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Principles Of Management: International Economics

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Question:

Discuss about the Principles of Management for International Economics.

 

Answer:

Introduction

The assignment concentrates n the benefits of free trade along with the concept that it holds which helps the organisation in obtaining the competitive advantage. Free trade is regarded as the trading that is conducted by the countries to import or export of goods without any charge of tariffs and quotas and any other restrictions. Thus, free trade helps the organisation along with the stakeholders to gain the extra profit that is received from the selling of the goods to the customers. Thus, in free trading, the buyers and the sellers carry out the trading activity over different countries without the applying of tariffs and quotas that help in reducing the price of the products that are being sold. The Transpacific agreement is taken into consideration in this assignment where there are various pros and cons that are discussed which would help to provide an idea of the benefit as well as the problem free trading create (Anderson, J.E. and Yotov, 2016).

 

On the other hand, the free trade further helps the organisation to receive the satisfaction of the customers, and hence the customers are prone to more purchasing of product from the respective organisation thereby increasing the profit percentage of the organisation. On the other hand, the assignment also consists of the pros and the cons that are associated with the free trade such that it provides a benefit to the organisation thereby sharing a good relation with the stakeholders along with the employees and the customers. The assignment focuses on the relationship that is built between the stakeholder and the organisation due to the practice of free trading activity. Moreover, the share of competitive advantage also multiplies for this reason thereby causing a sharp benefit for the organisation and the economy where the organisation is operating its business (Hope, V.D., Eramova, I., Capurro, D. and Donoghoe, 2014).

Body

The Transpacific agreement is the controversial discussion that holds the benefits as well as the disadvantages that are created due to the exercising of the free trade agreement in the countries such as Australia, Mexico, and America and so on. Therefore, as it seemed that the agreement resulted in the innovative approaches and the enhancement of the governance, competitive advantage, and reduction of poverty. However, there were certain disadvantages that were also seen to be associated with the agreement that involves the job loss of the employees and the less payment being received by the employees in the organisation (Felbermayr, G., Heid, B., Larch, M. and Yalcin, 2015).

As it is witnessed that free trade is a beneficial factor that is associated with the organisation such that it helps in the building up of the competitive advantage but the loss of a job is also associated with the free trade, which tends to cause a harsh nature of the activity. Hence, the increase in the sales percentage along with the opening of new market possibility and the generation of currency are all associated with the free trading. Moreover, the economic growth of the country is also associated with the free trading. Along with the possibility of several advantages that the free trading focuses on there are certain disadvantages that are also considered in this discussion. It is seen that though there is an economic boom and there is a direct foreign exchange that takes place from the practice of free trade, at the same time, there is also a problem of unemployment that prevails with the practice of free trade (Fang, 2014).

 


Moreover, there is the crowd of domestic industries that threaten the other multinational industries that are present in the economy. The poor working condition also prevails due to the use of free trade activity in the economy. Further, there is degradation of the natural environment, and the culture of the areas is also damaged. Furthermore, there is a reduction in the tax revenue. Hence, that could be a serious problem for the government fund. Moreover, the direct effect is caused to the local producers along with the local business that is being operated in the economy. Hence, it could be said that though there is an advantage that is related to the free trading activity, there are certain problems that keep cropping up in the economy due to the practice of free trade in the economy (Francois, et al. 2013).

Therefore, it could be said that the free trade is associated with both the pros and the cons; hence, it is the economy as which one to choose for the benefit to be achieved. As it is clear from the fact that the fuller elimination of the tax and quotas tends to increased the flow of goods from one country to another, this medium helps in the obtaining of the best result for the organisation that are associated with the free trade activity. Together with this, it could be said that the good relation could be built with the stakeholders of the organisation such that both receive the benefit. As a result, there is more scope for development for the organisation along with the growth and opportunities showering its way shortly (Montalbano, P. and Nenci, 2014).

On the other hand, there are many small industries, and there are many farmers cannot compete with such agribusiness, which is operating in the developed countries. Therefore, there the problem of job loss is associated with the free trade activity. On the other hand, the multinational companies would tend to relocate jobs to the emerging market countries where no proper labour protection is available to the labours. This tends to result in a poor working condition for the workers working in the industries. Therefore, it could be said that the free trade is associated with the disadvantage that could cause a serious problem for the employment of the workers who are working (Bhattacharyya, R. and Mandal, 2016).

 


Along with the disadvantages that are associated with the free trading activities the further advantages that are also associated with the free trading is that the opening of the new market. The opening of the new market in the economy could facilitate in the obtaining of the competitive advantage that would help the organisations to receive the competitive advantage. On the other hand, there would increase the growth of the economy that would be associated with the free trading in the economy. Thus, the relation of the organisation and the stakeholders would reach a level where there would be a benefit associated along with the profit for the two. This would help the organisation in receiving the good status in the market and reach the peak level of goodwill for the coming future. On the other hand, as free trade helps in the access of latest technology and business practices hence there is more benefit that is associated with the organisation when free trade is taken into consideration (Qianqing, W. and Fan, 2015).

 

Conclusion

It could be concluded from the above discussion that free trade stands a good source of income for the organisations. It is not only the competitive advantage that the organisation receives from the free trade activity, but the relationship between the employees and the stakeholders are also managed and are at a good stand (Neary, 2016). Moreover, it is further seen that there are both the advantages as well disadvantages that are associated with the free trade activities. The discussion shows various disadvantages and advantages that are associated with the free trading. On the other hand, the relationship between the stakeholder and the organisation also builds up it is because the free trade is associated with the competitive advantage. It is further seen that the effect of free trade would have a bad impact on the organisations that are operating because the employees would be paid less or would have to lose their job due to the agreement of free trade. Therefore, the impact of free trade on the employee could be a problematic situation for the economy (Eslava, M., Haltiwanger, J., Kugler, A. and Kugler, 2013).

Therefore, as it is noticed that free trading facilitates dynamic business and the expansion of the new market in the economy, therefore, the profit for the organisation is multiplied. Moreover, it is not only the profit of the organisation that is multiplied, but the stakeholders of the organisation also get a good share of the profit. It is further seen that there is also some disadvantages that are connected to the free trading activities where reports are found that in America when the free trading agreement was taken into consideration the farmers had to face job loss. This resulted in the massive unemployment in the economy through the organisation and the economy was subjected to competitive advantage (Dür, A., Baccini, L. and Elsig, 2014).

 

Reference List

Anderson, J.E. and Yotov, Y.V., 2016. Terms of trade and global efficiency effects of free trade agreements, 1990–2002. Journal of International Economics, 99, pp.279-298.

Hope, V.D., Eramova, I., Capurro, D. and Donoghoe, M.C., 2014. Prevalence and estimation of hepatitis B and C infections in the WHO European Region: a review of data focusing on the countries outside the European Union and the European Free Trade Association. Epidemiology and infection, 142(2), p.270.

Felbermayr, G., Heid, B., Larch, M. and Yalcin, E., 2015. Macroeconomic potentials of transatlantic free trade: A high resolution perspective for Europe and the world. Economic Policy, 30(83), pp.491-537.

Fang, K.Y., 2014. China (Shanghai) free trade experimental zone value added telecommunication-services opening trend. Special Zone Economy, 10, p.004.

Francois, J., Manchin, M., Norberg, H., Pindyuk, O. and Tomberger, P., 2013. Reducing transatlantic barriers to trade and investment: An economic assessment (No. 20130401). Institue for International and Development Economics.

Montalbano, P. and Nenci, S., 2014. Assessing the trade impact of the European Neighbourhood Policy on the EU-MED Free Trade Area. Applied Economics, 46(7), pp.730-740.

Bhattacharyya, R. and Mandal, A., 2016. India–ASEAN Free Trade Agreement: An ex post evaluation. Journal of Policy Modeling, 38(2), pp.340-352.

Qianqing, W. and Fan, Y., 2015. The Survey about the Situation of Guangxi Corporations' utilization of the China-ASEAN Free Trade Agreement. Around Southeast Asia, 10, p.014.

Eslava, M., Haltiwanger, J., Kugler, A. and Kugler, M., 2013. Trade and market selection: Evidence from manufacturing plants in Colombia. Review of Economic Dynamics, 16(1), pp.135-158.

Dür, A., Baccini, L. and Elsig, M., 2014. The design of international trade agreements: Introducing a new dataset. The Review of International Organizations, 9(3), pp.353-375.

Neary, J.P., 2016. International trade in general oligopolistic equilibrium. Review of International Economics, 24(4), pp.669-698.

Mai, J. and Stoyanov, A., 2015. The effect of the Canada?US Free Trade Agreement on Canadian multilateral trade liberalization. Canadian Journal of Economics/Revue canadienne d'économique, 48(3), pp.1067-1098.

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