As postulated by David Ricardo, a system of perfectly free commerce translates to high benefits to participating trading countries (Ricardo, 1951). In this section, the paper engages trade barriers in the US during the 1980s. Furthermore, advantages and disadvantages of these factors are considered in this segment. Primary Goods and Services Traded By the US Internationally

Around the 1980s, the US held a dominant position in many export markets. The latter was because of its economic prowess and advancements in the manufacturing and technology segments. Consequently, most of its export product groups included electrical and computer machinery, aircraft, and spacecraft, and vehicles (Baily & Bosworth, 2014). The country also exported educational, financial, and legal expertise in addition to military related services but imported crude oil, pharmaceuticals, machines, and engines. Lastly, people service imports such as installation, maintenance, and troubleshooting of parts and equipment were imported by the nation.

Trade Barriers

During the 1980s, import policies such as tariffs, quotas, and customs inhibited favorable trade between the US and its trading partners. Additionally, limits on foreign equity participation locked out American firms from having a significant stake in foreign industries (Baily & Bosworth, 2014). Besides, some nations restricted the extent of service provision by foreign professionals. As a result,...

However, the success of this process relies on sufficient standardization of processes across a company’s segments through an understanding of existing gaps and intended goals. In this section, the implementation ERP in LG Electronics, a global electronics consumer’s giant is discussed.
Standardization of Processes across LG

LG Electronics focused on harmonizing the firm’s HR functions. This was meant to counter challenges that include high maintenance costs, inefficient decision-making, manual processes, and lack of transparency in local controls (Bradford, et al., 2014). In addition, the company faced issues with disengaged employees and limited localized resources meant to fund employee learning and training. In the implementation of the ERP…