Ch04_Summary - CHAPTER SUMMARY CHAPTER 4 What's Your Global...

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CHAPTER SUMMARY – CHAPTER 4 What’s Your Global Perspective? Define parochialism. Contrast ethnocentric, polycentric, and geocentric attitudes towards global business. Explain why it’s important for managers to be sensitive to global differences. Parochialism is viewing the world solely through your own eyes and perspectives and not recognizing that others have different ways of living and working. An ethnocentric attitude is the parochialistic belief that the best work approaches and practices are those of the home country. A polycentric attitude is the view that the managers in the host country know the best work approaches and practices for running their business. And a geocentric attitude is a world-oriented view that focuses on using the best approaches and people from around the globe. (See Exhibit 4-1.) Successful global management requires managers to be sensitive to global differences in national customs and practices in order to find which work best and to prevent making costly blunders. Understanding the Global Environment Describe the current status of the European Union. Discuss the North American Free Trade Agreement and other regional trade alliances in Latin America. Tell about the Association of Southeast Asian Nations. Explain the interdependence that globalization involves. Discuss the role of the WTO. The European Union consists of 25 members with two more countries expected to join in 2007. Twelve of those countries have adopted the euro, the common currency.
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