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    Adjusting to the New World Economy
    Adjusting to the New World Economy
    Adjusting to the New World Economy
    Ebook121 pages1 hour

    Adjusting to the New World Economy

    By Michael Czinkota

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    About this ebook

    Professor Czinkota shares with us his practical insights into the modern world trading system and the complexities that exist within. It provides an invaluable framework for future global leaders in their endeavors to solve global trade crises and find opportunities for furthering the free flow of goods and services across borders.

    It is rare to find such practical insights into the rationale of why the world is what it is today and makes for some interesting guidance for the future. Anyone who reads this book will be better equipped to tackles the challenges of operating in the world economy and working their way out of conflicts.

    The book also addresses the weaknesses present in current world structures, such as the World Trade Organization and its inability to suppress China, guiding the reader on how to achieve business success in a world of instability and diplomatic tensions. The concept of Curative International Marketing is a unique framework fathered by Professor Czinkota and is deeply explored in this book.

    LanguageEnglish
    PublisherBusiness Expert Press
    Release dateJul 1, 2022
    ISBN9781637421949
    Adjusting to the New World Economy
    Author

    Michael Czinkota

    Professor Michael Czinkota is an Emeritus faculty member at Georgetown University. Through his experience in the Department of Commerce Deputy Assistant Secretary of Commentary merce, Advisor for Export Controls, and the U.S. delegation head of the OECD industry Committee in Paris, and the head of an advertising agency, he has sound industry experience that forms his views on the world trading system that is a benefit to any future business leader. Czinkota graduated in Germany from the university of in Erlangen-Nurtnberg , in the U.S. from The Ohio State University. Czinkota was awarded the Significant Contribution to Global Marketing award from the American Marketing Association in 2007.

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      Book preview

      Adjusting to the New World Economy - Michael Czinkota

      CHAPTER 1

      International Connectedness

      •The International Dream

      As the largest importer in the world, the United States obtains about 13 percent of global goods and services from other countries—diverse as China, Canada, and Mexico. The United States tends to buy more than it sells. Americans have access to worldwide products and none has to go overseas to get it. But does this mean they have access to everything? And if not, what new inventions and innovations is the United States missing out on?

      While everyone talks about exports, we focus on the so often maligned imports. Exports make imports possible, which enhances selection, competition, and competitiveness. With already a shining city on the hill, how can things get even better?

      Our team of hands-on experts were exposed to products from around the globe. They are a group of seniors at the McDonough School of Business at Georgetown University. We asked them to give us a closer look into what the United States should import more of. Students explore new motivations for U.S. imports to include goods and services from a wide array of industries ranging from fine foods to health and technology.

      Technology has effectively become the center of our lives. Students believe that the United States should dedicate its import efforts on innovative products that will enhance tech performance and connectivity. The United States currently can only support 4G services to telephones. Korea, on the other hand, has been using 5G recently, which has provided them the opportunity to grow faster and be more flexible than the United States. There now is a lucrative market for portable chargers. As they are cheaper to import than to produce, the United States is more likely better off importing battery pack rentals from China.

      The need for tech innovation is not limited to mobile phones, but includes automobiles and health. With rising auto tariffs, the United States will have decreasing access to advanced automotive engineering technologies. Specifically, foreign markets sell sleek pickup trucks, which are not available in the United States and penetrate Asia and Sub-Saharan Africa. Access to such advanced forms of auto engineering will benefit U.S.

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