The field of International Trade, International Business and Entrepreneurship is a unique combination and very dynamic, especially in the era of globalisation. This book has given more importance to both UG and PG programs dealt with by renowned Business Schools in India and the World. The blend of International Business and Entrepreneurship occupies a higher level of significance in the context of the growth of Business Schools in the 21st Century, especially in recent periods.
The salient features of this book are:
- Incorporating Trade Theories in a simplified way.
- Elaborating issues relating to trade policies of developed and developing economies.
- Significance of Inter-regional, intra-regional and international trade in the context of small and large economies.
- Role and importance of the forex market in the contemporary world.
- Integrates the effect of trade and business on the balance of payments.
- Exploring EXIM procedures to new traders in India.
- Expresses the significance of international institutions on trade disputes, global capital flows and financial settlements.
- Incorporation of the role of entrepreneurship in internal and international businesses.
- Finally, it deals legal and ethical aspects of entrepreneurship in today’s world.
Contents –
1. Introduction to International Trade and Business
Introduction to International Trade
Overview of International Trade
Introduction to International Business
Growth of International Business
Nature of International Business
Significance of International Business
International Business and Economic Growth
Scope of International Business
A Brief of Trade Theories, Policies, BOP, Open Economy and International Institutions
Purpose of International Trade and Business
Current Issues and Challenges in International Business
Factors Affecting International Business Environment
Globalisation and International Business
Stages of Globalisation
Roots of Globalisation
Advantages of Globalisation
Efficacy of Globalisation in International Business
Exercises
2. International Trade Theories
Introduction to Trade Theories
Internal Trade Vs International Trade
Free Trade Vs Restricted Trade
Mercantilism
Absolute Advantage Theory (Adam Smith)
Theory of Comparative Advantage (David Ricardo)
Comparative Advantage in Terms of Money
Opportunity Cost Theory (Gottfried Haberler)
Heckscher-Ohlin Theory
Measuring Factor Intensity
Measuring Factor Abundancy
Factor Price Equalisation Theory
Complications to Factor Price Equalisation Theorem
Leontief Paradox
Exercises
3. International Trade Policies and Intra-Regional Trade Agreements
Introduction to Trade Policies
Various Notions of Terms of Trade (TOT)
Theories of Terms of Trade and its Relevance to Less Developed Countries
Problems of Developing Nations
Demands of Developing Nations
Measures to Control Instability in an Economy
Theories of Terms of Trade: British School and Prebisch-Singer Thesis
Terms of Trade: Prebisch-Singer Hypothesis
Tariffication
Effect of Tariff on Terms of Trade and Income Distribution
Non-Tariff Trade Barriers
Quota Vs Tariffication
Effect of Tariff Vs Quota
Effective Rate of Protection
Customs Union
Trade Creating Customs Union
Trade Diverting Customs Union
Exercises
4. Foreign Exchange Market
Introduction to Foreign Exchange Market
Demand and Supply of Foreign Exchange
Currency Arbitrage
Fixed Exchange Rate System
Flexible Exchange Rate System
Managed Floating Exchange Rate System
Spot Transaction and Forward Transaction
Foreign Exchange Risks
Hedging Foreign Exchange Risk
Speculation in the Forex Market
Interest Arbitrage in the Forex Market
Covered Interest Arbitrage in the Forex Market
The Euro Currency Market
The Euro Bond Market
Currency Derivatives
Exercises
5. Balance of Payments
Introduction to Balance of Payments
Components of Balance of Payments
Balance of Trade and Current Account
Capital Account in the Balance of Payments
Causes of Disequilibrium in the Balance of Payments
Measures to Correct Disequilibrium in the Balance of Payments
Automatic Adjustment Mechanism in the Balance of Payments
Monetary Measures
Fiscal Measures/Trade Policies
Policies to Solve the Problem of BOP Disequilibrium
Expenditure Changing Macroeconomic Policies
Expenditure Switching Policies
Direct Control for BOP Adjustment
Trade and Economic Policies for Achieving Internal and External Balance
The Assignment Problem (Policy Mix)
Changing Trade Policies of India
Exercises
6. EXIM Procedures: A Case of India
Introduction to EXIM Procedures in India
Export Procedures
Export Documentation
Export Financing
Benefits of Export Trade
Import Trade
Import Procedures
Import Documentation
Import Financing
Benefits of Import Trade
Export Marketing
Functions of Export Marketing
Process of Export Marketing
Importance of Export Marketing
Exercises
7. Role of International Institutions in the Global Economy
Introduction to International Institutions
General Agreement on Tariffs and Trade (GATT)
General Elimination of QRs under GATT
National Treatment under GATT Agreement
Differential and More Favourable Treatment for Developing Countries
Multilateral Trade Negotiations and GATT
Developing Countries in the System of GATT
Uruguay Round
GATT and Market Access
New Areas and Systemic Issues
Trade Related Aspects of Intellectual Property Rights
Trade-Related Investment Measures
Trade in Services
Various Other Rounds of GATT
World Trade Organisation (WTO)
WTO Functions, Principles and Agreements
India and the WTO
United Nations and the World Economy
Functions and the Objectives of UN
IMF and Global Financial System
Major Objectives of IMF
IMF and Global Financial Stability
IMF’s Conditionality
IMFs Lending to Low-income Countries
World Bank and Economic Development
Functions of the World Bank
Major Objectives of the World Bank Group
Exercises
8. Role of Entrepreneurship in Business
Introduction to Entrepreneurship
Features of Entrepreneurs
Functions of an Entrepreneur
Significance of Entrepreneurs
Entrepreneurship
Background of Entrepreneurship
Entrepreneurial Skills
Factors Affecting the Growth of Entrepreneurship in India
Role of Entrepreneurship in Economic Development
Phases of the Entrepreneurial Journey
Entrepreneurial Risks
Exercises
9. Feasibility and Opportunities of Business and Business Plan
Introduction to Business Opportunities
Prerequisite for New Venture Development
Various Stages of Startups
Features of a Business Opportunity
Factors Responsible for the Failure of New Startups
Major Sources of Finance for Startups
Finding Business Opportunity
Characteristics of Business Opportunity
Opportunity Identification
Bases for a New Business Opportunity
Tools and Techniques of Opportunity Search
Opportunity Identification, Assessment and Selection
Various Techniques Involved in Opportunity Selection
Conditions to Assess Business Opportunity
Business Opportunities in Emerging Economies: An Indian Perspective
Feasibility Analysis for Finding Business Opportunity
Purpose and Significance of Feasibility Analysis
Various Types of Feasibility Analysis
Business Plan
Nature and Scope of a Business Plan
Contents of a Business Plan
Formulating a Business Plan
Common Errors in Business Plan Formulation
Significance of a Business Plan
Exercises
10. Legal Practices of Entrepreneurs and Entrepreneurial Ethics
Introduction to the Legal Practices of Entrepreneurs
Sole Proprietorship Company
Partnership Company
Joint Stock Company
Co-operative Organisations
Legal Environment for Organisations
Intellectual Property Rights
Patents
Copyright
Trademarks
Entrepreneurial Ethics
Prerequisite of Business Ethics
Factors Influencing Business Ethics
Ethics and Entrepreneurship
Ethics and Laws
Legal-Ethical Dilemma
Ethical Leadership by Entrepreneurs
Leadership Styles Influencing Ethical Decisions
Role of Ethical Leaders
Ethics and Business Decisions
Framework for Ethical Decision-making
Ethical Issue Intensity
Problems in Ethical Decision-making
Exercise
