How Big Is It--The Missing Measurements

Robock, Stefan H.; Simmonds, Kenneth
May 1970
Columbia Journal of World Business;May/Jun70, Vol. 5 Issue 3, p6
Academic Journal
The traditional concept of trade and its highly developed theoretical framework does not allow for and does not explain the flow of international private investment or the growth of international business operations. There has been no movement to discard economic trade theory. Instead, the impression has grown that something should probably be added to the existing theory to give a framework that explains international business in addition to trade. The failure of traditional trade theory to anticipate and explain the growing importance to the world economy of the internationalization of business operations stems partly from the way the question to be answered is posed. The business firm has a number of different ways open to it for supplying market demand in a foreign country. Trading or exporting is only one of the options. Depending on the circumstances, a business firm can supply foreign demand by licensing its product or processes to a foreign firm, or it may establish a production facility in a foreign market in lieu of exporting. More and more firms are putting together marketing strategies against world markets, not just their home markets.


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