Global Business Cultural Analysis: Italy
Italy is the eighth biggest economy on the planet and the nineteenth biggest market for United States trades. There are numerous advantages to doing business in Italy. The valuation for the Euro, the maturing population, the inundation of migrants, the Italian quality in plan and advancement, and the accentuation on sustainable power source are only a couple of the various motivating forces. In 2010, the Italian GDP was $1.77 trillion (Povera Italia, 2018). Since the end of World War II, the Italian economy has changed significantly. Once an agriculturally based economy to now a developed industrial state. Italy is a member of the European Union and the Organization for Economic Cooperation and Development (OECD), and have its place as the Group of Eight (G8) industrialized nations. “Italy’s economic strength is in the processing and the manufacturing of goods, primarily in small and medium-sized family-owned firms. Its major industries are precision machinery, motor vehicles, chemicals, pharmaceuticals, electric goods, and fashion and clothing” (Superintendent of Documents, 2005, p.6). The United States and Italian have a solid and developing economic relationship. The United States and Italy participate closely on major economic issues. Italy has a huge population and a high per capita income and is one of the United States most important trade partners. In 2002 the United States was the fifth-biggest foreign provider of the Italian market and the biggest provider outside the European Union. The total exchange between the United States and Italy was $34.4 billion in 2002. The U.S. ran a $14.2 billion deficit with Italy in 2002. Italy has an amazing geographic position which offers global organizations working together in Italy access to the two its inside market and that of its flanking nations, the country additionally boasts a solid and diversified economy (Superintendent of Documents, 2005). “63% of Italy’s national income is provided by tourism, which adds to the gratefulness that numerous Italians have for foreigners visiting their country” (Lirette, 2018, para. 4).
This paper intends to analyze the significant elements and six dimensions of Italian culture. It will explore how those elements and dimensions are coordinated by local people directing business in the country. This paper will then investigate how these things compare with US business and culture. Lastly, it will examine the suggestions for US organizations wishing to direct business in Italy.