Business in the International Economy
In the current rapid technological advancement everything has changed and all that matters, especially within the business surrounding, are now in a small world with a global marketplace. To add to this, there is a widespread of foreign ideals and cultures, which are being adapted by indigenous people throughout the whole world, and this has been made easier through the internet, television. The whole concept has come to be called globalization. This is with the case of increased connectivity, integration and interdependence within the existing economic, social, cultural, technological, ecological, and political standings. With increased industrial globalization being in place, many businesses are working across their cultural understanding and boundaries for production markets and broadening the access to a quite range of available goods and services for existing companies and consumers (Eichengreen, 2008).
Turkey is one of the countries that are very rich in diversity and continuity with a creative blend of various cultures, religions, races, and languages. With Turkey’s consistent growth in overall performance and a good number of skilled manpower, it has been keen and in front with providing enormous opportunities for potential investment. To understand the levels at which various products are to be affected on this international market sphere, then the following aspects will be discussed in details (Turner & Johnson, 2003).
Comparative Cultural Analysis
Cultural dimensions and understanding has always been the main issue in the development of comparative cultural standings and is greatly experienced in multi-national organizations. This is seen in both internally, consisting of human resource development, and externally, that has to do with the numerous relationships being developed with different buyers and potential suppliers within many different existing international countries (Stern, 2001).
The foreseen trends with internationalization has been on the increasing note with different research works being able to perceive at the Internationalization process and stages of entities pushing through into different existing markets. One of the most basic aspects of the internationalization process has always been the ability of the different entities be able to effectively and efficiently develop and critically maintain existing business relationships and business networks within and over the comparative cultural understanding (Stern, 2001).
- Demographic differences
Turkey’s existing workforce is still young on the developing level and a big number of individuals are now entering the professional workforce during the time of increased economic expansion that in one way or another provides an increased opportunity for the qualified and connected people. The issue now arises with the access to professional education and training, socialization, entry and career development is probably still disproportionately concentrated among the existing and different social groups, which in one way or another had dominated the possible professional fields. It has proofed to be had for the educational system in Turkey to provide enough and sufficient manpower for the existing market, despite of a big number of existing strengths. This has posed a serious challenge for Turkey to be able to find good employees to be put into the system and be able to uphold to the kind of quality that is desired to be achieved (Graff & Kenwood, 2010).
On the other hand, Switzerland has a good existing workforce with well-developed training and development strategies put in place that have enabled it to get a better market share in terms of imports and exports base. This has been proofed with a better international recognition indirect investments that Switzerland is able to make and cultivate good relationships with other nations, thus making it a better investment place. This is due to the kind of quality of products and services being up-holded over international trade standards.
Unemployment Rate – Seasonally Adjusted (Graff & Kenwood, 2010).
- Definition of Diversity
Many countries are able to categorize their diversity with gender, religion, ethnolinguistic regions, and/ or caste systems but Turkey normally operates on a very wide diversity, of which apart from the issues of gender, religion, ethnolinguistic regions, and/ or caste systems, it also extends to age, marital status, citizenship status, sexual orientation, and disability. While compared with Switzerland, is a major investor in the Turkey market, its diversity is mainly concerned with the issues of gender, religion, ethnolinguistic regions, and/ or caste systems, giving it a clear cut over Turkey on issues concerning discrimination. Therefore, the existing discourses about diversity separate between those social groups, which are always under-represented within the society’s power, wealth, and privileges, and those that are able to access well to better professional development and other existing business opportunities (Graff & Kenwood, 2010).
- Legal Frameworks
Within the past two decades, the robust system of anti-discrimination legislation, which includes all mechanisms that are put in place for monitoring compliance to set policies and redress for any violations that may occur, has been on development. This probably includes the legal accountability and responsibility that has been linked up the corporate chain existing in the command for any trace of discriminatory or unethical behavior that probably could be noted within the workplace. This probably includes the protection that is given to employees from any hostile situation within the working environment and possible retaliation for forwarding complaints to the authorities (Wild, 2008).
In such environment, many lawsuits against corporate offenders have been quite successful and this greatly helped in creating an environment where the expected and identified social norms for existing organizations are always compliant with the existing law and discriminatory practices are not accepted or considered in any way (Turner & Johnson, 2003).
There are no differences in terms of legal frameworks, for both Turkey and Switzerland, as the international trade standards are straightened across all import and export entities
Comparative Political and Legal Analysis
In most developing countries, like Turkey; United States of America; Switzerland, many diversified business groups exist in nearly all economies and probably dominates the private sector. At this level, we will be seeking to probably add to already existing theories, that are primarily economic and sociological, by critically analyzing the policies and potential state actions that are made to promote and also sustain existing and/ or potential business groups. At the end, it will greatly help in contributing to the existing significant cross-national discrepancies among different entities along the identified dimensions of size, different ranges of diversification in products and services, and finally on the reactions to globalization in the global market (Wild, 2008).
The political economy clarification that is presented in Turkey and Switzerland emphasizes on the overall role of politics and policy that they play (particularly on the existing regulatory policies and overall development strategies) in coming up with the outside limits of variation over different groups and also incorporation of the additional internal economic logic, that is the economies of scope and reduction of potential risks. The main issue here has always been on distinguishing the basic logics of existing three main kinds of business groups, that is organic, portfolio, and policy-induced, that has been able to react over a different portfolio on recent developments within the market transformation and globalization at large. This has only been achieved by the use of the political-economic approach (Wild, 2008).
When planning to start a business there are numerous legal issues, in Turkey, that needs to highly be put into consideration. This starts from the simple things within the structural setup of the business to its functional operation. All of these factors appear to be so simple but each one of them has given legal implications. To get a clear picture of what goes on in Turkey and Switzerland, a brief discussion will be given about two legal and/ or political issues that may arise in the line of setting up a business (Wild, 2008).
- Non-Disclosure Agreements
Confidentiality and non-disclosure agreements are highly put into consideration, especially when setting up financing procedures for the business. Also when allowing other firms to have access to imperative business information that probably could be kept privately, then the management should consider having such firms signing these agreements that will allow them to do so. This implies that the more confidential information contained in the business plan, the more central such agreements are supposed to be (Turner & Johnson, 2003).
- Zoning of the Business and Building/ property Code
Zoning is a strategic way of ensuring that the business is placed in a strategic position and point and this is probably influenced by the political standing of the region. Also knowing one’s building code will probably ensure that building code violations does not exist and no structural issues that may result to fines (Wild, 2008).
- Health and Safety
Health and Safety of their employees at the workplace is a very important concern and despite of the business size it is a responsibility that can not be assumed by the management group. They are both ethical and legal requirements in Turkey (Turner & Johnson, 2003).
- Employment and Age
Compliance of age and employment-related laws are dealt with seriousness and this goes along with the set in place health and safety laws. It has always been advised that before a firm is established, the management should seek important information from the EEOC (Equal Employment Opportunity Commission) for the purpose of ensuring that the legal frameworks are seriously complied to so that the owners may stay within the age limitations as imposed by the state law (Wild, 2008).
- Fair Trading Practices
Fair trading practices are practiced in the country proper guidelines are given by BBB (Better Business Bureau) which helps in avoiding deceptive conduct within the local and international business line and also ensuring that economic injury to end-product users and other businesses is prevented. Unfair competition, false advertising, copyright infringement, are some of the practices that are not accepted and anyone found going against the law set in place to guide this is liable to serious consequences. Better Business Bureau is a better guideline to open-door policy and this ensures fairness and equitability is applicable when dealing with arising complaints (Wild, 2008).
- Licensing and Insurance
Licensing the business is mandatory in both countries and this is acquired through the state’s Business License division. To safeguard the business, it should then be insured. It is advisable to hire an attorney while going through all documentation, possible plans and papers that are related to the legal aspects and frameworks of the business. This one way of complying with all legal requirements and the benefits could be the protection the business is covered from any lawsuits and/ or other legal complications that may arise with time (Wild, 2008).
Such correlation of trading standards in both countries, that is Turkey and Switzerland, have provided clean and conducive environments for better trading and investing and this has been proofed by the change in international relationship existing between these two states.
Comparative Economic Analysis
Comparative Economic Analysis is an integrated macro-level study of all the economies of the globe put together. It tends to give a skewed picture of the economic development over the whole globe that is experienced in general (Turner & Johnson, 2003).
Turkey’s economy is all about the combination of modern industry and commerce, along with a well developing traditional agriculture sector. It has a strong and ever-rising private sector that its success has been seen in the previous years. An attribute to such development is given to the state which has always been a major contributor to the industry, banking, transport and communication at large. In 2008, Turkey’s Gross Domestic Product went down to an annual rate of 0.9% and this was caused by the slowdown of global economic. The impact was later greatly felt in 2009 and declined further by 5.8%. In the same year, 2009, the nation’s economy was over-burdened by high external debt incurred and this was due to the fall in inflation to 5.8% (Graff & Kenwood, 2010).
Gross Domestic Product and Labor Force
In 2009 the Gross Domestic Product stood at $861.6 billion, which was a decline from 2008 and 2007 levels of $914.7 billion and $906.5 billion, respectively. In the same year, 2009, Turkey’s Gross Domestic Product (Official Exchange Rate) was worth $593.5 billion, while the Gross Domestic Product growth rate fell by 5.8% within the same period of time. In 2009, the Gross Domestic Product per capita was $11,200, which was a decrease from its 2008 levels when it was $12,100 (Graff & Kenwood, 2010).
In 2009, Turkey had a labor force of 24.2 million, of which an approximation of 1.2 million people was working in a number of overseas economies. At the same time, the unemployment rate in Turkey was 14.6%, which was a rise from 10.97% in 2008 statistics (Graff & Kenwood, 2010).
Extent of international integration
International Integration is the extent to which the spatial dimension of a given social process, within a given context of a country, tends not to be restricted by national borders that have been set in place. Therefore, measuring the international integration will automatically result to the extent to which a given country is critically open to better relationships with the rest of the world, which in turn is treated as a single partner country (Wild, 2008).
- The Impact of Customs Union
Most of the goods that area traded in Turkey are homogeneous, which means that the country either only expected to export goods within the same industry or import the same goods. This implies that simultaneous export and import of goods within the same industry are not allowed. Intra-industry trade is highly appreciated as opposed to inter-industry trade in completely different products. This means that a big part of the output of modern economies always involves differentiated rather than homogeneous products of the same existing industry. Hence, conventional trade theories are taken to be deficient in this respect and cannot critically explain such emerging trade pattern (Wild, 2008).
In the years 1990s, Turkey’s foreign trade gained momentum, particularly customs union agreement with the EU on January 1996. This contributed great to a further surge in Turkey’s trading volume. There was an increase in exports with $12.9 billion in 1990 to $21.6 billion in 1995, $27.7 billion in 2000, and $73.1 billion in 2005. There was also an increase in Imports from $22.3 billion in 1990 to 35.5 billion in 1995, $54.5 billion in 2000, and $116.8 billion in 2005. This shows that Turkey had a great performance in exports in 2001, 2002, 2003 and 2004 (Graff & Kenwood, 2010).
On comparison, Switzerland has an economic freedom score of 81.1, which on the International 2010 Index ranking, it becomes the sixth, having improved by 1.7 points from the last year standing. To show that Switzerland is one of the best performing states in Europe, it is ranked 2nd out of 43 countries, of which its overall score is even much higher the existing world average. Such achievements in the economy are attributed to the diversity and modernization that has seen Switzerland go through over the past years. Also there have been high levels of prosperity and institutional strength, such as a strong property right protection and efficient and effective legal framework put in place.
Switzerland has become one of the best world’s most competitive and flexible economies due to its openness to existing global trade and investment. This does not mean that Switzerland has just been going through good times alone, sometime it had persistent stress in its financial systems. Despite of this, Switzerland has always stood out as a strong country in terms of international trading and emerging from all global economic turmoil relatively unscathed and ready to move on further (Graff & Kenwood, 2010).
Switzerland Score over time (Graff & Kenwood, 2010).
Mustafa Kemal Atatürk, the core founder of the modern republic and the person behind the economic and political standout of Turkey. His vision was that Turkey could develop and emerge into a regional economic motivator that would normally rival other existing economic giants in Europe and the world at large.
· Economic outlook
The economy of Turkey has shown unanticipated flexibility as the global financial crisis is on the rise. This has increased Turkey’s ability to cope with shocks and can be applauded to buffers in bank and public balance sheets, a flexible exchange rate and greater diversification of export markets.
· Funding concerns
The positive economic outlook is not a final answer to Turkey’s problems because the country is still a number of vulnerabilities that could lead it to turmoil. Its budget deficit plus government debt maturities sums up to an extensive fiscal financing requirement, that notably involves market risk and the potential crowding out of bank credit to the private sector.
· Investors’ appetite
An interest for investment in Turkey has improved over the past few years and it is believed to increase over the coming years. The recent sovereign rating upgrades by both Fitch and Moody’s reflected this finding and highlighted the potential country’s economic flexibility to the global financial crisis and other existing lower external financing and political risks within the country (Wild, 2008).
· Political landscape
Turkey has been sailing through the political landscape for the first three months of 2010, given the current underlying tensions that exists between the ruling AKP party and the military (higher judiciary) (Graff & Kenwood, 2010).
The following are some of the summaries of potential Political Risks associated with Turkey:
- The population of Turkey is represented by the mixture of two cultures; the Western and Eastern cultures. This is so because Turkey is geographically positioned between Europe and the Middle East. This has proved to be a risking factor because of the recurring conflicts between these two regions (Graff & Kenwood, 2010).
- Turkey is to seek its membership within the European Union (EU) and as talks have preceded with some strong opposition the current European Union members makes a suggestion that accession may exist in the near term. Probably issues like the political treatment of Cyprus and the status of Kurds in Turkey will have some negative impact on Turkey’s prospects for European Union membership in general (Graff & Kenwood, 2010).
Major economic sectors
The following is a list of major economic sectors found in Turkey:
- Industry (Textile, Automobile, Chemicals, Machinery, and Electronics)
Major trading partners
The following is a list of major trading partners with Turkey, put into two categories (imports and exports):
- Main export markets: Germany, United Kingdom, Italy, USA
- Main source of imports: Germany, Russia, Italy, China
Swiss Businesses that are Operating in Turkey
The overall approved Swiss direct investments that have been made in Turkey has gone up to $2’250 million as of mid 2003, and this puts Switzerland straight on the sixth rank of foreign investment in Turkey. The number of companies with Swiss capital operating in Turkey by mid 2003 was found to be 234 companies. Among the total foreign investment in Turkey, the share of these 234 companies is 7.12% (Undersecretariat for Treasury). The Swiss companies mainly are concentrating their investment within (Graff & Kenwood, 2010);
- Chemical industry
- Various manufacturing areas
The following are some of the recommendations that have been identified in relation with the need to improve on international business between Switzerland and Turkey:
- Come up with strategic policies and develop awareness-raising and training on law-abiding and bribery of foreign public officials in different international business deals.
- Proactively enforcing the Turkish offense against the existing and rampant foreign bribery.
- Provision of non-discriminatory treatment of foreign-owned businesses or enterprises in states that are majority foreign ownership and this should be in regard to investments and activities, such as the National Treatment Instrument
- Proper International guidelines for Multinational Enterprises to be stationed in Turkey
Turner C. & Johnson D. (2003). International business: themes and issues in the modern global
Wild J.J, Wild K.L. & Han J.C.Y. (2008). International Business: The Challenges of
Globalization. Pearson education international
Stern M.R. (2001). Services in the international. University of Michigan Press
Graff M. & Kenwood G. (2010). Growth of the International Economy, 1820-2010. Routledge,
Eichengreen B. (2008). Globalizing capital: a history of the international monetary system.
Princeton University Press
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