily understood within conventional reasoning, which is generally focused on a business case.
A range of private and public institutions emerged in the United States in the years before and after the Great Depression to help farmers confront the inherent uncertainty of agricultural production and marketing. This included a government-owned and operated insurance enterprise offering “all-risk” coverage to American farmers beginning in 1938. Crop insurance, initially developed as a social insurance program, was beset by pervasive problems of adverse selection and moral hazard. As managers and policy makers responded to those problems from the 1940s on, they reshaped federal crop insurance in ways that increasingly made the scheme a lever of financialization, a means of disciplining individual farmers to think of farming in abstract terms of risk management. Crop insurance became intertwined with important changes in the economic context of agriculture by the 1960s, including the emergence of the “technological treadmill,” permanently embedding financialized risk management into the political economy of American agriculture.
In the first half of the nineteenth century, transatlantic trade and finance networks were complex webs of transactions often consisting of lengthy chains of connections linking distant firms to distant markets. As a number of scholars have shown, merchant bankers of the nineteenth century were at the center of many of these networks, acting as an interconnected and often impenetrable group that dictated the flow of capital and investment across many borders. Most recently, scholars such as Manuel Llorca-Jaña, Manuel López-Morell, and Juliette Levy (to name a few) have produced a number of especially significant publications on the role of financial intermediaries in Latin America. Llorca-Jaña’s and López-Morrell’s work has been essential for illuminating the role of London bankers Huth & Co. and Rothschilds (respectively) in creating a global network that included Latin American markets and trades, while Levy’s work has highlighted the role of special financial players in inland markets, namely in the Yucatan. This paper aims to build on this previous work through an analysis of crucial network actors in Anglo-American merchant bank networks in the first half of the nineteenth century. To conduct a varied and general analysis, this paper will draw on the correspondence records of the Baring Bros. and N. M. Rothschild, two of the most well-known and profitable London merchant banks of the period. Through this material, this study will present an analysis of British merchant bank connectivity and the role of intermediaries in connecting merchant banks to distant markets and clients, such as the mining districts of interior Mexico and the sugar merchants of Cuba.
Peer review is a critical component toward facilitating a robust science in industrial and organizational (I-O) psychology. Peer review exists beyond academic publishing in organizations, university departments, grant agencies, classrooms, and many more work contexts. Reviewers are responsible for judging the quality of research conducted and submitted for evaluation. Furthermore, they are responsible for treating authors and their work with respect, in a supportive and developmental manner. Given its central role in our profession, it is curious that we do not have formalized review guidelines or standards and that most of us never receive formal training in peer reviewing. To support this endeavor, we are proposing a competency framework for peer review. The purpose of the competency framework is to provide a definition of excellent peer reviewing and guidelines to reviewers for which types of behaviors will lead to good peer reviews. By defining these competencies, we create clarity around expectations for peer review, standards for good peer reviews, and opportunities for training the behaviors required to deliver good peer reviews. We further discuss how the competency framework can be used to improve peer reviewing and suggest additional steps forward that involve suggestions for how stakeholders can get involved in fostering high-quality peer reviewing.
Drawing upon the theoretical debate on the concept of common good involving, in particular, Sison and Fontrodona (2012), I aim to show how the common good principle can serve as the basis for a new diversity perspective. Each of the three dominant diversity approaches—equality, diversity management, and inclusion—runs the ethical risk of focusing on community or individual levels, or on particular disciplines—economic, social, or moral. This article demonstrates that the common good principle could mitigate the ethical risks inherent to each of these diversity approaches. There are three positive aspects to a comprehensive common good perspective: 1) it includes considering different community levels, which it connects by subsidiarity, 2) it embraces the moral, social, and economic fields, which it connects by teleological hierarchy, and 3) it avoids the risk of exclusion by generating a sense of solidarity.