Evolution of International Business

International business is the process of linking the global resources with global people.

Evolution of International Business: A Concise Overview

Early Integration (19th Century):

• Increased economic integration marked by advancements like steam ships.
• Seeds of globalization sowed through trade routes and cultural interactions.

Colonial Model (Post-WWI):

• Dominant empires extract raw materials from colonies.
• Finished goods exported back, creating unequal exchange.

Nationalism and Shift (Post-WWII):

• Former colonies gain independence, challenge colonial model.
• Governments protect domestic industries, limiting raw material exports and finished goods imports.

Multilateralism Emerges:

• IMF and IBRD (World Bank) established for cooperation and global trade.