Bachelor of Business

(Hons)

FEBRUARY 2025 SEMESTER

Subject Code : MGT304

Subject Name : STRATEGIC INTERNATIONAL BUSINESS MANAGEMENT

Individual Assignment (20%)

Examiner(s): Student Name & HELP ID

DANG KIEU PHUONG NHI
Subject Lecturer: Ms. Đinh Thị Nhàn
E2200137

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DANG KIEU PHUONG NHI E2200137

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Assignment Title/Topic The Philosophy of Global Trade

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DangKieuPhuongNhi_E2200137
CONTENT LIST
CONTENT LIST ........................................................................................................................I

I. Introduction ............................................................................................................................ 1

II. Theoretical Framework ......................................................................................................... 1

2.1. Mercantilism Theory ....................................................................................................... 1

2.2. Absolute Advantage Theory ........................................................................................... 1

2.3. Comparative Advantage Theory ..................................................................................... 2

III. Global Key Challenges in the 21st Century. ........................................................................ 3

3.1. Trade War ....................................................................................................................... 3

3.2. Supply Chain Disruptions ............................................................................................... 4

IV. Opportunities and Emerging Trends in Global Trade ......................................................... 4

4.1. Digital Trade Platforms................................................................................................... 5

4.2. The role of sustainability ................................................................................................ 5

V. Implications for Businesses .................................................................................................. 6

VI. Conclusion ........................................................................................................................... 7

REFERENCES ......................................................................................................................... II

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I. Introduction
Global trade philosophy encompasses the principles and frameworks that govern the exchange
of goods, services, and capital across international borders. These philosophies have evolved
over centuries, shaping the policies and strategies nations employ in the global marketplace.
Understanding these philosophies is crucial for analyzing how nations interact economically
and for identifying the challenges and opportunities that arise in the global marketplace. (Allen,
1953). In the 21st century, the landscape of global trade is marked by complex challenges and
emerging opportunities that influence how businesses operate internationally. This paper
explores foundational trade theories, examines contemporary challenges and trends, and
evaluates their implications for global businesses.

II. Theoretical Framework

2.1. Mercantilism Theory
According to Samuels (2003), designates either a system of economic policy or an epoch in the
development of economic doctrine during the seventeenth and eighteenth centuries, or both of
them, before the publication of Adam Smith’s path-breaking Wealth of Nations. Under
mercantilist theory nations find continuous success through exporting greater value of their
goods than they import. During mercantilist policies large tariffs constitute a known feature
which governments use to restrict imported manufactured goods. The proponents maintain that
mercantilism protects the government from accumulating trade deficits which occur when
imports surpass export revenue. (Conti, 2018).
Mercantilism ruled Europe across the 16th to 18th centuries while leading European powers
into warfare against their colonies during this period. The model shortened its runway to
fashion obsolescence (Samuels, 2003). The WTO along with other multilateral institutions
leads global tariff reduction efforts that now allow free trade agreements and non-tariff barriers
to replace the outdated mercantilist doctrines. At the same time countries strive for positive
trade balances by maximizing their exports and simultaneously minimizing their imports
through protectionist tools like tariffs and quotas. The policy seeks to accumulate wealth for
achieving national power consolidation. (Longley, 2015).
2.2. Absolute Advantage Theory
In absolute advantage theory formulated by Adam Smith (2000), a country maintains absolute
advantage when producing goods or services either by needing fewer real resources or by

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generating higher output with identical resources. Producing goods effectively with the highest
level of productivity stands as the central focus of this theory. (Osagie, Ukwuoma, Harriet, &
Ibe, 2022).
A nation achieves absolute advantage when it operates with fewer resources to produce goods
or services. A nation gains absolute advantage status by producing higher quantities of outputs
from equal input amounts than rival countries. (Machado, 2021).
Under this theory countries should focus on manufacturing items when they possess an absolute
advantage thus creating better international production scenarios from an efficiency standpoint.
Through absolute advantage production efficiency determines international specialization and
trade because it measures output compared to foreign nations (Bellino & Fratini, 2022).
Countries participate in specialized production of goods which they will use to serve global
markets. Under these conditions two countries seek resource trade with matched absolute
advantages in exchange goods between them. Both nations would benefit from this trade
because they obtained resources that remained inaccessible before. (Osagie, Ukwuoma,
Harriet, & Ibe, 2022).
2.3. Comparative Advantage Theory
Using Smith's foundation David Ricardo developed the theory of comparative advantage.
According to Ricardo, absolute advantage does not matter because countries can gain from
trade by focusing on manufacturing goods in which they possess minimal relative economic
imperfections. Through this theory nations together with entities discover trade advantages by
focusing on manufacturing offerings in which they exhibit the highest relative productivity
rates. (Laursen, 2015).
The principle of comparative theory shows that trade leads to specialization effectiveness.
Trade enables absolute producers to achieve benefits by selecting goods where they excel
compared to others even if they possess a superior absolute capacity to make all products.
(Siddiqui, 2018). Analysis of specialization requires economic measures that include Revealed
Comparative Advantage (RCA) to determine how exports perform compared to other countries
in individual sectors. The asymmetrical nature of RCA prompted economists to create
Revealed Symmetric Comparative Advantage (RSCA) which provides a fair representation of
comparative advantages across different sectors within countries. The research instruments
have essential value for economists and policymakers who need to understand trade patterns
alongside specialization dynamics in global markets. (Liu & Gao, 2019).

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III. Global Key Challenges in the 21st Century.
3.1. Trade War
The deliberate act of using trade restrictions by governments on foreign products leads to trade
wars which shield domestic manufacturing businesses from international competition.
Governing bodies initiate trade wars through various protectionist methods for both defensive
purposes and economic gain or to maintain national protection. (Klein & Pettis, 2020).
Trade wars form when economic and political aspects unite to create such conflicts.
International trade imbalances lead some nations to establish tariffs and quotas for controlling
imports to reduce commercial deficits alongside maintaining local industry defense. Countries
implement safeguards to protect their economies because they encounter unfair trade practices
which include dumping or intellectual property theft. Governments use trade policies as
geopolitical tools to address disputes internationally by means of economic control
mechanisms. (Ansari, 2022).
Upsetting trade relations result in various broad-reaching effects by reducing commerce
movements during periods hindering economic development and raising the possibility of a
recession through lower business demand and elevated production expenses. Businesses
commonly put off their investment decisions coupled with expansion plans since unpredictable
trade policies create market uncertainty. (Itakura, 2019). High tariffs increase production
expenses, so consumers normally experience elevated import prices because manufacturers
raise their end prices. Disruptions of global supply chains impair production processes globally
and distribution systems throughout the world which result in operational delays and higher
operating expenses. (Balistreri & Hillberry, 2021).
Economic countries have used trade wars throughout history as defensive measures to
safeguard their domestic industries against perceived imbalance in international trade. For
example, the Smoot-Hawley Tariff Act of 1930 elevated U.S. import tariffs all the way up
while this international response worsened the worldwide economic depression (Beaudreau,
2014). Recently, both countries started the U.S.-China trade war in 2018 by placing billions of
dollars worth of import taxes on each other which broke down worldwide supply networks
while hurting different industrial sectors (Liu & Woo, 2018). During 2025 the United States
strengthens trade tensions through new Donald Trump’s presidency with added tariffs across
multiple countries which then created economic instability worldwide. The countries impacted
by these measures carried out counteractions against such actions which further increased
market volatility along with raising worries about an economic recession in the future.

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(Rosenberger, 2025).
3.2. Supply Chain Disruptions
Supply chain disruptions are unexpected occurrences which halt the standard movement of
goods alongside materials in supply networks thus causing delays and extra expenses as well
as logistical problems. The normal flow of goods faces interruptions from multiple possible
origins like natural disasters and both geopolitical situations and economic uncertainty and
worldwide health emergencies. (Gurnani, Mehrotra, & Ray, 2011).
Various elements produce supply chain disruptions which include geopolitical instabilities as
well as global health emergencies and economic planning decisions. Political instability and
conflicts caused Russia's war with Ukraine to generate extreme supply disruptions in global
oil, gas and grain sources through rigorous international sanctions and penalties against Russia.
The result of these interruptions causes prices to soar while inflation rises and economic
expansion suffers around the world. (Cui, 2023). The global health crisis COVID-19 exposed
weaknesses in worldwide supply networks so various factories closed their doors while
companies struggled to find workers and transport materials because of travel limitations.
(Goel, 2021)
The economic crisis demonstrates the weakness of supply chains while making it hard for
businesses to adjust their supply networks when demand changes abruptly. Supply chains
experience disruption due to economic policies together with trade wars. Consortia involving
protectionist measures through trade barriers and tariffs cause shifts in costs and restrain the
availability of goods. The U.S. has implemented tariffs that forced its trading partners to
retaliate through customs barriers resulting in difficulties for companies that needed new
stabilization plans for their logistics operations. When global disruptions occur they generate
extensive consequences including delays in manufacturing processes and shipment timelines
and higher expenses from rapid transport solutions coupled with substitute materials
procurement together with price and product variation in the market. (Novoszel &
Wakolbinger, 2022).
Supply chain disruptions create major hurdles for global trade operations because companies
need to implement preparedness approaches for increasing resistance levels. Organizations that
study disruption causes and effects and put strategic planning initiatives into practice will do
better at managing current complex supply chain systems.

IV. Opportunities and Emerging Trends in Global Trade

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4.1. Digital Trade Platforms
Digital commerce platforms have undergone significant transformations, incorporating
advanced technologies to enhance efficiency, transparency, and user engagement that are easily
penetrating the world’s commerce market. (Partners, 2025).
First of all, we can talk about the integration of artificial intelligence (AI) into the world’s
commerce operations. AI has been revolutionizing digital commerce by automating processes
such as product listings, search functions, and pricing strategies. In the online resale market,
platforms such as The RealReal and eBay use AI to streamline operations, resulting in
increased sales and reduced losses. AI tools support automatic description generation,
improved image quality, and prediction of high-demand items, thereby enhancing the
experience of both sellers and buyers. (McDowell, 2024)
Another form of commerce that is being applied to today is online direct sales. Direct
commerce is gaining traction in Western markets, driven by platforms like Whatnot. Founded
in 2019, Whatnot offers streamlined live auctions, integrated payments and shipping, and
community engagement. The model combines the fun of physical retail with the convenience
of online, providing brands with innovative ways to connect with consumers and manage
inventory. (Shoaib, 2025). In addition, the growing popularity of virtual stores and augmented
reality (AR) under the influence of Generation Z has fueled the growth of more virtual stores
enhanced by AI and AR technology. Companies like Roblox and Google are enabling brands
to create immersive 3D shopping environments where consumers can interact with products
virtually. These advancements deliver personalized and engaging shopping experiences that
are tailored to the preferences of tech-savvy consumers. (Maghan, 2024).
These developments and changes underscore a broader trend toward integrating advanced
technologies into digital commerce platforms, improving operational efficiency and meeting
evolving consumer expectations.
4.2. The role of sustainability
Implementation of sustainability into global trade is getting more significant, giving rise to the
growth and new trends in the development all around the world today in international trade.
Great opportunities arise in green innovation and technologies; companies investing in
renewable energy and in energy-saving manufacturing and sustainable agriculture are
competing globally at a cost advantage (Gammage & Novitz, 2019). This trend is an extension
of the growth of the green market, when the demand for environmental friendly products is
growing, supporting companies to implement eco-friendly procedures in order to fulfill such

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demands and provide new market reach. Also, the emergence of green financial instruments
like green bonds and sustainability linked loan can get businesses the financing needed to put
sustainable project & infrastructure, supporting the making transition from greener practices &
reducing long-term profitability impact. (Lumempouw, 2024).
New patterns in sustainable global trading are growing more sustainability reporting, like a
regulatory framework like the Corporate Sustainability Reporting Directive (CSRD) in the
European Union that requires a higher degree of voluntary sustainability disclosure, to raise
transparency and accountability. At the same time is the fast adoption of circular economy
practices, which include reducing environmental impacts by focusing on resource efficiency,
waste reduction and product longevity, and creating new economic opportunities in recycling
and reuse. (Xu, 2020). In addition, many organizations are focusing on more sustainable supply
chains by searching for ethical sourcing, lowering carbon emissions and improving labor
practices, as well as towards strengthening a company’s reputation, to respond to growing
consumer needs about responsible businesses. An increasing focus is being given to integrating
Environmental, Social and Governance (ESG) considerations into business strategies to
improve risk management, attract investors and comply with developing regulations. (Kolk,
2016)
Put another way, embedding sustainability in global trade doesn’t only take care of these
environmental and social issues – it also generates business opportunities for innovation,
reaching global markets, and financial growth through markets featuring emerging trends such
as transparency, circularity and responsible practices.

V. Implications for Businesses

To navigate the complexities of the global trade landscape, businesses need to adopt strategic
approaches that are tailored to their unique challenges. The following case studies illustrate
how companies have successfully managed the dynamics of international trade.
First is the case study of Kuehne+Nagel, which leveraged the complexity of trade to enhance
its services. Swiss logistics company Kuehne+Nagel (K+N) turned the complexity of global
trade into an opportunity by offering value-added services at higher rates. The COVID-19
pandemic has contributed to a number of supply chain crises, including port closures and
worker strikes. Tariffs and retaliatory tariffs have further complicated the logistics landscape.
CEO Stefan Paul highlighted the high demand for consulting services to navigate these
challenges. K+N plans to open a new location at the Texas-Mexico border to address the

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growing demand for customs support. This strategic adjustment highlights the potential for
logistics companies to thrive amid trade disruptions by offering specialized services. (Kozlova,
2025).
The other case study is IKEA, which adapted its Supply Chain Strategy in the Context of Global
Disruptions. IKEA, a multinational furniture retailer, has demonstrated its resilience in
maintaining global trade despite challenges posed by the pandemic, geopolitical tensions, and
other disruptions. The company adapted to the pandemic by shifting its business model to e-
commerce, significantly increasing online sales. IKEA’s strategy of holding higher inventories
and maintaining long-term contracts with suppliers has helped stabilize the company’s
operations. These adaptive strategies demonstrate the flexibility and problem-solving skills that
help mitigate global shocks, demonstrating that adaptive strategies at the firm level can sustain
the global trading system in times of crisis. (Times, 2024).
These case studies demonstrate that businesses can effectively navigate the global trading
landscape by adapting their strategies to address specific challenges, capitalizing on
opportunities presented by the complexity of trade, and deploying flexible supply chain
solutions.

VI. Conclusion
Overall, classical trade philosophies, such as mercantilism, absolute advantage, and
comparative advantage among others, influenced global trade and therefore international
economic policies and business strategies. These theories form a fundamental theory of trade
dynamics and are useful in shaping countries and businesses’ decisions.
This complexity of global trade is demonstrated in the challenges of current day, like trade
wars and supply chain disruption. But they’re opportunities as well. Digital trade platforms
have been on the rise, and sustainability is becoming more of a term to watch as businesses
start trading internationally. Those companies that utilize technology to create new products
and integrate sustainability in what they produce are those that will be better prepared to ride
the changing winds of the trade environment.
Companies such as Kuehne+Nagel and IKEA, case studies, demonstrate the relevance of the
necessity of adapting and seeing the strategic view. For example, how Kuehne+Nagel delves
into specialized services in a complex logistics landscape and how the transition to e-commerce
and pegged resilience in the supply chain of IKEA are ways businesses could turn challenges
into opportunities.

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In today’s dynamic global marketplace it is not good enough to have a single strategy; the
business should adopt a multi faceted approach. First is investing in the digital technologies
that make the company more efficient operationally and better serve our customers to compete
in the digital world. Sustainability practices thus not only address increasing demand of
environmentally friendly products, but also enable firms to comply with ever changing
regulations, thereby creating long term value. Moreover, a risk mitigation strategy to the global
disruptions can be developed through a resilient supply chain strategy, to achieve continuity
and resilience. Lastly, the ability of businesses to monitor global trade policies and trends
constantly, helps avoid reacting to changes, and enables the companies to adapt their strategic
paths accordingly, thus ensuring the flexibility in such an environment. (Garrido-Moreno,
2024).
A business will be able to devise sustainable success in the global marketplace by
understanding the historical context of trade theories and proactively face today’s challenges.

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