NATIONAL OPEN UNIVERSITY OF NIGERIA 
                            
                            
                            
                            
                            
                            
                            
                            
                           FACULTY OF MANAGEMENT SCIENCES  
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                  COURSE CODE: BUS 847  
                    
                    
                    
                    
                    
                    
                    
                    
                   COURSE TITLE: GLOBAL AND ECONOMIC ENVIRONMENT 
                                            
                                            
                                            
                                            
                                            
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                    BUS 847: GLOBAL ECONOMIC ENVIRONMENT 
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
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                             NATIONAL OPEN UNIVERSITY OF NIGERIA 
                              
              Course Code                  BUS 847 
               
              Course Title                 GLOBAL ECONOMIC ENVIRONMENT  
               
              Course Developers/Writers DR CLEMENT I. OKEKE 
                                           MRS. E. A. ADEGBOLA 
                                           MR S. O, ISRAEL – COOKEY  
                                           Department of Administration,  
                                           National Open University of Nigeria,  
                                           Victoria Island, Lagos. 
               
              Content Editor:              DR. (MRS) AYODELE O. FAGBEMI 
                                           Department of Administration,  
                                           National Open University of Nigeria,  
                                           Victoria Island, Lagos. 
               
              Programme Coordinator:  DR (MRS) CAROLINE ATURU-AGHEDO 
                                           Department of Administration,  
                                           National Open University of Nigeria,  
                                           Victoria Island, Lagos. 
               
              Head of Department:          DR (MRS) YEMISI I. OGUNLELA 
                                           Department of Administration,  
                                           National Open University of Nigeria,  
                                           Victoria Island, Lagos. 
               
              Dean:                        DR TIMOTHY ISHOLA 
                                           Faculty of Management Sciences,  
                                           National Open University of Nigeria,  
                                           Victoria Island, Lagos. 
                                                              
                                                              
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              National Open University of Nigeria     
                                                      
                                                      
                                                      
                                                      
                                                      
                                                      
                                                     CONTENTS  
                             
                             
                             
                            Unit 1       International Trade-----------------------------------------------1   
                             
                            Unit 2     Strategic Aspects of International Trade----------------------10   
                             
                            Unit 3 International Trade and International Business----------------22   
                             
                            Unit 4 Terms of Trade and Theories of International Trade----------32   
                             
                            Unit 5 Globalization/International Institutions--------------------------42   
                             
                            Unit 6 Global Power and Wealth Distribution---------------------------50   
                             
                            Unit 7 Multilateral Negotiations-------------------------------------------56   
                             
                            Unit 8 Global Culture and Information Technology--------------------65   
                             
                            Unit 9 Determinants of Economic Growth-------------------------------72   
                             
                            Unit 10 Global Economic Environment-----------------------------------78   
                             
                            Unit 11     Import Substitution Industrialization Strategy-----------------86   
                             
                            Unit 12     Export Industrialization Strategy--------------------------------94   
                             
                            Unit 13 Lessons from Asian and Mexican Financial Crises-----------105   
                             
                            Unit 14 Inflation-------------------------------------------------------------118   
                             
                            Unit 15 Interest Rates-------------------------------------------------------139   
                             
                            Unit 16 Exchange Rates-----------------------------------------------------148   
                                                            
                                                            
                                                            
                                                            
                                                            
                                                            
                                                            
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