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International Environment Summary
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Full summary of the International Environment course given by professors Sascha Albers and Johan van Gompel.
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INTERNATIONALE OMGEVING1. Stability and change in the international economic environment................................................................3
1.1. The firm as a resource transformation system, embedded in its environment............................................3
1.2. Globalization.................................................................................................................................................4
1.3. Conflicts exist despite (or because) the success of globalization..................................................................5
1.4. Rules and multilateralism as a way to handle different interests.................................................................5
1.5. Learning objectives and questions................................................................................................................6
2. The international business environment..................................................................................................... 7
2.1. Multinational enterprise...............................................................................................................................7
2.2. Key categories of country differences...........................................................................................................7
2.3. Tools that governments use to intervene in markets...................................................................................9
2.4. Why do governments intervene in markets?..............................................................................................10
2.5. Learning objectives and questions..............................................................................................................11
3. Role functioning and impact of international institutions..........................................................................13
3.1. Why and how were the three international institutions established?........................................................13
3.2. How do these institutions work in the international business environment?.............................................13
3.3. International Monetary Fund......................................................................................................................14
3.4. The World Bank...........................................................................................................................................16
3.5. The World Trade Organization....................................................................................................................18
3.6. Learning objectives and questions..............................................................................................................19
4. The European Business Environment: The EU and the project of European Integration.............................20
4.1. Economic integration..................................................................................................................................20
4.2. Economic Rationale for integration............................................................................................................21
4.3. European Union...........................................................................................................................................21
4.4. Single European Market SEM......................................................................................................................22
4.5. Learning objectives and questions..............................................................................................................24
5. Role, functioning and impact of the most important EU-institutions.........................................................25
5.1. United in diversity.......................................................................................................................................25
5.2. A unique structure of governance, sometimes adapted.............................................................................25
5.3. Laws and decision-making process in the EU..............................................................................................26
5.4. Learning objectives and questions..............................................................................................................28
6. Macro-economische veranderingen in de wereld: een inleidende kadering...............................................29
6.1. Macro-economische omgeving – de basics.................................................................................................29
6.2. Veranderingen in de omgeving – Panta Rhei..............................................................................................29
6.3. Onzekerheid van omgevingsfactoren – economisch voorspellen...............................................................30
1
,7. Internationale handel en de economie..................................................................................................... 34
7.1. Het belang van internationale handel........................................................................................................34
7.2. Macro-economisch evenwicht met vrije invoer en uitvoer.........................................................................34
7.3. Verklaringen voor internationale handel....................................................................................................35
7.4. Globalisering en de toename van de wereldhandel....................................................................................37
7.5. Vrije handel versus protectionisme: welvaartseffecten..............................................................................38
7.6. Cases: Brexit, handelsoorlog VS-China, sancties tegen Rusland.................................................................39
7.7. Vragen.........................................................................................................................................................39
8. Het internationale monetair stelsel.......................................................................................................... 40
8.1. De betalingsbalans......................................................................................................................................40
8.2. Wisselkoers en wisselmarkt........................................................................................................................42
8.3. Internationale monetaire stelsels...............................................................................................................43
8.4. Economische en monetaire unie Europa 1999............................................................................................45
8.5. Financieel-economische crisis 2007-2012...................................................................................................47
9. Europese economische integratie............................................................................................................. 49
9.1. Geschiedenis van de Europese economische integratie in een notendop..................................................49
9.2. De EMU en de euro.....................................................................................................................................50
9.3. Swot-analyse van de Europese (Monetaire) Unie.......................................................................................51
9.4. Aanhoudende divergentie in prestaties en onevenwichtigheden bemoeilijken verdere vooruitgang en
verdieping...........................................................................................................................................................52
9.5. De toekomst van Europa.............................................................................................................................52
10. Recente en actuele internationale economische situatie.........................................................................54
10.1. Conjunctuuranalyse en voorspellen in onzekere tijden.............................................................................54
10.2. Impact Covid-19 en oorlog in Oekraïne: internationaal perspectief.........................................................55
10.3. Impact Covid-19 en oorlog in Oekraïne: Belgische economie...................................................................55
2
,PART 1: MANAGEMENT
1. Stability and change in the international economic
environment
The international environment is extremely broad, and you can take different approaches on
it. We are looking at the effect of the environment on company decisions.
The international environment is difficult to forecast, the conditions are constantly changing.
We need to understand the importance of rules and international institutions for stability
and reliability of economic activities.
1.1. The firm as a resource transformation system, embedded in its
environment
A firm can be a system of automation, efficiency, with human resources as input.
The firm can be seen as a system of transformation activities.
⇨ Porter’s value chain = a tool to decompose the firm into a set of activities that are
needed to create value.
⇨ The supporting activities (top) enable the primary activities (bottom) which are directly
involved in turning input into output.
Primary activities:
- Inbound logistics
organize the inputs.
- Operations
production.
- Outbound logistics
getting it sorted and
sending it to distributors.
- Marketing & sales tell
people your products
exist.
- Service maintenance, exchange.
The firm is embedded in its environment, which consists of a set of relations.
A firm is not self-sustainable, it is dependent on other parties.
3
, There are a lot of different forces that have an influence on the firm:
1.2. Globalization
A lot of firms are not only national, but also face international environments. Being
international makes it more difficult but it also creates opportunities.
Firms can have different reasons to internationalize:
- Market-seeking globalization of markets
Exploring and discovering new market opportunities (at a reasonable cost)
Following customers (B2B changes into B2C, get in direct contact with your
customers. Customers are internationalizing.)
- Resource-seeking globalization of production
Exploiting factor-driven location advantages
Exploiting demand-driven location advantages
- Using global network globalization of markets and production
Global experience (knowing how customers in different countries think for example)
Economies of scale in productions, logistics, marketing, purchase/sourcing, and
technology
Mobility of production
Lowering risk
Product differentiation
A theory of internationalization is Dunning’s OLI:
The base exists of 3 classes of advantages (OLI) determining the motive (why), location
(where), and mode (how) of internationalization.
1) Why: ownership = nature and size of technological, managerial, financial, and marketing
advantages vis-à-vis domestic firms.
2) Where: location = combining ownership-advantages with immobile factors in a foreign
market (reflects location-specific advantages abroad).
3) How: internalization = advantages of internal coordination and control, and advantages
of combination with other assets of the firm.
These criteria help firms when they want to expand to new markets. Before expanding, the
firm wants to find out if he has an advantage. (example d18)
4
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