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College of Administrative and Financial Sciences
Assignment 2
Introduction to International Business (MGT 321)
Due Date: 11/11/2023 @ 23:59
For Instructor’s Use only
General Instructions – PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Learning Outcomes:
Knowledge:
1.1: Identify and evaluate the significant trade agreements affecting global commerce
Skills:
2.1: Analyse the effects of culture, politics and economic systems in the context of international business
Values:
3.1 : Carry out effective self-evaluation through discussing economic systems in the international business context
Case study
Please read Case 3: “Economic Development in Bangladesh” available in your e-book (International business: Competing in the global marketplace (13th ed.), at page no.629, and answer the following questions:
Case study Question(s):
What were the principal reasons for the economic stagnation of Bangladesh after its war for independence? Discuss. (Minimum words: 400, marks: 2)
Explain how the liberalization program in the 1990s enabled Bangladesh to start climbing the ladder of economic progress. What are the main lessons here that can be applied to economic development in other nations? (Minimum words: 500, marks: 4)
Bangladesh is dependent for its prosperity upon agriculture and textile exports. What are the risks here? How might Bangladesh diversify its industrial and commercial base? (Minimum words: 500, marks: 4)
Important Notes:
This is an individual assignment.
All references must be cited using APA format. This includes both in-text citations and the reference list at the end of the document.
Originality, Similarity and Plagiarism Check: Your work must be original. All papers will be submitted through SafeAssign software to check for similarity and plagiarism. Any instance of academic dishonesty will result in a grade of zero for the assignment. No exceptions and no second chances!
Answers
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Cases 629the availability of low-cost labor, managerial skills, favor-able trade agreements, and government policies that eliminated import duties on inputs for the textile busi-ness, such as raw materials. The Bangladesh economy has also benefited from its productive agricultural sector and remittances from more than 10 million Bangladesh citi-zens who work in other nations. Bangladesh is also the home of the microfinance movement, which has enabled entrepreneurs with no prior access to the banking system to borrow small amounts of capital to start businesses.This being said, the country still faces considerable impediments to sustaining its growth. Infrastructure remains poor; corruption continues to be a major prob-lem; and the political system is, at best, an imperfect d emocracy where opposition is stifled. The country is too dependent upon its booming textile sector and needs to diversify its industrial base. Bangladesh is also one of the countries most prone to the adverse affects of climate change. A one-meter rise in sea level would leave an estimated 10 percent of the country under water and increase the potential for damaging floods in much of the remainder. Nevertheless, according to the U.S. investment bank Goldman Sachs, Bangladesh is one of the 11 lower- middle-income nations poised for sustained growth.SourcesW. Mahmud, S. Ahmed, and S. Mahajan, ÒEconomic Reforms, Growth, and Governance: The Political Economy Aspects of BangladeshÕs Development Surprise,Ó World Bank Commission on Development and Growth, 2008; ÒFreedom in the World 2016,Ó Freedom House; ÒTiger in the Night,Ó The Economist, October 15, 2016; Sanjay Kathuria, ÒHow Will Bangladesh Reach High Levels of Prosperity?Ó World Bank blog, January 5, 2017; and Qimiao Fan, ÒBangladesh: Setting a Global Standard in Ending Poverty,Ó World Bank blog, October 5, 2016.Case Discussion Questions1. What were the principal reasons for the economic stagnation of Bangladesh after its war for independence?2. Explain how the liberalization program in the 1990s enabled Bangladesh to start climbing the ladder of economic progress. What are the main lessons here that can be applied to economic development in other nations? 3. Bangladesh is dependent for its prosperity upon agriculture and textile exports. What are the risks here? How might Bangladesh diversify its industrial and commercial base?When Bangladesh gained independence from Pakistan in 1971 after a brutal civil war that may have left as many as 3 million dead, the U.S. National Security Adviser, Henry Kissinger, referred to the country as a Òbasket case.Ó KissingerÕs assessment was accurate enough. At the time, Bangladesh was one of the worldÕs poorest nations. Although most of the country is dominated by the fertile Ganges-Brahmaputra delta, a lack of other natural resources, coupled with poor infrastructure, political instability, and high levels of corruption, long held the country back. To compound matters, Bangladesh is prone to natural disasters. Most of Bangladesh is less than 12 meters above sea level. The extensive low-lying areas are vulnerable to tropical cyclones, floods, and tidal bores. Beginning in the mid-1990s, however, Bangladesh began to climb the ladder of economic progress. From the early 2000s onward, the country grew its economy at around 6 percent per annum compounded. Today, this Muslim majority country of 160 million people has joined the ranks of lower-middle-income nations. Poverty reduction has been dramatic, with the percentage of the population living in poverty falling from 44.2 percent in 1991 to 18.5 percent in 2010, an achievement that raised 20.5 mil-lion people out of abject poverty. Today, the country ranks 64th out of the 154 countries included in the World BankÕs global poverty database. It has a considerable way to go, but it is no longer one of the worldÕs poorest countries.Several reasons underlie BangladeshÕs relative eco-nomic success. In its initial post-independence period, Bangladesh adopted socialist policies, nationalizing many companies and subsidizing the costs of agricultural pro-duction and basic food products. These policies failed to deliver the anticipated gains. Policy reforms in the 1980s were directed toward the withdrawal of food and agricul-tural subsidies, the privatization of state-owned compa-nies, financial liberalization, and the withdrawal of some import restrictions. Further reforms aimed at liberalizing the economy were launched in the 1990s. These included making the currency convertible (which led to a floating exchange rate in 2003), reducing import duties to much lower levels, and removing most of the controls on the movement of foreign private capital (which allowed for more foreign direct investment). The reforms of the 1990s coincided with the transition to a parliamentary democracy from semi-autocratic rule. BangladeshÕs private sector has expanded rapidly since then. Leading the growth has been the countryÕs vibrant textile sector, which is now the second-largest exporter of ready-made garments in the world after China. Textiles account for 80 percent of BangladeshÕs exports. The development of the textile industry has been helped by Economic Development in Bangladesh