Food for Thought

Free trade refers to a market model in which trade in goods and services between or within countries flow unimpeded by government imposed restrictions such as taxes, tariffs, or subsidies. In general sense, we can say free trade ensures the free flow of goods from one country to another without facing any trade barrier. In today’s world the word ‘Free trade’ emerged in the post Cold War world as a global possibility with the growing economic interconnectedness between countries has become a catchphrase. Before concluding any remarks regarding the issue, at first we need to analyze the pros and cons. Benefits of Free Trade to a developing country like Bangladesh Free trade helps to increase the global level of output because it permits specialization among countries. Every nation has some sort of specializations which allow that nation to devote its scarce resources to the production of the particular goods and services for which that nation has a comparative advantage. Under free t

Culture refers to our understanding of acceptable behavior, beliefs, values, languages, and all other actions and practices. Cross culture denotes to dealing with different cultures of the world. Globalizations, the expansion of global trade, the increase in the number of companies dealing on the international stage, and diversity in the workplace have made ‘cross culture communication’ a significant element of organizational life. International and national businesses are ultimately the result of people. As with incompatible software, if people are running on different cultural coding, problems can occur. Lack of knowledge of cross culture and language proficiency often leads to poor internal unity. The loss of customers, poor staff retention, lack of competitive edge, internal conflicts, external miscommunication and conflicts, poor working relations, misunderstandings, stress, poor productivity, and lack of co-operation are all by-products of poor cross cultural communication.