What are Various Theories of International Business?
International business is a broad term, collectively used to describe all commercial transactions (private, government and semi-government) that take place between two or more nations. International business is a newly coined term, but the concept is quite traditional. Actually, the term international business is derived from “international trade”. In ancient days, producers of a country used to export their surplus production to neighboring countries and later with the further development of trade they started exporting goods to far off countries as well. This was the establishment of an era of “international trade”. With further developments, more competitors came into the international markets, as a result of which producers started marketing their goods at international levels; this was the time when “international trade” turned into “international marketing”. With further advancements, producers started establishing their production facilities in foreign countries and the era of g
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