International Business Between Oct 24 Term Paper

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As governments continue to print money, the relative value of this money will continue to decline, ultimately harming the consumers it was intended to help. Furthermore, this low interest rate environment is harming those who depend on their savings to generate income. With interest rates at record lows, and savings accounts generating very little income, inflation will erode the purchasing power of these savings (Robert, 1988). Inflation could further erode an already shrinking middle class. The median income as I indicated earlier is already shrinking. Further constriction of purchasing power would cause more damage to the confidence of consumers and their willingness to purchase goods and services.

Part 2

Read CNN article DRUG_TESTING_GOES_OFFSHORE and summarize:

What you think are the advantages and disadvantages of offshoring some of these trials?

Many of the advantages of drug testing offshore correspond directly with the advantages of globalization within a market economy. First, drug testing offshore can be conducting cheaply and inefficiently. This allows consumers to save more money while receiving comparable services in regards to their health. In addition, drug testing offshore is much quicker than their domestic counterparts. As the article indicates, patients can receive routine services much more quickly than they otherwise could within their home country. In many instances patients can fly to foreign countries to receive cheaper and quicker service than they otherwise could in their home country. For many routine tasks, the quality of the service of foreign operations is on par or better than that of their domestic counterparts.

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The disadvantages pertain mainly to ethics, standards, and training. In many instances, these services are cheaper as the countries have less oversight in regards to their implementation. This lack of oversight could potentially put patients at risk as routine tasks are performed without due diligence and care. In addition, many facilitators may act unethically in regards to patient records, operations, and oversight.

What actions/changes, if any, would you recommend to deal with or at least mitigate the disadvantage?

I believe a universal standard setting organization with influential power should be established to help mitigate many of the ethical concerns regarding Foreign Service. Many consumers are worried predominately with the overall quality of service and the standards by which this service is governed. By having a global standard setting body, the quality and consistency of tasks are enhanced. Furthermore, due this oversight, personnel have the obligation to act ethically and according to the overall standards established by the global organization. This would ultimately instill confidence in the market, thus enhancing consumer perceptions. These enhance perceptions would allow consumers to feel more confident about utilizing the benefits of drug testing offshore thus benefiting the economy at large. By having a universal standards setting body, all parties involved will benefit while also mitigating the disadvantages of offshoring......

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