PART01
Understanding the global business environment

Chapter 1: What is Global Management?
Chapter 2: The New International Trade Order
Chapter 3 Global Financial Environment
Chapter 4 Political and Cultural Environment

PART02
Establishing and implementing global strategies

Chapter 5 Establishing a Global Strategy
Chapter 6: Overseas Business Operations through Exports and Contracts
Chapter 7 Overseas Direct Investment
Chapter 8 International Joint Ventures and Strategic Alliances
Chapter 9 Overseas Mergers and Acquisitions

PART03
Management of global companies

Chapter 10: Organizational Structure and Human Resource Management in Global Enterprises
Chapter 11 Coordination of Global Product Development and Marketing Activities
Chapter 12 Global deployment of production and research and development activities
adjustment
Chapter 13 Financial and Accounting Controls for Global Management Activities

PART04
Global company of the future

Chapter 14 From Multinational Corporations to Transnational Corporations

The global economy currently faces many uncertainties.
The COVID-19 pandemic, which has ravaged the world since 2019, is stabilizing, but there are signs of stagflation, with rising inflation and a slowing economy.
Additionally, work methods are rapidly changing, with telecommuting becoming more common, and with the commercialization of AI, significant changes in corporate decision-making methods are expected.
Meanwhile, the Trump administration's second term in the United States is strengthening its protectionist, nation-centered trade policies in opposition to the globalization trend that has steadily progressed since World War II. Furthermore, the sense of crisis is also growing due to Russia's invasion of Ukraine, the conflict between Israel and the Arab world, and the power struggle between the United States and China.

There have been many ups and downs in the process of forming the global economic order in the past.
When the world economy was booming, free trade prevailed, and when it was recessionary, protectionism gained ground.
While it is true that protectionism has temporarily strengthened, the long-term trend of globalization of the economy and corporate management is expected to continue in the future.

In order for Korean companies to continue to fend off competition from advanced economies and move more quickly into cutting-edge industries, they will need to secure technologies and brands through strategic alliances with overseas local companies, the use of overseas research institutes, and overseas mergers and acquisitions. Furthermore, to fend off the pursuit of developing countries and maintain cost competitiveness, they will need to globally relocate their value chains, leaving high-value-added production activities in Korea and shifting the rest to overseas production bases.
Furthermore, understanding their business operations is essential to successfully defending the domestic market against the attacks of multinational corporations.

This book was written to systematically convey knowledge for effective global management to managers working in business settings around the world and to business students who will soon take on these roles after graduation.
This book can be used as a textbook for "International Management," a required major course in the Department of Business Administration, and can also serve as a practical global management guide for managers working in the field.

Effective global management needs to be considered in three stages:
The first step must be to thoroughly understand the global management environment in which Korean companies are located.
In other words, it is necessary to understand the new international trade and global financial environment represented by the WTO, as well as the different political and cultural environments of each country.
In the second step, a specific global strategy is established based on an understanding of this global management environment.
At this stage, it is necessary to establish an overall global strategy and employ various overseas market entry strategies such as exports, contracts, foreign direct investment, international joint ventures and strategic alliances, and overseas mergers and acquisitions.
The third step requires effective integration and coordination between headquarters and subsidiaries located globally through these global strategies.
That is, we must find ways to effectively integrate and coordinate human resources, marketing, production, research and development, finance, and accounting functions globally.
This book examines the decision-making process necessary for global management by identifying the three stages mentioned above and dividing them into sections and chapters.

The above-described organizational structure of this book overcomes the weakness of past international management textbooks, which were organized by function, such as international trade, international finance, foreign direct investment, international management policy, and international marketing, and thus lacked connectivity between chapters.
This book focuses on the theory of transnational corporations, the latest theory in international management, and identifies the challenge of global management as pursuing both globalization and localization from the perspectives of strategy and management.
The author's lecture notes, written primarily at the MBA level on international management and multinational corporations, were the basis for this book, which he wrote at the Wharton School of the University of Pennsylvania, the Stern School of Business of New York University, the National University of Singapore, Korea University, and KAIST Business School.

The cases covered in this book focus on countries or regions that occupy important positions in the global economy, such as Western and Eastern Europe, Southeast Asia, the United States, China, Russia, Japan, Singapore, Brazil, Australia, and North Korea.
Additionally, the cases introduced in this book are comprised of companies in industries where global management is crucial, such as electronics, consumer goods, finance, heavy equipment, sports shoes, clothing, automobiles, home appliances, heavy electrical equipment, computers, and the recently spotlighted IT and entertainment industries.
By studying these cases, which span diverse regional focuses and industries, we can not only learn the fundamental principles of global business operations but also deepen our understanding of the economic, political, and cultural environments of various regions around the world.

Finally, I would like to express my gratitude to the many research assistants and the editorial staff of Park Young-sa who helped with manuscript organization and proofreading during the 12 revisions.
I would especially like to take this opportunity to dedicate this book to the author's family, who have been so generous and understanding of the author, who is always buried in work.

August 2025
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