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Raises the issue of customer definition in economic development. Because of the multiple stakeholders and their varying interests, understanding where and how value is created is critical to understanding the customer.

The arrival of a multinational corporation often looks like a death sentence to local companies in an emerging market. After all, how can they compete in the face of the vast financial and technological resources, the seasoned management, and the powerful brands of, say, a Compaq or a Johnson & Johnson? But local companies often have more options than they might think, say the authors. Those options vary, depending on the strength of globalization pressures in an industry and the nature of a company's competitive assets. In the worst case, when globalization pressures are strong and a company has no competitive assets that it can transfer to other countries, it needs to retreat to a locally oriented link within the value chain. But if globalization pressures are weak, the company may be able to defend its market share by leveraging the advantages it enjoys in its home market. Many companies in emerging markets have assets that can work well in other countries. Those that operate in industries where the pressures to globalize are weak may be able to extend their success to a limited number of other markets that are similar to their home base. And those operating in global markets may be able to contend head-on with multinational rivals. By better understanding the relationship between their company's assets and the industry they operate in, executives from emerging markets can gain a clearer picture of the options they really have when multinationals come to stay.

Examines activities of offshore financial centers. The text documents the growth and uses of offshore corporations.

Examines InterGen's breakthrough Quezon power project, located in the Philippines. Explores how InterGen evaluates and manages project risk through partner selection, the use of operating contracts, and project finance techniques.

Examines an innovative, village-based management program in Zimbabwe. While the program has been quite successful, executive director Steven Kasere is concerned about the future. The program has become quite controversial in the environmental community, and the U.S. Agency for International Development (USAID) support may be in peril.

Supplements the case.

After highlighting some key developments in the banking history of the United States, the case illustrates the Banking Panic of 1933 and the way in which Franklin D. Roosevelt dealt with it at the beginning of his presidency. Describes the main components of banking reform bills that members of Congress proposed in April 1933. Deposit insurance figured prominently in these bills, and the case summarizes the contemporary debate surrounding this proposed insurance.

A central document for the Managing International Trade and Investment (MITI) course and its cases. Provides a conceptual framework for the course and a systematic way of analyzing the political circumstances that confront firms engaged in international trade and investment.

Briefly describes six historical currency crises. Presents actual data on 11 disguised countries and asks students to consider which is most likely to experience a crisis.

Introduces students to theories about why currency crises occur. Discusses whether crises can be predicted.

The current worldwide economic crisis illustrates how global the economy has become. But are global markets creating globally minded companies? Bruce Kogut, a professor of management at the Wharton School of Business, answers this question in his review of The Myth of the Global Corporation. The book, written by Paul N. Doremus, William W. Keller, Louis W. Pauly, and Simon Reich, argues that multinational corporations are still heavily influenced by the characteristics of their home country. It focuses on differences in corporate governance and research and development, and it finds that multinational companies are generally not accessing a global technology base. Kogut agrees that these and other national differences remain a steep hurdle in the way of creating a corporate strategy, but he says they do not imply that national differences are actually undermining the global competitiveness of multinational companies. As goods and people move freely across borders, companies are increasingly able to compete on a worldwide basis without straying far from headquarters. And when countries open up to international trade and investment, the theory of comparative advantage indicates that their companies tend to specialize in whatever the country of operation does best. This specialization can actually strengthen national differences, not weaken them. In this new environment, Kogut says, managers and other leaders face a difficult balancing act. They must meet the demands for global convergence in economic institutions while supporting the national policies that undergird a nation's distinctive competitiveness.

On January 1, 1999, 11 European nations formally adopted the euro as a common currency. What will the new monetary union mean for managers? In this Perspectives piece, senior executives from Merloni Elettrodomestici, PricewaterhouseCoopers, DaimlerChrysler, Sara Lee/DE, and ICI discuss how the euro will alter the European business landscape and change the rules of management. The contributors suggest that the single currency will require executives to rethink many of their long-held assumptions about doing business in Europe. Because consumers will be able to easily compare prices across the Continent, for example, it will become much more difficult to have different product positioning and pricing strategies from country to country. Similarly, the need for pan-European thinking may require companies to reconsider their decentralized organizational structures, which grant autonomy to national units. And at the operational level, fragmented supply chains may turn into severe disadvantages. There are many other changes that managers must consider with the introduction of the euro. Not only will they have to cope with confused and suspicious customers, they will also incur major up-front costs in implementing the changeover to the new currency. No two companies will take the same course in responding to the myriad challenges, but the practical insights of these five contributors will help all companies think clearly about their options.

The concept of "benchmarking" as applied to the public sector, seeks to use quantitative measures and comparison over time to encourage progress toward social and efficiency goals. This case describes the origin and implementation of one of the most ambitious benchmarking efforts in the U.S. It follows the program from a period of initial enthusiasm to legislative disillusion--and the efforts of a new program director to redirect and re-energize the effort. Broadly, it raises the question of what sorts of public goals are well-suited to the benchmarking process and how public agencies respond to it. Pair with the case sequel (HKS846). HKS Case Number 1554.0.

The concept of "benchmarking" as applied to the public sector, seeks to use quantitative measures and comparison over time to encourage progress toward social and efficiency goals. This case describes the origin and implementation of one of the most ambitious benchmarking efforts in the U.S. It follows the program from a period of initial enthusiasm to legislative disillusion--and the efforts of a new program director to redirect and re-energize the effort. Broadly, it raises the question of what sorts of public goals are well-suited to the benchmarking process and how public agencies respond to it. Pair with the case study (HKS845). HKS Case Number 1554.1.

The Asian miracle turned into a nightmare in 1997. Thailand triggered the region's free-fall when the baht was delinked from the U.S. dollar in July. This sent other Asian currencies tumbling as speculators took advantage of profit opportunities. Hong Kong was not immune to the regional woes. The first attack on the Hong Kong dollar began in earnest in October 1997. As the crisis in Asia worsened, the impact on the HKSAR deepened. Hong Kong's stock market took a pounding as speculators mounted three more attacks in 1998. Faced with this scenario and the prospect of a worsening economy, on August 14, 1998, the government changed from being a passive regulator to an active market participant by accumulating large positions in local blue-chip stocks.

Although the Great Depression stands as the most punishing economic event of the 20th century, there is still remarkably little consensus about its causes. This case presents a number of prominent explanations including those of Franklin D. Roosevelt, John Maynard Keynes, Milton Friedman, and Anna Jacobson Schwartz. Four additional theories are presented in the appendix.

Set in the Great Depression, this case explores the origins of national income accounting in the United States. Highlights Senator La Follette's 1932 proposal for the federal government to begin collecting national income statistics.

Examines several market entry options for R.R. Donnelley's expansion into Eastern Europe. Used as an introduction to a Harvard Business School course titled "New Opportunities in Emerging Markets." Asks students to consider the following issues: 1) the impact of macroeconomics and political instability on project profitability, 2) market research in an emerging market, 3) choice of a joint venture partner, 4) geographic versus industry diversification, and 5) capital structure.

A leading Mexican agribusiness firm wants to expand in the United States and other locations. How to do so in a manner that utilizes the strengths of the company?

In July 1999, the Australian Wheat Board (AWB), a statutory national and international grain marketing organization, would become grower-owned. As a private corporation, the AWB would no longer receive government borrowing guarantees and would have to rely on its own capital base for investments. Along with a new structure, the AWB's wheat export monopoly was in jeopardy as domestic and international grain traders called for open competition. The case describes CEO Murray Roger's challenges in navigating the AWB into a new era.