World TradeBULW 5380 Introduction

What is International B-Law?

It generally encompasses the following:

• International Trade• Licensing (principally

intellectual property issues)• Direct investment (MNC

issues)

The Economics of International Trade

• Absolute Advantage• Comparative Advantage• The key to both is this -

specialization creates efficiencies

Is Specialization Such a Good Thing?

NY Times, January 10, 2010, “Multicultural Critical Theory. At B-School?” By LANE WALLACELearning how to think critically — how to imaginatively frame questions and consider multiple perspectives — has historically been associated with a liberal arts education, not a business school curriculum, so this change represents something of a tectonic shift for business school leaders. Mr. Martin even describes his goal as a kind of “liberal arts M.B.A.”

Many nations prefer “generalists” to specialists, because, as they say on THE CLOSER: “When you’re a hammer, everything looks like a nail.”