International Business Is Fine if

¶ … international business is fine if you are going to work in a large multinational enterprise, but it has no relevance for individuals who are going to work in small firms.

I would strongly disagree with this statement. Actually, many of the business processes and the latest innovations in modern business are developed and first introduced and implemented by large, multinational enterprises. Thereafter, those same business processes and innovations become available on the smaller scale to small companies. Even more general matters of modern business policies, practices, and procedures typically develop in large multinational enterprises first and then become common practice in smaller local companies after they are first developed and proven on the larger scale.

How have changes in technology contributed to the globalization of markets and productions? Would the globalization of production and markets have been possible without these technological changes?

Changes in technology have contributed to the globalization of markets and productions tremendously. The digital revolution has enabled seamless communications virtually irrespective of geographic distance. Likewise, the computerization of financial and stock markets led to the evolution of a 24-hour international trading environment that was never previously possible. However, some of the most influential technological changes have had to do with supply chain management and remote inventory control. In particular, RFID chips now enable central offices to monitor inventory throughout all of their outlets worldwide and to direct inventory to them as necessitated by local demand and circumstances. Similarly, RFID systems have already been widely implemented in connection with the comprehensive shift toward automatic order fulfillment and shipping management.

c. "Ultimately, the study of international business is no different from the study of domestic business. Thus, there is no point in having a separate course on international business."

I would definitely disagree with that statement. While there are certainly many specific issues within the realm of the study of domestic business that are particular to smaller entities, the converse is also very true: there are important issues within the realm of the study of international business that are particular to that realm. Generally, there are obviously some areas of overlap, especially in connection with fundamental business concepts; they apply equally to both small domestic businesses and to larger international businesses. However, if one were to rely exclusively on the areas of study that are applicable to smaller domestic business, one would be completely unprepared for virtually any career within larger international corporations except perhaps in very narrow specialty areas.

d. How might the Internet and the associated World Wide Web affect international business activity and the globalization of the world economy?