World-leading construction equipment firm Caterpillar Inc has achieved a substantial exploitation even when its domestic market continues to stagnate due to the spherical financial crisis in the United States. Caterpillar has chief(prenominal)tained its beat as a leading U.S. exporter of the industry, its export sales accounted for 58% of total sales and revenues in 2007 (Wikinvest, 2008). The company recognized its main growth opportunities are in foreign countries, it has increased the pct of overseas manufacturing. Collaboration is taking place through reciprocal ventures designed to share production facilities and technology. Due to the insatiable choose for infrastructure in the developing countries, the company expects sales in China will double to $4 billion by 2010 from around $2 billion this year (Reuters, 2008). To take receipts of the stinting boom, it plans to open more manufacturing plants, R&D center, and dealerships, and forms more joint ventures with local companies (International Herald Tribune, 2007). China is genuinely important to the company and it looks to become the leader in the acclivitous market.
Although it is projected that the Chinese economy will be oneness of the world?s largest in the next decade, the Western sense of traditional Chinese work values is minimal.
McWilliams predicts that the center of economical gravity is shifting from the US to China and the global economic change is increasingly being dictated by what is calamity in China (Irish Entrepreneur, 2007). As the traditional Confucian mildew on world trade patterns increases, it will be good for trade partners to better understand the Confucian values. Managers in multinational firms will be at a disadvantage if they drop off the importance of Asian traditions and values in the workplace as we approach the new millennium.
According to Hofstede, ?Culture is more often a source of conflict than of synergy? (Hofstede). East-West cultural...
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