International Business Law and Its Environment
It has been said that America’s interest in international education has peaked and ebbed with the changing tide of the American political climate, rising in times of economic expansion and ebbing during periods of political isolation or economic protectionism. Perhaps, however, the cycle has finally been broken, and industry leaders, government policymakers, and educators alike have come to understand the importance of making a permanent commitment to international education.
In the last half of the twentieth century, America faced an increasingly competitive global marketplace and a mounting trade deficit. Rather than seek protection behind often-politicized trade laws, America’s leaders committed themselves and the nation to policies of free trade and open investment. American firms realized that they had no choice but to compete aggressively with international competitors, in markets both here and abroad. Witness not only America’s great multinational corporations, but also the successes of the many small and medium-sized companies that today do business internationally.
Among nations, the spirit of free trade has become contagious. Examples can be seen everywhere: the rush of nations to join the World Trade Organization, the growth of regional economic integration, privatization of national economies, and the opening of once tightly controlled markets in developing countries and in formerly communist countries as well. The outcome has been the globalization of the world’s economy and of world markets for goods and services. It is in this climate that we have seen perhaps the greatest renewal of interest in international business education in America’s history.
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