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Mining In Ecuador Essay

5841 words - 24 pages

Table of ContentsBackground 2Land, People and Dominant Economic Activity 2Involvement and Activity with World Economic Organizations 3Effects of Globalization on the Country 4Industry's Legal, Economic, Labour Market Operations 4Culture and Communication 6Culture Orientation 6Cultural Dimensions 6Trompenaars' Seven Dimensions of Culture 6Prevailing Organizational Culture in Domestic Firms 7Communication Practices 8Cross Cultural Management 9Cultural Characteristics and Innovation 9Appropriate Leadership Styles 11Appropriate Motivation Techniques 12Cultural Characteristics and Ethics 13Key Challenges for Retention and Dissemination of Knowledge 14High Uncertainty Avoidance 15High Power ...view middle of the document...

Grain and livestock are the principal activities. The development and exporting of oil have played a dominant role in the country's economy since the early 1970's. The discovery of petroleum made a massive increase in the country's national income, which has accounted for 40% of the country's export income and one-fourth of central government budget revenues in recent years. As a result, fluctuations in world market prices can have a substantial domestic impact. Ecuador became the third largest oil distributor in Latin America. In the late 1990s, Ecuador experienced its worst economic tragedy, with natural disasters and a sharp decline in world petroleum prices, this drove Ecuador's economy downturn 1999. Real GDP contracted by more than 6%, with shortage worsening significantly. The banking system also collapsed, and the currency decreased in value by 70% that same year. On the edge of hyperinflation, the government at the time announced it would dollarize the currency.''In March 2000, Ecuador's government accepted the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and growth returned to its pre-crisis levels in the years that followed.''Between January 2003 and April 2005, Ecuador benefited from higher world petroleum prices. To date, Ecuador remains highly vulnerable to petroleum price swings and financial crisis. Other important export industries include bananas and cut flowers.Involvement and Activity with World Economic OrganizationsEcuador has been a Member of the World Trade Organization (WTO) since January 21st, 1996. Ecuador took part in the post Uruguay Round negotiations on telecommunications and financial services. ''Ecuador's commitments in those two spheres were annexed to the Fourth and Fifth Protocols to the General Agreement on Trade in Services.'' However, some non-tariff barriers still exist, such as non-automatic import licensing, lengthy customs procedures, and the use of reference prices.Ecuador has participated in 11 disputes before the WTO Dispute Settlement Body, including six as a third party. As a complaining party, it has participated in two disputes, both concerning the regime applied by certain countries for the importation of bananas (Refer to Appendix A).Effects of Globalization on the CountryAfter joining the WTO and opening its market, trade between Ecuador and the European Union (EU) in 2004, was worth 1,229 Million while EU exports to Ecuador were valued at 718 Million. The EU is Ecuador's second trading partner after the United States.In 2004, Ecuador imported approximately US $7.56 billion of services and goods from the United States and the United States (US) purchased approximately US $4.20 billion of Ecuadorian exports. The United States is the primary market for Ecuadorian exports as well as Ecuador's largest supplier of imports. Ecuador, along with Peru, Colombia, and Bolivia, are the United States' favoured trading partners, and are currently the 50th largest export...

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