Q.1
Business management is a complex profession that incorporates theories and their practical application at the same. To succeed in management, one must accomplish some learning objectives at the learning level. The accomplishments listed in this course, for example, will be crucial in introducing me to management of multinational corporations and inform me as to how global forces affect these businesses. Specifically, I will understand the structure of international financial markets and institutions including the range of instruments traded therein. I will also learn how to interpret the operation of the international financial system, its current state, and challenges for the future. Essentially, accomplishing these objectives will improve my understanding of the operations of multinational firms and the factors influencing their operations.
Q.2
Incompetence is the major challenge that managers are likely to face for not accomplishing the listed objectives. It is clear that these objectives cover the main elements of Multinational Corporation’s management. Failing to accomplish the objectives means that the manager will step into the profession without some knowledge and skills. Consequently, the manager will be unable to solve some of the problems that may occur in the future.
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Q.3
The main purpose of the World Trade Organization (WTO) is to promote the liberalization of trade. In other words, the organization was created to propagate the elimination or reduction of barriers that affect trade in the world. Another major purpose of the WTO is to ensure that trade between nations is conducted in a smooth and predictable manner ( Eichengreen, 2011) .
The purpose of the G8 summit is to give leaders from the most industrialized nations in the world to meet in informal settings and deliberate on the issues facing the world. The aim of this summit is to attempt to encounter global problems by discussing the major issues and developing a plan elaborating on the actions that the world should take.
The World Trade Organization and G8 summit are, indeed, very beneficial to multinational corporations. As mentioned before, the WTO’s main purpose is to promote elimination or reduction of trade barriers between nations and ensure that all operations flow smoothly and predictably. Multinational companies are highly dependent on movement of goods and services across the borders (Kurtz, 2018). Therefore, the operations of the WTO are crucial to the wellbeing of multinational corporations. Similarly, multinational companies are heavily affected by global issues discussed at the G8 Summit. It follows, therefore, the decisions made by leaders at the G8 determine the survival and operations of multinational companies.
Q.4
Understanding the international monetary system is important in informing managers and business persons of the procedures followed in determining exchange rates between various national currencies. Without a solid understanding of this system, it difficult for authorities to create stable and highly successful global markets. In addition to creating stable global markets, understanding international money system is crucial to enabling managers to know comprehend how exchange rates are determined, conduction of international payments, and international capital movements. Managers with advanced knowledge in international money systems are able to track and predict international economic development and thus, can make decisions from an informed point of view (Hoekman, 2017). Similarly, such managers understand how international markets operate and can therefore, predict the strength of various currencies in the future. Essentially, the international money system is a tool that multinational companies can use to make appropriate and exceptional market decisions.
References
Eichengreen, B. (2008). Globalizing capital: A history of the international monetary system . Princeton, NJ: Princeton University Press.
Hoekman, B. M. (2017). Assessing the World Trade Organization: Fit for purpose? World trade forum: . Cambridge: Cambridge university press.
Kurtz, J. (2018). WTO AND international investment law: Converging systems . S.l.: Cambridge Univ Press.
