Looks at the roles of resources, markets, and institutions in advancing economic well-being, especially in less developed countries. Ownership of resources, freedom to exchange, adequate nutrition, capital (investment) flows, labor force productivity, education, technological change, the (public) provision of infrastructure, and role of international participants in promoting economic growth are examined. Public choice theory applied to nonmarket decision-making is introduced.
The concept of growing a business in Southeast Asia will extend across a number of the countries we visit during the voyage. The field lab will begin with a visit to the Dong Gia Pottery company that does business in southeast Asia. A visit to a Vietnamese shopping hub, looking at the variety and selection of wares, and dining from among the local cuisine, will permit comparisons and contrasts to prior stops during the voyage. In addition, the accuracy of the Heritage Foundation’s and Fraser Institute’s Economic Freedom assessments of Vietnam and our other port’s domiciles will be examined from a consumer’s perspective.
1. To hear from a local business person the strategies, successes, failures and outcome of US businesses thriving in foreign markets.
2. For students to develop an appreciation for culture, language, and traditions in product launches.
3. Experience the culinary variety and observe the product mix at urban markets.