NEW TO THIS EDITION

NEW Chapter Layout—Instructor feedback indicated it was difficult for many students to absorb the amount of information contained within chapter 2. In response, the author responded by separating the material to make a new chapter; Chapter 3 has been added and titled, Political Economy and Economic Development.

Comprehensive and Up-to-Date—the environment of business has changed and to represent it, the author has incorporated the most recent available statistical data in all of the texts chapters along with new examples, cases, and features throughout. All chapter opening and closing cases are new to this edition, and all statistics, figures and maps have been updated in chapters 1, 3, 7, 8, and in chapter 10 the author includes the most recent data on foreign exchange rates, the Economist Big Mac Index, etc.

Expanded Discussion on Topics—chapter 1 includes discussion of new studies on income distribution and globalization; chapter 5 contains a new section on societal culture and ethics; chapter 7 contains a new section on protecting the environment; chapter 9 provides a detailed discussion of sovereign debt crisis added to the euro; and in chapter 15, the author highlights hidden costs of foreign locations, and dynamic capabilities, and how their role influences make or buy decisions.

Focus on Managerial Implications—a section is provided at the end of macro chapters where students often struggle seeing the practical application of the topic chapter. Management Focus boxes provide lively illustrations of the relevance of chapter material for the practice of international business. For example, chapter 9 contains a new Management Focus on the European Commission and Intel.

Revised! Country Focus—the author continues to provide background on the political, economic, social or cultural aspects of countries grappling with an international business issue, raising students’ awareness of how national and geographic differences affect the conduct of international business. Chapter 3, for example, contains a new Country Focus box titled, “India’s Economic Transformation;” chapter 10 contains a new Country Focus box titled, “Quantitative easing, inflation and the value of the U.S. dollar.”

RETAINED FEATURES

• Beyond the uncritical presentation and shallow explanation of the body of knowledge—This text provides a critical approach that presents the arguments for and against economic theories, government policies, business strategies, organizational structures, and so on. Additionally, Hill explains the complexities of the many theories and phenomena unique to international business so the student might fully comprehend the statements of a theory or the reasons a phenomenon is the way it is.

• Tight, Integrated Flow between Chapters—Integration has been achieved by organizing the material so that each chapter builds on the material of the previous ones in a logical fashion. Relationships of new material to topics discussed earlier are pointed out to students to reinforce their understanding and reinforces understanding of the integrated whole.

• Makes important theories accessible and interesting to students—The author’s passion for the subject matter shines thru in his conversational writing, the anecdotes, and rich examples woven throughout the text. Another Perspective boxes provide additional context for chapter topics.

• Chapter 4, Ethics in International Business: In the wake of the numerous ethical scandals that swept through the business world recently, greater emphasis is placed on this vitally important topic. Like the text, the chapter is both rigorous and practical, covering not only the foundations of ethics, but also how ethics informs strategy as well as “how-to” steps for implementing ethics into strategic operational decisions. This chapter provides efficient coverage of ethics, which is recommended by the Association to Advance Collegiate Schools of Business (AACSB).

• globalEdge Research Tasks—created by Tunga Kiyak and the team at MSU-CIBER of Michigan State University are featured in each chapter and have been updated from the previous edition. These exercises challenge students to solve problems similar to those faced by practicing international business managers, acquaint students with the tools and data real managers use, and are ideal for Web-based courses. Instructors are given solutions and the URL where the information is located.