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Key Term: Entering Global Markets and Managing Global Operations After reading the Satterlee (2019) textbook, International Business with Biblical Worldview, I developed an interest in knowing how global markets function. Globalization is becoming a standard feature where states, private organizations, and individuals are increasingly interacting on various social and economic fronts within the international system. Out of curiosity, I needed to know the key guiding principles that dictate the relations of states in the international arena. Without a proper management system, the system would be disorderly, with the likelihood of some states taking advantage of others. Explanation of the Key Term In international relations, there needs to be clearly defined rules and guidelines that must be adhered to regulate and control global operations. Some states have more influence and power, which places them in an advantageous position to take advantage of the weaker states. There need to be transparent global operations management systems and structures to cushion the small states and their local industries. The managing agents ensure that there is fairness and equity in the global markets. An example of a tool for global operations management is border tariffs. The tool is utilized to control the entry of external businesses into a local market. Only the desired international trade partners are granted access to a country’s local market. Major Article Summary The paper utilized Vijayasri’s (2013) research article, The Importance of International Trade in the World, as the primary article that laid the background explanation for my selected key term. The article mainly focused on highlighting the relation between the economic development of states and international trade. The primary motive for every state engagement should be in the economic development of the concerned economies. The article clearly explains the advantages of a proper management system to safeguard the interests of the parties engaged in the global market. I found Vijayasri’s (2013) article to be highly useful in my explanation of the topic of global markets and their global operations management systems. Discussion Vijayasri (2013) highlights the concept of international specialization, which means that different states of the world specialize in the production of various unique goods. That makes foreign trade an inevitable reality within the international system. Each party engaged in foreign trade needs to accrue the maximum value from exchanging goods with another state. Just like the Philippians 2:2 bible verse states, “then make my joy complete by being like-minded, having the same love, being one in spirit and of one mind,” there is a need for states to unite toward a standard economic course within the international system (New International Version (NIV), n.d.). As Freund and Ornelas (2010) state, this is the key motive that leads to the formation of trade blocs and unions. The organizations come up with standard rules and regulations that dictate the interaction model among their member states and any external economic actors. The weaker states become the key beneficiaries in this type of economic model. With such a policy, there is minimal exploitation of the more fragile economies by the stronger ones in the process of international cooperation. Crudu (2019) discusses how the European economies heavily benefited from the formation of the EU. With the region harboring significant economic giants like Britain and France, the smaller economies in the region got a chance to enjoy the widened market and diffusion of innovative technologies for trade. All these have been facilitated by the existence of the free trade policy among the EU member states. With such economic insights on international trade, there need to be proper legislative policies that ensure that the interests of all the concerned parties are fulfilled. References Crudu, R. (2019). The role of innovative entrepreneurship in the economic development of EU member countries. Journal of Entrepreneurship, Management and Innovation, 15(1), 35- 60. Freund, C., & Ornelas, E. (2010). Regional trade agreements. Annu. Rev. Econ., 2(1), 139-166. New International Version (NIV). (n.d.). Philippians 2:2 NIV – – Bible Gateway. Www.biblegateway.com. https://www.biblegateway.com/passage/?search=Philippians+2%3A2&version=NIV Satterlee, B. (2019). International Business with Biblical Worldview. McGraw-Hill. ISBN 13: 978-1-260-77143-5 [eBook embedded in the course as Inclusive Access] Vijayasri, G. V. (2013). The importance of international trade in the world. International Journal of Marketing, Financial Services & Management Research, 2(9), 111-119.