Global Issues - Our World in Data

Question 1 

The Euro currency was introduced in 1999, and 19 European countries embraced it. The main objective of introducing the currency was to promote economic growth while enhancing the effectiveness of various European political institutions. Unfortunately, the Euro currency has mostly failed to achieve its primary objective (Samuelson, 2019). On the contrary, it has resulted in many economic crises in many countries that adopted it. The Euro currency issues are not only affecting member countries but the world at large, including American international business people. 

Specifically, the American international business should be concerned about the Euro currency issues because it has reduced the disposable income of many European consumers significantly, especially due to the debt crisis. The currency made many people to over-borrow, and they are straining financially to repay the debt (Samuelson, 2019). Consequently, the affected consumers are not only earning low disposable income, but they are also forced to reduce their expenditure, leading to reduced purchasing power. At the same time, the crisis has resulted in low economic growth in many European countries. As a result, the American international business people may not find the business environment in many Euro currency member countries favorable. 

Question 2 

Environmental degradation is currently one of the significant global issues because of its severe adverse effects on individuals, countries, and the world at large. The global environmental degradation is associated with problems such as natural disasters, chronic diseases, and poor human health and wellbeing ( Yang, 2014) . As a result, local and international organizations like UNEP have come up with many environmental laws and treaties to protect the environment. However, the implementation and enforcement of international environmental laws have been the major issue in the fight against climate change and environmental pollution. Therefore, I think the major legal responsibility of countries is to implement and enforce international environmental laws, as well as treaties. Importantly, countries have the legal responsibility to form strong environmental agencies that can effectively enforce environmental-related laws and treaties, including regulations and policies. 

The legal disputes can be resolved by effectively engaging all countries that are affected by a given environmental law. Effective engagement on environmental issues leads to better decision-making by all countries while at the same time, it can lead to a compromise on environmental disputes ( Yang, 2014) . Besides, countries should work together during the formulation of environmental law to avoid or reduce resistance. Countries must be determined to protect the environment. 

Question 3 

The term "the standard of care" always elicits a controversial debate, especially among health professionals, because it lacks a universal definition. Many people always misunderstand the concept. The standard of care is used to define the level of attentiveness, caution, and prudence that is expected among professionals, primarily in the health care sector ( Moffett & Moore, 2011) . Therefore, professionals are required to adhere to national and international standards of care. The national standard of care presupposes that all physicians within a given country practice the same level of care, as well as judgment and diligence regards of their areas of operations. A country's laws and regulations regulate the national standard of care while at the same time, it is enforced by a nation. The national standard of care applies within the jurisdiction of a nation. 

The international standard of care, on the other hand, applies to the professionals or organizations that ‘operate at the global level. Unlike the national standard of care, the international standard of care is regulated by global laws and policies, and it applies to all affected parties regardless of their country of origin ( Moffett & Moore, 2011) . However, both national and international standards of care are aimed at improving the quality of care services. At the same time, they are mainly enforced by the local government. 

Question 4 

The United Nations (UN) Charter is the founding document for the United Nations and many multinationals treaties that bind many countries across the globe. The UN Charter was signed into law on 26 June 1945, and it became operational on 24 October 1945 ( Fassbender, 2018) . The Charter was based on the needs for countries to solve issues affecting such as security, human rights, and social justice. Besides, it was created immediately after World War II (WWII) when the world realized that the formation of the international organization was inevitable, especially for the maintenance of peace and stability globally. As a result, one of the major objectives of the Charter is to maintain global peace and security, as well as to develop effective relations among nations ( Fassbender, 2018) . Besides, the purpose of the Charter is to create cooperation between nations to enhance socio-economic development across the globe. 

Thus, the UN Charter is vital in international business because it creates a favorable environment for global trade. Peace and security are important in any form of international business because they influence the long-term economic performance of firms, leading to improved profitability ( Fassbender, 2018) . Lack of peace, on the other hand, adversely affect or disrupts economic activities. Also, the good relationship between nations that is created by the Charter enhances international business activities. 

Question 5 

Even though globalization is not a new phenomenon, its effects still elicit a contentious debate, especially among economic scholars. I believe that globalization is a good thing because of its many benefits to both developed and developing countries. Globalization allows efficient and effective flow goods and services across nations while at the same time, it reduced tariffs and trade barriers that initially impeded international trade ( Samimi & Jenatabadi, 2014) . Also, globalization is a good thing based on the concept of comparative advantage. Comparative advantage refers to the ability of a country to produce goods or service more efficiently, especially when compared to competitors in the global market. Importantly, globalization is a good thing because it enables developing countries to leverage their comparative advantage, particularly in terms of labor cost ( Samimi & Jenatabadi, 2014) . Also, it leveraged the comparative advantage of developed countries in professional services, including capital and knowledge-intensive sectors. Hence, globalization benefits both developed and developing nations. 

Question 6 

The USA has competitive and robust manufacturing and agricultural sector, which enhances its competitiveness in the global market. The USA is still one of the leaders in the two sectors, which explains why it should continue to produce both manufacturing and agricultural goods and export them to the global market. The US is one of the few countries that dominate manufacturing activities globally because it supplies more than 25% of manufactured goods in the global market ( Kliesen & Tatom, 2018) . At the same time, it is a global leader in agricultural production, which has been facilitated by the active use of modern technologies and innovations. Therefore, based on the concept and theory of competitive advantage, the US still maintains a competitive edge in the production and supply of both manufacturing and agricultural goods globally. According to the competitive advantage theory, the USA, the US should focus the two industries because it enjoys a competitive advantage, especially when compared to other major competitors like China. 

Question 7 

International legal personality is a term that is used to refer to entities that are given rights and obligations, especially based on international law. Personalities of international law, therefore, is based on the notion that countries are sovereign and equal and they can freely or voluntarily enter into a legally binding agreement or treaty as equal parties ( Worster, 2016) . Under international laws, the term personality is used to refer to a nation that is affected by international laws. Rights of international laws, on the other hand, are used to define individuals. Rights define the international liability of individuals. Like nations, individuals have the internationally responsible for their acts, as well as behaviors that are related to international laws ( Worster, 2016) . Therefore, individuals can be prosecuted under international laws for serious crimes such as genocides and crimes against humanities. Also, international laws can protect individuals against any form of human rights violation. 

Question 8 

Companies and countries are expected to adhere to some international standards that guide their behaviors and actions. ISO 26,000 is one of the voluntary compliance frameworks, and it mainly focuses on the social responsibility of organizations in both the private and public sector ( Shenkar, Luo & Chi, 2014) . At the same time, ISO 26,000 applies to all countries regardless of their economic status. The main objective of the framework is to ensure that organizations operate in a socially responsible manner for the betterment of the entire society. Also, the framework is designed in a way that it assists organizations to achieve sustainable growth and performance, leading to long-term success ( Shenkar, Luo & Chi, 2014) . With increased demographic changes, organizations can only enjoy long-term success if they are socially responsible to their stakeholders and the larger society. Thus, companies that adhere to the ISO 26,000 requirements are likely to gain a competitive advantage in the local and global market. ISO 26,000 is an essential framework for both private and public organization. 

References 

Fassbender, B. (2018). What’s in a Name? The International Rule of Law and the United Nations Charter. Chinese Journal of International Law , 17 (3), 761-797. 

Kliesen, K. L., & Tatom, J. (2018). Here's Why US Manufacturing is Fundamentally Strong . Retrieved from https://research.stlouisfed.org/publications/economic- synopses/2018/03/02/heres-why-u-s-manufacturing-is-fundamentally-strong 

Moffett, P., & Moore, G. (2011). The standard of care: legal history and definitions: The bad and good news. Western Journal of Emergency Medicine , 12 (1). 

Samimi, P., & Jenatabadi, H. S. (2014). Globalization and economic growth: Empirical evidence on the role of complementarities. PloS one , 9 (4). 

Samuelson, R. (2019, January 6). The euro is still vulnerable. Can it survive? The Washington Post . Retrieved from https://www.washingtonpost.com/opinions/the-euro-is-still- vulnerable-can-it-survive/2019/01/06/48566014-1047-11e9-84fc- d58c33d6c8c7_story.html?noredirect=on 

Shenkar, O., Luo, Y., & Chi, T. (2014). International business . Routledge. 

Worster, W. T. (2016). Relative international legal personality of non-state actors. Brooklyn Journal of International Law , 42(1) , 207-271. 

Yang, T. (2014). The Top 10 Trends in International Environmental Law. International Environmental Law: The Practitioner's Guide to the Laws of the Planet (American Bar Association, 2014) , 22-13.