BENGA stands for "Bridging Evolving Nations to Global Alliance" (which is also a fun monicker for our group based on our names). :)
As students and as the future generation, we all have a social responsibility - this responsibility we must hold true to ourselves as active contributors and as loyal members of our society. The future of business lies in our hands, to contribute and raise perpetual awareness.
Our logo represents the process of bridging and connecting different countries and cultures in alliance.
Introducing Team Benga
Members
I’m James! I’m studying International Business at the University of Kent in the UK, but I’m spending the whole of my third year in Hong Kong. In my spare time I enjoy playing sports; most notably football and athletics. I also like to see as much live music as I can, and enjoy watching movies, and traveling.
I'm Elsa, an exchange student from York University in Toronto, Canada. I am in my third year in the business administration program specializing accounting. I was born on a small island off the South East coast of the African Continent called Mauritius, where I lived for 9 years. My first language was French as it is the main language in Mauritius - I wish I could speak Chinese languages though! In my spare time, I love to read, watch movies, volunteer and try to do graphic designs! I would love to travel the world, meet new people and eat delicious food everyday. :)
I'm Penny! I am a local student. I am doing my last semester in CityU now. I love Hong Kong. I can speak Cantonese, Chinese, English, and Hakka. I like singing and I joined the church choir last year, I really enjoy it. Apart from that, I enjoy the time with my family when I feel the most comfortable.
I’m Annie! I am a senior in business administration as a marketing major. I’m Chinese born American, born and raised in Los Angeles, California. I enjoy playing no-limit Texas Hold 'Em poker and chess! I see them as a sport and I absolutely love it. I have a fear of heights so I took up mountain climbing and hiking "14ers" to face my fear, which I’ve also grown to love. (“14ers” are a special nickname for all the mountains and peaks 14,000 feet of elevation above the mean sea level.) I love a lot of things, especially learning and traveling, and enjoying a glass of red wine with great company. I am in constant active pursuit to feed my ambitious goals for the rest of my life. Haha.
BENGA's Goals
We have several goals which we hope will help us in our daily lives at school and in the future at work. We would like to study globalization in more depth in order to enable us to be competitive for the international business market.
We would like to inform our fellow classmates about issues surrounding management and international issues affecting the way management is carried out. As well, we would like to try to gather as much knowledge as possible during our time spent in Hong Kong and particularly within this module, to better ourselves as students of business, and as human beings.
The diversity of our group allows us to explore different facets of cultures from several areas in the world. We will be able to learn from each other and apply the newly gained knowledge to other features of our lives. Engrossing ourselves within the cultural ‘Melting Pot’ that this opportunity provides us with will enable us to sharpen our skills and gain new experiences.
Weekly Topics
Our group is looking forward to learning about the following topics in the upcoming weeks:
1. Intercultural communication and conflict resolution, leading and motivating workers in international cultural contexts and managing virtual organizations.
1. Intercultural communication and conflict resolution, leading and motivating workers in international cultural contexts and managing virtual organizations.
2. Cultural differences and proper etiquette when handling international relationships: to become more sensitive and tolerant of other beliefs and customs which allows managers to lead and motivate workers globally.
3. Technological breakthroughs that create virtual organizations and how to manage these types of organizations.
Interesting Additional Topics
Our group is curious in the following topics relating to international management:
1) Managing Risk and Uncertainty
1) Managing Risk and Uncertainty
2) Sustainability and Green Management
3) Image Restoration Strategies and Global Philanthropy
4) Leading and Motivating Workers in International Cultural ContextsMyth
Q. Has Globalization enabled equal bargaining power among countries?
Many believe that globalization has created equal bargaining power among countries. However, our research has proven that this is not the case.
One particular event involving China's involvement with the United States' debt crisis is used as an example.
First, in recent years China has recycled vast amounts of its trade surplus into US government bonds, or Treasuries, and owned almost $700bn of the bonds at the end of 2008. President Obama will be hoping that China maintains its appetite for Treasuries to help finance his administration's stimulus plan.
Neoliberalism
To illustrate the unequal bargaining power of countries under globalization, we make reference to past events in terms of culture, political, military, technology, economy, social, as well as relate the notion of neoliberalism.
Euronews segment illustrating China's anger at the United States' debt
First, in recent years China has recycled vast amounts of its trade surplus into US government bonds, or Treasuries, and owned almost $700bn of the bonds at the end of 2008. President Obama will be hoping that China maintains its appetite for Treasuries to help finance his administration's stimulus plan.
Compare to the past, China doesn’t have much bargaining power but since it becomes the no. 1 U.S. bonds buyer, China’s bargaining power increases.
Even U.S. urges China to open Yuen’s market. China rejects and shifts the focus back to the U.S. bonds.This incident shows the imbalance bargaining power among countries under globalization. Rather, under the impact of financial tsunami in 2008, economic strength decides the bargaining power of particular countries.
Culture
Culture affects bargaining power of countries. For example, corruption in China makes foreign investors difficult to set up business in China. Relationship also called “Guan Xi” in Chinese is the utmost important element to do business.
Political
Political environment varies in countries. China and North Korea have one dominant party. People’s Republic of China (PRC) is China’s sole legitimate government. U.S.A, U.K, France, other European countries have many political parties who are elected by citizen.
China has greater bargaining power in United Nations Security Council, Taiwan cannot enter the organization because China rejected.
Military
Many countries increase their military budgets. For instance, China increased its military budget 12.7% to 601.1bn yuan ($91.5bn; £56.2bn) up from 532.1bn yuan last year, officials said in 2011.
The United States invasion of Afghanistan, codenamed Operation Enduring Freedom, took place after the destruction of the Twin Towers on 11 September 2001 in New York, United States of America, by the Al-Qaeda terrorist group. The event marked the beginning of the United States of America's "War on Terrorism". Afghanistan was invaded by the USA for failing to comply with a United Nations Resolution to hand over Osama Bin Laden, leader of Al-Qaeda ; an ultimatum to close terrorist training camps in Afghanistan, and "hand over every terrorist and every person and their support structure to appropriate authorities"; and give the US full access to terrorist training camps to verify their closure.
Technology
China’s technology breakthrough makes it possible to set up satellites in the space and join the space races with other countries.
Economy
China has positive economy growth even in Financial Tsunami in 2008. Many countries need China’s economy. One example, China buys bulky sum of bonds from the U.S.A and become the largest debtor.
Chinese dollar “yuen” was claimed to be undervalued which makes the imbalance trades to other countries. The U.S.A sets up tax for the Chinese goods. At the same time, U.S.A provides subsidy to the local farmers to fight against with China.
Social
Many countries because of geographic locations do not have many natural resources such as Japan and Singapore. Those countries rely on other countries resources like oil. This will lower their bargaining power.
Neoliberalism
Globalization and Neo-liberalism
1. THE RULE OF THE MARKET.
Liberating "free" enterprise or private enterprise from any bonds imposed by the government (the state) no matter how much social damage this causes. Greater openness to international trade and investment, as in NAFTA. Reduce wages by de-unionizing workers and eliminating workers' rights that had been won over many years of struggle. No more price controls. All in all, total freedom of movement for capital, goods and services. To convince us this is good for us, they say "an unregulated market is the best way to increase economic growth, which will ultimately benefit everyone." It's like Reagan's "supply-side" and "trickle-down" economics -- but somehow the wealth didn't trickle down very much.
Liberating "free" enterprise or private enterprise from any bonds imposed by the government (the state) no matter how much social damage this causes. Greater openness to international trade and investment, as in NAFTA. Reduce wages by de-unionizing workers and eliminating workers' rights that had been won over many years of struggle. No more price controls. All in all, total freedom of movement for capital, goods and services. To convince us this is good for us, they say "an unregulated market is the best way to increase economic growth, which will ultimately benefit everyone." It's like Reagan's "supply-side" and "trickle-down" economics -- but somehow the wealth didn't trickle down very much.
2. CUTTING PUBLIC EXPENDITURE FOR SOCIAL SERVICES.
For example, education and health care. REDUCING THE SAFETY-NET FOR THE POOR, and even maintenance of roads, bridges, water supply -- again in the name of reducing government's role. Of course, they don't oppose government subsidies and tax benefits for business.
For example, education and health care. REDUCING THE SAFETY-NET FOR THE POOR, and even maintenance of roads, bridges, water supply -- again in the name of reducing government's role. Of course, they don't oppose government subsidies and tax benefits for business.
3. DEREGULATION.
Reduce government regulation of everything that could diminish profits, including protecting the environment and safety on the job.
Reduce government regulation of everything that could diminish profits, including protecting the environment and safety on the job.
4. PRIVATIZATION.
Sell state-owned enterprises, goods and services to private investors. This includes banks, key industries, railroads, toll highways, electricity, schools, hospitals and even fresh water. Although usually done in the name of greater efficiency, which is often needed, privatization has mainly had the effect of concentrating wealth even more in a few hands and making the public pay even more for its needs.
Sell state-owned enterprises, goods and services to private investors. This includes banks, key industries, railroads, toll highways, electricity, schools, hospitals and even fresh water. Although usually done in the name of greater efficiency, which is often needed, privatization has mainly had the effect of concentrating wealth even more in a few hands and making the public pay even more for its needs.
5. ELIMINATING THE CONCEPT OF "THE PUBLIC GOOD" or "COMMUNITY" and replacing it with "individual responsibility." Pressuring the poorest people in a society to find solutions to their lack of health care, education and social security all by themselves -- then blaming them, if they fail, as "lazy."
Thank You
We hope you enjoyed our blog! Please feel welcome to contribute your thoughts and observations.
Extension:
Thank you all your comments!
For this extension, we want to response to several points from your comments.
Some comments suggested that we could include the meaning of bargaining power. Should it refer to the oil resources, military operations, GDP, or anything else?
Bargaining power is a concept related to the relative abilities of parties in a situation to exert influence over each other.
( "Bargaining Power." Wikipedia. Wikimedia Foundation, 05 June 2012. Web. 07 May 2012. <http://en.wikipedia.org/wiki/Bargaining_power>.)
In our blog, we wanted to look at how globalization influences the bargaining power of different countries in the world. Bargaining power means the abilities that one country has influence on other countries in world trade or in the United Nations because of certain influencing factors.
Basically, culture, political, military, technology, economy, and social are the factors can be affecting countries bargaining power in different ratios. However, in this blog, we are going to discuss Natural Resources and Economy factors which we believe are the main factors affecting countries’ bargaining power, in deep.
Natural resources
Natural resources such as oil, coal and other chemical elements do affect countries’ bargaining power. More natural resources mean greater bargaining power; less natural resources mean smaller bargaining power.
Top Ten Oil Exporting Countries:
Saudi Arabia (8.73 million barrels per day)
Russia (6.67)
Norway (2.91)
Iran (2.55)
Venezuela (2.36)
United Arab Emirates (2.33)
Kuwait (2.20)
Nigeria (2.19)
Mexico (1.80)
Algeria (1.68)
Top Ten Oil Importing Countries:
United States (11.8 million barrels per day)
Japan (5.3)
China (2.9)
Germany (2.5)
South Korea (2.1)
France (2.0)
Italy (1.7)
Spain (1.6)
India (1.5)
Taiwan (1.0)
According to the U.S. Department of Commerce, America's international deficit in goods and services trade soared 18% from 2004 to a record $726 billion in 2005. Dramatic increases in the cost of petroleum products and the volume of oil imports were responsible for some two-thirds of the increase in the U.S. trade deficit in 2005.
"Top Ten Oil Countries." Suite101.com. Web. 07 May 2012. <http://daniel-workman.suite101.com/top-ten-oil-countries-a2088>.
Under globalization, corporations can expand their business to other countries freely. Business involves two parties; one sells products or services, one buys the products and services.
Oil is very important products to countries. However, some countries like Saudi Arabia are abundant of oil natural resources but some countries such as the United States, Japan, and China do not have sufficient oil resources to supply internal demand. Therefore, they rely heavily on oil import from countries with abundant oil supply. However, they will suffer a lot during the fluctuation of oil prices. In this case, United States, Japan, and China have less bargaining power in terms of natural resources than Saudi Arabia and Russia.
Economy
Economy is another main factor affecting countries’ bargaining power. Countries with powerful economy status can have greater bargaining power in the United Nations.
For example, Taiwan is restricted to enter the United Nation. The main reason is because of objection from China. China believes that Taiwan is part of China’s region so it cannot be separated as a “Country”.
However, China is a great economy country in the world. During the financial tsunami in 2008, many countries include the United States and European countries suffered from economic downturn, but China has its GDP growth by 8%. It is believed that, the ongoing great economy power of China makes China plays a big role in the United Nation. China has greater bargaining power than Taiwan in the global market, therefore, Taiwan is rejected to enter the United Nation due to great objection from China.
To conclude, globalization affecting bargaining power of countries is definitely a very interesting topic. There are still many other perspective can be looked into. The purpose of our blog is to bring out this topic and provided some insight to audiences.
Sources Cited
BBC News. 2001: US launches air strikes against Taleban. Retrieved January 29, 2012, from http://news.bbc.co.uk/onthisday/hi/dates/stories/october/7/newsid_2519000/2519353.stm
BBC News. China says it will boost its defense budget in 2011. Retrieved January 31, 2012, from http://www.bbc.co.uk/news/business-12631357
BBC News. China says it will boost its defense budget in 2011. Retrieved January 31, 2012, from http://www.bbc.co.uk/news/business-12631357
China Culture.Org. Great Achievements in China's Space Technology. Retrieved February 14, 2012, from http://www.chinaculture.org/gb/en_aboutchina/2005-06/30/content_70274.htm
Economic Times. US must stand up to China on currency: Hillary Clinton. Retrieved January 31, 2012, from http://economictimes.indiatimes.com/news/international-business/us-must-stand-up-to-china-on-currency-hillary-clinton/articleshow/10359455.cms
Foster, P. Chinese premier Wen Jiabao worried about US debt. Retrieved February 9, 2012, from http://www.telegraph.co.uk/finance/g20-summit/4984924/Chinese-premier-Wen-Jiabao-worried-about-US-debt..html
Global Security.Org. World Wide Military Expenditures – 2011. Retrieved January 31, 2012, from http://www.globalsecurity.org/military/world/spending.htm
Gurung, T. Few Things to Know Before Doing Business in China! Retrieved January 28, 2012, from http://ezinearticles.com/?Few-Things-to-Know-Before-Doing-Business-in-China!&id=1854600
Lee, J. 5 tips to invest and do business in China. Retrieved January 27, 2012, from http://www.china-window.com/china_business/doing_business_in_china/5-tips-to-invest-and-do-b.shtml
Martinez, E. What is Neoliberalism? Retrieved February 1, 2012, from http://corpwatch.org/article.php?id=376
Neuhof, F. Iran oil ban to put pressure on European supply lines. Retrieved January 13, 2012, from http://www.thenational.ae/thenationalconversation/industry-insights/energy/iran-oil-ban-to-put-pressure-on-european-supply-lines
New York Times. UN rejects Taiwan application for entry. Retrieved January 27, 2012, from http://www.nytimes.com/2007/07/24/world/asia/24iht-taiwan.1.6799766.html
SA History.Org. US Invades Afghanistan. Retrieved January 29, 2012, from http://www.sahistory.org.za/dated-event/us-invades-afghanistan
