The California Wine Cluster Assignment Example | Topics and Well Written Essays - 750 words

The California Wine Cluster - Assignment Example Technology and innovation played a basic part in bridging the quality gap between European and California vintners (Porter 1998). Conventionally, European vintners had depended intensely on flavor (qualitative) and time-tried practices. Then later on, California winemakers started utilizing quantitative analysis to transform higher, more consistent quality of wines. Innovations rushed quickly right around the state's vintners, particularly in Napa, where the majority of the wineries were found alongside. Besides, U.C. Davis, one of the world leading wine research institute, assisted explore some new technologies i.e. mechanical harvesting, trickle watering system, and field transplanting. All of this upgraded the quality of Californian wines. By the mid 70s, California’s premium wines gained international fame (Porter and Bond 2008). Question 3 France experienced intense over production. The EU, under the Common Agricultural Policy for wine, had taken many steps to diminish wine yield in its member states thru an exhibit of subsidies. New vineyard planting of table wine grapes was precluded and re-planting of existing vineyards was permitted just each eighth year. Most EU underpin headed off to subsidized "bumming-up" of lower quality vineyards, having permanently uprooted over 1.2 million acres from production. Moreover, compulsory and voluntary refining, which changed wine into liquor for human utilization or fuel, uprooted wine from the open business. The labor costs in France also exceeded much. All of these factors stagnated France’s production (Porter and Bond 2008). Question 4 A great part of Australian wine business' success is generally accredited to substantial investment in innovations in viticulture engineering. Rare water assets empowered much of this movement. By the 1990s, Australia had established its elf as a cost competitive manufacturer of high caliber wines, with 3,000 cultivators and 1,000 wineries. Australian government had also furnished subsidizes for exports promotion commonly used for wine tasting in target advertises. Australia had likewise secured Wine Bureaus in numerous nations incorporating the United Kingdom, The United States, and Germany to organize promotional exercises. This has led Australia to be emerged as a leading wine-exporting nation (Porter and Bond 2008). Question 5 Wine clusters of California faced different issues in the 90’s and 00’s decades. These include remarkable variations in the quality and quantity of each year’s grape harvest due to fluctuations in weather and space constraints for new vineyards in the North Coast which along with emerging demand for vineyards raised the average price of undeveloped land in the Central Cost of California. Many premium growers of wine grapes preferred closer spacing to boost grape qualit y which increased the yields; however, these high-density plantings posed threats of increased operating costs up due to increased costs for labor and materials. Then, the supply constraints for high quality grapes impelled premium wine producers to

A Critical Analysis Of A Satirical Piece Essay Example for Free

A Critical Analysis Of A Satirical Piece Essay The piece of satirical work that Ive chosen to analyse is a poem written by Carol Ann Duffy, a very successful female poet. The poem itself is called Poet For Our Times, it was written approximately ten to fifteen years ago, at the time she was working in a comprehensive school running workshops. This poem bore some personal significance to Duffy because her brother was working as the news editor for the Daily Mirror. The poem is written in the first person, told from the point of view of a newspaper headline writer. The poem attempts to satirize the culture of the time and there is an underlying political and social contemporary context. The use of the headlines is satirizing the un-poetic nature of the headlines and therefore the newspapers. Duffy also uses the content of the headlines referring to the conservative government of the time in an attempt to satirize both the governments effectiveness; and the private lives of the more significant figures in the government, such as Cecil Parkinson, CECIL-KEAYS ROW SHOCK TELLS EYETIE WAITER. See more: how to write a good critical analysis essay This headline tells of a row between the politician and his secretary Keays who he allegedly had a love child with. This is satirizing his inability to stick to his marriage vows, so in using this headline she succeeds in exposing the weakness of Cecil Parkinson for another woman, other than his wife. This headline also feature a term which wouldnt be understood in this day, that is, EYETIE This is a racial slang term for Italian, which originated during the Second World War when Italy formed an alliance with Germany. The derogatory term is satirizing the racist nature of many English men during the time the poem was written, I think that this is an attempt to satirize this feature of the late nineteen eighties English man and his folly into racial slur. The narrator thinks very highly of himself and he even goes as far as to say that he thinks he is a, Poet for our times. Whereas in actual fact he isnt and this is what Duffy is satirizing, his high opinion of himself which is unjustified, as in fact he merely writes punchy lines in order to try and sell more papers for the daily paper that he works for. I think that another aspect of the headline writers life that Duffy is satirizing is the pub culture of him and of his working class friends and peers. I think this stands out due to short phrases in each stanza, which are read as pub talk, for example, all-right-squire. I think that this talk could be the narrator talking to either a landlord or lady or his friends. The pub talk continues throughout the poem and I think that this implies that the man doesnt just go to the pub for a swift half, but more like for a heavy drinking session. I think that this is implied because the man says, My shout In the following stanza that implies that it is his turn to pay for a round of drinks. Then two stanzas later another drink is asked for, this is implied when he says, make that a scotch, ta. This implies that he isnt merely in the pub for a quick drink, but that he is a heavy drinker as he is changing his drink to a spirit. I think that this satirization is in order to depict the weakness of the narrator to alcohol and the unhealthy lifestyle. I think that she is trying to make the point that working class men should spend less time in the pub, and possibly more with their family if theyre married or partaking in some kind of recreational activity, such as using a local health club or playing five a side football. In conclusion to the points I have made I think that Duffys poem is very successful in exposing human follies and weaknesses and trying toi change the cultural approach of working class men of the time.

Violence in The Adventures of Huckleberry Finn :: essays research papers

Violence in Literature Mohandas Gandhi once stated these words, "I object to violence because when it appears to do good, the good is only temporary, the evil it does is permanent." The same can be said about many things in life. However, when thought about, few people may consider the violence brought up in literature. In the novel The Adventures of Huckleberry Finn, there are many scenes that illustrate the blind, violent nature that most humans tend to share. Mark Twain has used violence throughout his novel to enhance his beliefs on the injustices of slavery and any other form of senseless violence known to mankind. From the beginning with Pap's continuous abuse towards Huck, till the end with Emmiline Grangerfords poetry, is filled with violent sections that magnify the hypocrisy and stupidity of people. Almost immediately we are introduced to the drunken, deranged man who is Huck?s father, Pap. Pap is an alcoholic who roams from place to place buying up booze and sleeping wherever he can. Huck has never viewed him as a real father figure because Pap has almost never been there for Huck, except when he is ?disciplining? him. Pap is uneducated and disapproves of Huck attending school. Pap tells Huck, "you're educated...You think your're better'n your father, now, don't you, because he can't?" (14) Huck puts up with Pap?s numerous beatings because he does not want to be the cause of any more controversies between himself and Pap. Huck explains, "If I never learnt nothing else out of pap, I learnt that the best way to get along with his kind of people is to let them have their own way" (95). Pap?s addiction to alcohol is how Twain views the affect that alcohol can have on a person. He believes that alcohol is a money waster, can affect the sanity of people, and how it can turn even de cent men into complete scoundrels. Subsequently, Huck continues his journey down the river to another town where he suddenly finds himself staying with the Grangerfords. Huck soon befriends a boy named Buck who tells him all about the feud between the Grangerfords and the Shepherdsons. Both have been fighting for over 30 years but neither of them know exactly why they are battling each other. Buck explains, ??but they don?t know now what the row was about in the first place?(180). The tribal ware fare of the families is suppressed with religion.

Pros and Cons of Gene Therapy Essay -- Genetics Science Essays

Pros and Cons of Gene Therapy Gene therapy is thought of by some people as an terrific discovery that could greatly improve the human population and also give people with certain disabilities some glimmer of hope. And on the other side of the coin there is some people that think we have no business playing God. They feel that playing God may possibly cause devastating effects to the human gene pool and may also led to misuse. Merriam-Webster’s Collegiate Dictionary defines gene therapy as the insertion of normal or genetically altered genes into cells usually to replace defective genes especially in the treatment of genetic disorders. By using gene therapy, we can go to t he base of the disorder instead of using drugs to alleviate symptoms. Some diseases that have been treated include ADA Deficiency, familial hypercholesterolemia, cystic fibrosis, cancers that include melanoma, Neuroblastoma, brain tumors and AIDS (Nation al Cancer Institute,1993). Technical Aspects There are three methods used to deliver the genetically altered material. The first method includes either retroviruses or retrotransposons. Retroviruses are viruses that can transfer their own genetic information and also genetically alter the huma n gene. These viruses are unable to copy themselves but still pose a problem in altering protein synthesis when these retroviruses splice a patient’s cells. This is were retroviruses come into play. There are parts of DNA from a cell that â€Å" can copy th emselves onto other sites in the cells genome â€Å" (Glausisus,1996). One type of transposon is a yeast transposon called Ty3. This yeast transposon is still under research. The second method involves blasting genes with a pressurized gun filled with helium (Glausi... ...normal or could led to misuse in other forms. For just these reasons we definitely need RAC (Recombinant DNA Advisory Committee), NIH (National Institutes of Health) and the U.S. Food and Drug Administration. Without these committees the p ossibility of misuse will be greatly enhanced. References 1) Glausisuz,J.(1996).The genes of 1995. 1995:The Year in Science 17,36-38. 2) Macer,D.R.J.Public Acceptance of Human Gene Therapy and Perceptions of Human Genetic Manipualtion.Obtained from the WWW 10/28/96:http//www.biol.tsykuba.ac.jp/~macer/Papers/HGT92:html 3) Britannica On Line: gene therapy. Obtained from the WWW 10/23/96:http://www.eb.com 4) National Cancer Institute.Questions and Answers About Gene Therapy. Obtained from the WWW 10/23/96: http://oncolink.upenn.edu/pdq/600718.html 5) Seligman,J.(1996).Hope for genetic healing. Newsweek,April 15,64.

Wonders of Science

Science has done great service to mankind. Science has ensured life to be safer, surer and much more comfortable than ever before. Science has helped man to make computers, artificial satellites and robots. Science has given the Americans a defense umbrella in space and it has given the Russians a permanent space station. Russia, it is believed, will have an industrial city in space before 2050 A. D. This would be the height of achievement in the field of science and technology. Science has also helped the common man in many ways. It has given him the modern machinery which has helped to increase the production of food grains.The famines which took the lives of millions of people in the past have now become a distant thing, except in some African countries. Man who was travelling in bullock carts until two hundred years ago is now able to travel in supersonic jets which would take him around the world in twenty four hours. Science has also made communication easier with the invention of telegraphy and the telephone. The invention of the printing press has brought education in the form of books and newspapers to the doorsteps of every common man. Science has given man several means of recreation to spend his leisure time.The greatest wonder of modern science is that we can watch several events as they are happening on the other side of the world by sitting comfortably in our drawing rooms in front of the televisions. Satellite links of televisions have made this possible. Science has also given us the computer which can store a million times more of information in its memory than a human brain and bring them out the flicker of a second. The computer can also work out statistical data of all inhabitants of a city and can give details of any singular feature for several years. These wonders of science have certainly made our living easier and lively.

Antebellum Periods and Reforms essays

Antebellum Periods and Reforms essays The Ante-bellum Period and The Reforms The overwhelming number of reforms in the ante-bellum period was a result the rapid change that was occurring around the country. These changes were seen in economics, politics and society. Americans reacted in a nationwide panic which created doubts of the goodness of the changes America was going through. The institution and then rise of the market economy and the Second Great Awakening had the greatest effect on America. The effect of these two things brought on many reforms by many different people in various aspects of America. Market economy had a significant change in all politics, economics, and society. The market economy is "where men and women grew crops and produced goods for sale at home or abroad... The money that individuals received from market transactions.....purchased items from produced by other people."1 This system was a devised so each person following could produce goods for a profit. America's economy was probably the most effected out of the three country functions. Market economy started many improvements in America through industrialization. New interventions in transportation and technology had a major effect on the pace in which America functioned. Transportation flourished with the building of railroads, canals, and a National road. Technology also significantly throve with inventions as the steamboat and the telegraph. There was a definite rise in cities as population rapidly increased. These cities were mostly industrial cities and contained a large immigrant population. Imm igrants created a lot of competition in the economic world because as population grew, it became more and more difficult to get a job, and the immigrants were willing to work for low wages unlike many Americans. Market economy encouraged wage labor which was a form of specialization. Many people were incorporated in this system being paid so much for parts. This resulted in factories...

Spanish Banks In Latin America The WritePass Journal

Spanish Banks In Latin America Abstract Spanish Banks In Latin America Abstract1.What were the underlying reasons (or motives) behind the internationalization of leading Spanish banks in the 1980s and 1990s?a) What issues should firms consider in selecting international markets to enter? 2.  In light of this, why did the leading Spanish banks target Latin America for their international expansion?ConclusionReferenceRelated Abstract The service sector has in the past few decades seen an increase in the integration of global economies. The expansion of Spanish banks into Latin America is a striking example of the degree of globalization and integration of financial markets that is increasingly taking place across the globe. The leading Spanish banks have augmented their presence in Latin America to become the largest foreign institutions in retail banking In view of the above, this paper sheds a light on the process of internationalization with the aim of seeking answers to these questions: What were the motives behind the expansion? Why did Latin America become the target of this expansion and not other European countries? And lastly, why did the leading Spanish banks mainly enter Latin American market via acquisitions?   Based on the analysis, the paper finds that the expansion was partly due to increasing liberalization and deregulation of financial activities and in part, a result of the integration of Spain into the EU. The paper also finds that the motives or the reasons behind the expansion were to increase client base, attain greater investment diversification and to thrive in the competitive globalized business environment. Latin America not only offered good investment opportunities but also provided a solution to the problem of lack of competitiveness that most Spanish banks faced. 1.What were the underlying reasons (or motives) behind the internationalization of leading Spanish banks in the 1980s and 1990s? The service sector has in the past few decades seen an increase in the integration of global economies. The internationalization of banks is a striking example of the degree of globalization and integration of financial markets that has taken place across the globe (Cardone-Riportella Cazorla-Papis 2001). The massive presence of globalized financial institutions, especially the leading Spanish banks has changed the picture of banking, insurance and pension fund in Latin America (Calderon 2000). Whilst the presence of foreign banks in Latin America is not a new phenomenon, the second half of the 1990s saw the internationalization of leading Spanish banks on an unprecedented scale (Slager 2005). Whereas the expansion process occurred in both periods of the 1980s and 1990s, it was in the 1990s that the degree of internationalization grew significantly (Bejar 2007). Santander first entered Chile in 1978. By 1982, it had already acquired Banco Espanol Chile (Guillen Tschoegl 2000). In 1995 Santander was ranked at position 6 in commercial banking. A further acquisition of Banco Osorno y La Union in 1996 further pushed it to the second position. Its success in the Chilean market is attributed to its superhipoteca, a new mortgage product with aggressive pricing, which allowed the bank to gain 20% of new mortgages (Guillen Tschoegl 2000). Similarly, in Argentina where Citibank and BankBoston had dominated for many years, the two leading Spanish banks, Santander and BBV, acquired some of the most profitable banks. In 1997, Santander acquired Banco Rio de la Plata. On the other hand, BBV acquired Banco de Credito Argentino and Banco Frances (Guillen Tschoegl 2000). But while BBVs acquisition of Banco Frances was okay, the acquisition of Banco de Credito Argentino was accompanied by many integration problems (Guillen Tschoegl 2000). In Mexico, Citibank was the only foreign bank that was allowed to operate. But with Mexico joining NAFTA in1994, it agreed to permit the operations of North American bank and extended the opening to all member states of the OECD (Guillen Tschoegl 2000). BBV became the first Spanish bank to enter Mexico through the invitation of Probursa. By the late 1990s, it had already established its presence in Mexico with over 335 branches (Guillen Tschoegl 2000). BCH became the second to enter by acquiring Banco Atlantico and Bital. Santander came third in 1997, acquiring 61% of InverMexico and Banco Mexicano (Guillen Tschoegl 2000). Just as it did in Argentina and Chile, these leading Spanish banks also introduced new innovative ideas in Mexico, building a strong depositor base but pursuing different strategies. For example, while BBV introduced ‘libreton’ in 1996, Santander mimicked it by introducing its ‘supercuenta’ (Guillen Tschoegl 2000). BBV had within a few months created more than 460,000 new accounts whereas ‘Santander’ boasted of 240,000 accounts (Guillen Tschoegl 2000). This internationalization is a result of the growing financial liberalization and deregulation. Initially, the banking system in Spain was one of the most regulated in the world with restrictive rules that prevented entry of foreign banks. But in the mid-1970s, there was a significant transformation of Spain from being a politically and economically inward looking country to one that was more open and dynamic (Guillen 2005). The process of financial liberalization and deregulation began. This process of change was speeded up by Spain’s accession to the EU in 1986 (Guillen 2005). Among the chief underlying reasons for expansion into Latin America was the need to increase client base, attain greater investment diversification in the high growth potential areas and the need to thrive in the competitive landscape (Sebastian Hernansanz 2000). The deregulation of the 1980s and Spain’s accession to the EU increased competition in retail banking. Spains accession to the European Community in 1986 initiated the process of liberalization and deregulation of the banking sector (Bejar 2007). The deregulation included complete liberalization of interest rates and commissions, new legislations covering pension funds and reforms to the stock market (Parada et al 2009). The process of liberalisation and deregulation was further accelerated with the approval of the Single European Act and Economic Monetary Union which prepared the ground for adoption of the euro within the EU (Bejar 2007). These legislative initiatives had major effects on Spanish banks approach and strategy. The leading spanish banks were obliged to transcend their territorial or rather national boundaries in order to increase their competitiveness, diversify their investments and to protect themselves from acquisitions and takeovers by other foreign firms (Bejar 2007). Thus, given the competitive landscape and the need to diversify investments, the leading Spanish banks had to introduce new strategies to retail banking. During that time, the continent of Latin America displayed good investment opportunities. The leading Spanish banks saw a unique opportunity to attain dimensions in Latin America that would provide them with an edge in the demanding international financial markets (Calderon Casilda 2000). Thus the advantages of localization, the low level of banking services in the region and the growing liberalization led to the expansion of Spanish banks into Latin America (Cardone-Riportella Cazorla-Papis 2001). It follows that the decision to expand into Latin America was driven by the need to exploit the favourable financial system environment in the region and to attain greater investment diversification in Latin America. This would enable the Spanish banks to thrive in the competitive globalized business environment a) What issues should firms consider in selecting international markets to enter? The factors affecting the decision to internationalize activities may vary with a banks chosen entry mode. Whilst determinants such as economic growth and high net interest margin may promote one entry mode, others such as the high concentration in the sector and tax relieves can impact positively on the other structures (Hryckiewicz Kowalewski 2008). Nonetheless, there are certain issues that must be consider when selecting international markets to enter. These can be illustrated clearly with the help of theoretical models. According to the theory of internationalization, companies internationalize value-generating operations based on the advantages derived from such process of internationalization (Slager 2009). The internationalization process materializes through FDI and contributes to value creation if the benefits of using intangible assets across country borders overrun the cost of operating in the foreign market (Rugman 1976). Another model that can explain the decision to expand operations into a foreign market is the Transaction cost theory. Based on the transaction cost theory, the decision to enter a foreign market is determined by acquisition of costs including the cost of managing uncertainty (Williamson 1985). The lack of trust and the presence of uncertainty inform the decisions on whether or not to form alliances, mergers and acquisitions (Bergen et al 1992). Finally, there is the Uppsala model that is often used. According to this model, the focus of internationalization efforts will essentially be on the closer markets due to gradual accumulation of experiential knowledge in these markets which reduces the uncertainty effect (Curci Cardoza 2009). The expansion of these leading Spanish banks into Latin America confirms the predictions of the Uppsala model which views internalization as an incremental commitment based on the accumulation of experiential knowledge in foreign markets. In the 1980s, the re-dimensioning process of the European market had not started yet (Mathieson 2005). Due to increased uncertainty in the Latin American market at the time, banks entered timidly with minimal investments. These Spanish banks thus committed low resources during this period due to the risk involved and given their lack of experiential knowledge in the region. But in the 1990s, the re-dimensioning was already underway and in view of the lesser risk and uncertainty; the Spanish banks began investing in the region by acquiring some of the most profitable banks (Mathieson 2005). Amongst these Spanish banks, the most assertive was Santander primarily due to its strong capital base and previous experience in the region (Guillen Tschoegl 1999). BBV, on the other hand, was at first cautious in investing in the region due to the lack of exposure in the region (Guillen Tschoegl 1999). But later, it increased its investments in the region acquiring a number of profitable banks. This clearly illustrates the benefits of low commitment entry modes and taking time to understand the foreign market before increasing investments. 2.  In light of this, why did the leading Spanish banks target Latin America for their international expansion? The international expansion of Spanish banks into Latin America was speeded up by Spain’s accession to the EU (Curci Cardoza 2009). At the time, competition had grown intensely and it had become increasingly difficult to grow business in the saturated domestic markets. With Spain joining the EU in 1986, it generated a new threat as operation in the Spanish market meant head-to-head competition with the well established European firms (Curci Cardoza 2009). The Spanish banks were thus faced with the dilemma of either competing within the domestic markets or expanding and competing in the international markets. But due to the need for investment diversification and the need to thrive in the competitive landscape, the Spanish banks opted to pursue business internationally (Curci Cardoza 2009). However, owing to the lack of substantial capital, it was perceived not viable to expand into other European countries. Thus, as predicted by the Uppsala model, Latin America became the target of this international expansion since it was psychologically a closer market (Cardoza et al 2007). With this strategy, the Spanish banks protected themselves from acquisitions and possible takeovers by other European companies (Cardoza et al 2007). On its part, Latin America had instituted neo-liberal reforms that included deregulation, liberalization and economic opening (Curci Cardoza 2009). Retail banking in Latin America was during that time in the process of being regulated and given the low level of penetration of foreign firms and the potentially high margins in the region, it offered great investment opportunities (Curci Cardoza 2009). At the time, potential margins were high and the standards of regulating and supervision were rapidly improving (Bejar 2007). Also, Latin America lacke d enough capital resources and demand for banking services was rapidly rising. In view of these, the leading Spanish banks moved to augment their presence in the region and in less than a decade, these banks had grown from being Spain-only operators to becoming major international players in retail banking. Within a short period of time, these Spanish banks had already achieved the status of multinationals and most importantly, they were accorded the status of key world players in the banking industry (Bejar 2007). Their status was moved from being banks confined within the territories of Spain to becoming major international operators whose initiatives were scrutinized around the entire globe (Bejar 2007). Owing to the success of this internationalization process, these Spanish banks now enjoy a sound reputation and are often regarded as a plus factor in countries that they currently operate in. The expansion of these Spanish banks to Latin America was indeed a stepping stone towards their global growth (Bejar 2007).   It is clear from the above as to why the leading Spanish banks targeted Latin America for their expansion. Latin America did not only offer good investment opportunities but the region also provided a solution to the problem of lack of competitiveness that most Spanish banks faced. Why did Spanish banks mainly enter Latin American markets via acquisitions? What are the advantages and disadvantages of this approach compared to other possible market entry modes? There are two main modes of market entry into a foreign market: equity and Non equity modes. The non-equity modes include: the export strategy mode that involves direct and indirect exports; and contractual agreement modes which include research and development contracts, co-marketing strategy, and licensing/franchising among others (Peng 2008). The equity modes include joint ventures and partially owned subsidiaries (WOS). A Joint venture entails some form of FDI in which the foreign firm is allowed a certain degree of control of the entity. The advantages of joint ventures include cost and risk sharing (Peng 2008). Another advantage is the access to knowledge about the host country. Joint ventures are also considered more politically acceptable. There are however certain disadvantages to this mode of entry. First, since it involves partners from different background and with different goals, conflicts are inevitable. Secondly, it may be difficult to achieve effective equity and operational control since everything must be negotiated. Finally, the nature of a joint venture does not give the multinational effective control over foreign subsidiary which may be necessary for global coordination (Peng 2008). On the other side, wholly owned subsidiaries can be achieved in two primary ways: establishing Greenfield operations or through acquisition which is probably the most important in terms of amount of capital involved (Mullineux Murinde 2003). As we have seen in the present case, the mode of entry used by the Spanish banks to enter Latin America is through acquisitions. The two leading Spanish banks, Santander and Bilbao Vizeaya, had in less than a decade augmented their presence in Latin America through some 20 acquisitions (Cardone-Riportella Cazorla-Papis 2001). The advantages of acquisitions as a mode of entry are that it gives the multinational complete control which leads to better protection of proprietary technology (Mullineux Murinde 2003). Also, acquisitions allows for central coordination of global actions. As pointed out by Tschoegl (2003), foreign firms in the long run end up having no comparative advantage in retail banking. For such reasons, acquisition of domestic banks presents the only noble solution. Through acquisitions, these Spanish banks were able to gain greater comparative advantage in Latin America. On the flip side, however, the risks involved both financially and politically are high. The conspicuous foreignness embodied in this mode of entry may become a target for national sentiments (Peng 2008). Additionally, this mode of entry may be affected by post-acquisition integration problems. Nonetheless, the Spanish banks opted to use acquisitions as a mode of entry as this would give them complete control and allow them to gain share rapidly in the Latin American market. Conclusion The expansion of Spanish banks into Latin America reflects the ongoing globalization and integration of financial markets that is increasingly taking place across the globe. The internationalization of the leading Spanish banks can partly be explained by the growing financial liberalization and deregulation and partly due to Spain’s accession to the EU in 1986. Among the chief underlying reasons for expansion into Latin America was the need to increase client base, attain greater investment diversification in the high growth potential areas and to thrive in the competitive landscape. At the time of the expansion, retail banking in Latin America was in the process of being regulated and the low level of penetration of foreign firms and the potentially high margins in the region offered great investment opportunities. Furthermore, Latin America lacked enough capital resources and demand for banking services was rapidly rising. As such, Latin America not only offered good investment opportunities but also provided a solution to the problem of lack of competitiveness that most Spanish banks faced. 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SUERF, Vienna Slager, A.M.H., Banking across borders: internationalization of the worlds largest banks between 1980 and 2000. Erasmus Research Institute of Management Tschoegl, A.E., 1987. ‘International retail banking as a strategy: an assessment’, Journal of International Business Studies, 7(2): 75–80. Williamson, O. 1985. The Economic Institutions of Capitalism. New York, Free Press.