The majority of traditional Western business curriculum is founded on theory and research generated in developed countries, where political, economic, legal, and social institutions generally are formalized, well-developed, and stable. But MNCs increasingly are setting their sights on developing and emerging countries for future growth potential, where the institutional context is quite different. In these markets, international institutions play a prominent role, and local institutions are often informal, weakly formalized, in transition-or even non-existent. This workshop is designed to equip international business educators with an in-depth understanding of how institutions shape the strategies that firms employ and the actions that managers take in developing and emerging countries. We will explore how weak institutions create particular challenges, such as corruption, political risk, regulatory obstacles, social divisions, and strife-and the ways firms and managers can cope with these issues. We also will examine how non-governmental organizations (NGOs), social entrepreneurs, diaspora communities, and multilateral organizations are striving to strengthen institutions in these markets and how these new institutional forms affect firms and managers.
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