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I. INTRODUCTION

The modern business world is one of global proportions. Estimated world population in 2004 totaled over 6.3 billion people in over 192 independent countries and 55 dependent states (U.S. Department of State, 2005). Globalization has changed the world of business forever. In 2004, world GDP equaled $51.48 trillion with world trade amounting to over $12.9 trillion ("The World Factbook," 2004). Since the end of World War II, the international business world has gradually developed into one large multicultural and global economy. In order to survive and be successful in the highly competitive world of international business, a company must understand the true impacts of globalization upon the field of business and be prepared to implement flexibility and cultural sensitivity into all areas of business operations.
According to Hodgetts and Luthans, a multinational corporation (MNC) is "a firm that has operations in more than one country, international sales, and......

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Approximate Word Count: 1191
Approximate Pages: 5 (250 words per double-spaced page)

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