Regulatory Environment

Business Strategy to Expand a Business Internationally

A Case Study of Diageo (Kenya) and SAB Miller (Colombia)

By

Evgeny Kim

Student Number S152334

A Dissertation submitted in partial fulfillment of the requirements for the degree of Bachelor of Business and Management of University Campus Suffolk

May, 2014

Acknowledgement

Researching international business expansion was a challenging and fulfilling endeavor. The journey involved evaluating different processes involved and combining the findings cohesively. I would like to extend my sincerest gratitude to; the supervisor, friends, family, colleagues, and the people involved during the preparation process.

Abstract

Businesses undergo transformations as they grow towards maturity. The most enterprising organizations establish international presence during the early phases of life cycles. It is integrated into the business development plan. For most enterprises, the option is usually considered as domestic markets mature.

Internationalizing business faces a number of challenges with the potential of extensive rewards. The ability to effectively leverage on existing strengths to take advantage of opportunities accelerates investment returns. Maneuvering the diverse regulatory environments with the most apt market entry mode dictates the success possibilities.

The main import of this research paper was to examine international markets expansion by evaluating different available options. Internationalizing opinions differ depending on the scope and resources utilized during the market entry process. To achieve this objective, internationalization was examined holistically.

The main objective was dissected into the following minor objectives; to evaluate the attractiveness of international markets, to ascertain the most appropriate international market entry strategies, and to determine the challenges and regulatory expectations faced an organization as it internationalizes its operations.

Research was mainly conducted with the aid of two case studies of internationalization strategies adopted by real businesses. Econometric analysis of economic data to show the implications of FDI was also undertaken. The findings were represented using appropriate illustrations to support the discussions of the relevant objectives.

Table of Contents

Acknowledgement ii

Abstract iii

List of Figures. viii

List of Tables. ix

Chapter 1: Introduction. 1

1.1 Introduction. 1

1.2 Background. 1

1.2.1 International Expansion. 1

1.2.2 International Market Entry Strategies. 2

1.2.3 Regulatory Environment 3

1.2.4 Challenges of International Expansion. 4

1.3 Purpose of the Study. 5

1.4 Research Objectives. 5

1.5 Research Questions. 5

1.6 Justification for the Study. 6

1.7 Scope of the Study. 6

1.8 Delimitations. 6

Chapter 2: Literature Review.. 7

2.1 Introduction. 7

2.2 International Expansion. 7

2.2.1 Internationalization/Transaction-Cost Theory. 10

2.2.2 Eclectic Theory. 10

2.2.3 Resource-Based Theory. 11

2.2.4 Uppsala Model 11

2.3 International Market Entry Strategies. 12

2.3.1 Exporting. 13

2.3.2 Licensing. 13

2.3.3 Franchising. 14

2.3.4 Joint-Ventures/Strategic Alliances. 14

2.3.5 Acquisitions. 15

2.3.6 Wholly-Owned Subsidiaries/Greenfield Operations. 15

2.4 Regulatory Environment 16

2.5 Challenges of International Expansion. 18

2.6 Research Gaps. 21

Chapter 3: Research Methodology. 22

3.1 Introduction. 22

3.2 Research Methodology. 22

3.3 Research Methods. 23

3.4 Research Approach. 24

3.5 Research Design. 25

3.6 Choice of Companies. 25

3.7 Data Collection Instruments. 26

3.8 Data Processing and Analysis. 26

3.9 Validity and Reliability. 26

Chapter 4: Research Findings and Results. 27

4.1 Introduction. 27

4.2 Case Study: Diageo (Kenya - EABL) 27

4.2.1 Company Background: Diageo. 27

4.2.2 International Expansion. 28

4.2.3 Host Country Overview: Kenya. 30

4.2.4 Company Overview: EABL.. 31

4.2.5 Market Entry Strategy. 33

4.2.6 Regulatory Environment 33

4.2.7 Market Performance. 34

4.2.8 Market Challenges. 34

4.3 Case Study: SAB Miller (Colombia – Grupo Bavaria) 36

4.3.1 Company Background: SAB Miller 36

4.3.2 International Expansion. 37

4.3.3 Host Country Overview: Colombia. 39

4.3.4 Company Overview: Grupo Bavaria. 40

4.3.5 Market Entry Strategy. 41

4.3.6 Regulatory Environment 42

4.3.7 Market Performance. 42

4.3.8 Market Challenges. 43

Chapter 5: Discussion of Findings. 44

5.1 Introduction. 44

5.2 Case Analysis: Diageo (Kenya) 44

5.3 Case Analysis: SAB Miller (Colombia) 45

5.4 Cross-Case Analysis. 46

Chapter 6: Summary, Conclusions, and Recommendations. 47

6.1 Introduction. 47

6.2 Summary. 47

6.3 Conclusions. 48

6.4 Recommendations. 49

6.5 Future Research. 49

Chapter 7: References. 50

Chapter 8: Appendices. 56

List of Figures

Figure 2‑1: Selecting Market Entry Mode: Risk Profiling. 16

List of Tables

Table 4‑1: Kenyan Beer Market 31

Table 8‑1: Common Size Analysis: Diageo and SAB Miller. 56

Table 8‑2: Comparison of Market Entry Modes and Performance. 57

Chapter 1: Introduction

Introduction

This chapter provided an overview of the subject of international market expansion. It succinctly illustrated background subjects including; market entry strategies, international expansion, and challenges. In addition, purpose of the study, research objectives/questions, justification and scope of the study, and delimitations were also highlighted.

Background

International Expansion

International expansion is the process of adapting business practices and transaction structures to external markets (Malhotra, Naresh, Ulgado, & Agarwal, 2003). A firm may be establishing initial market presence through exports, acquisition, or developing a wholly-owned Greenfield operation. This is basically developing new markets for existing products.

Increasing resources commitment in existing foreign markets may also be considered as part of the internationalization process (Amdam, 2009). Essentially, this means that an organization can extend its market presence as part of diversification or market penetration initiatives. The increased investment in foreign markets asserts international expansion.

There are a number of motivations that drive an enterprise to expand internationally. They include; access to new customer base, increase business competiveness by lowering operating costs, enhance core competencies, and spread business risks to a wider base to avoid turbulences that would jeopardize business progression (Thomson & Martin, 2005).

Government incentives through amiable regulatory also influence firms to expand. Business size, resources potential, and home market saturation also motivate enterprises to consider foreign markets for diversification. In effect, niche firms, SMEs (small-medium-sized enterprises), and large firms have to internationalize to sustain growth (Couturier & Cola, 2010).

Overall, international expansion may be developed as an intrinsic part of the original business plan or considered as alternative momentum driver during business maturity. Technology access and reduction in trade barriers is motivating more businesses to have a global objective in their corporate strategy and be more adept to environmental dynamics.

International Market Entry Strategies

A firm that has already considered international market expansion as part of its corporate strategy has to select the most appropriate market entry strategy. An international strategy follows the following outcomes; identification of international opportunities, developing international strategies, and selecting the entry mode (Hitt, Ireland, & Hoskisson, 2011).

The choice of entry mode is usually dependent on the internationalization strategy that is adopted. Resources and capabilities also determine the ability to leverage on one mode over another. An organization has understand its current positioning, the point of focus (future growth strategies), and how it intends to achieve them (Thomson & Martin, 2005).

This focus applies to execution of corporate strategy and can also be extended to internationalization. According to Ghauri & Cateora (2010), the main market entry modes are; exporting, piggybacking, licensing, franchising, joint-ventures, consortia, manufacturing/wholly-owned subsidiary, and countertrade (reverse manufacturing).

Some organizations progress from exporting and expand their market presence through licensing and joint-venture initiatives. Cost implications, local knowledge, regulatory environment, and technology transfer dictate the most appropriate market entry strategy. The openness and competitiveness of the industry is another vital factor.

Regulatory Environment

International market entry is mainly influenced by the efficiency of the regulatory environment. The ability of an organization to gain competitiveness in external markets is dependent on government attitudes towards FDI (Foreign Direct Investment). There are limitations depending on sectoral weighting by the state.

According to Porter (1998), national advantage is determined by; firm strategy, structure, and rivalry, factors of production, demand conditions, and related and supporting industries. These dimensions are vital in determining country attractiveness and competitive environment that is guided by existing legislations.

Essentially, different countries promote certain sectors by offering tax incentives while protecting others with ownership caveats. The ability to access capital, skilled workforce, adequate markets, and suitable infrastructure is defined by government policies towards development and FDI as part of long-term country growth strategy.

Increasingly, governments are focusing on opening up most of their domestic sectors to international businesses. This can be partly attributed to progressive governments and the rules enforced by joining trading blocs such as NAFTA, WTO, EU, and ASEAN. In effect, they have tempered the domestic regulations to be compatible with international ones.

Harmonization of tax and business practices as part of the regulations governing the trading blocs has hastened the opening up of international markets. This is evident in emerging markets like China which have become investment magnets. The effectiveness of the regulatory environment is critical in encouraging and sustaining internationalization.

Challenges of International Expansion

Expanding into international markets are affected by numerous that arise from lack of adequate domestic experience. There are myriad challenges that are faced by the new global organization. An organization has to adopt new rules as part of global engagement and understanding new economic architectures (Lee & Carter, 2012).

Internationalizing firms have to match the dynamic requirements of global customers/consumers. Developing long-term and profitable relationships with partners to sustain strategic initiatives is an on-going business challenge. Cultural diversity based on power distance and uncertainty dimensions differs from country-to-country.

According to Hofstede (1996), the main cultural dimensions include; uncertainty avoidance, collectivism/individualism, femininity/masculinity, and power distance. Usunier (1996) noted that majority of emerging/frontier nations (in Asia, Africa, and Middle-East) exhibited strong power distance and masculinity in their cultural configurations.

The psychic cultural distance affects the expanding firms when approaching the foreign markets. Regulatory challenges such as import taxation, FDI limitations (minimum and maximum), and industries also affect growth. The ability to adapt to domestic business practices as far as labor relations, market access, and legal protection is a huge challenge. Protection of intellectual property affects the ability to innovate and achieve long-term competiveness.

Purpose of the Study

The aim of the study was to investigate modalities that are involved in international market expansion. It analyzed using two case studies the processes that real-life firms utilized in expanding internationally. The literature scope covered; motivations for expansion, market entry modes, and regulatory challenges involved in internationalization.

It undertook a critical evaluation of business practices that are involved in internationalizing. The study offers insights that would be useful for organizations intending to expand their operations to international markets. The illustration of efficacy of various entry modes is useful especially for SMEs intending to internationalize.

Research Objectives

v To evaluate the attractiveness of international markets in the globalizing world.

v To ascertain the most appropriate international market entry modes and strategies.

v To determine the challenges faced by an organization during international market expansion.

Research Questions

v What is the attractiveness in expanding internationally in today’s globalizing world?

v What are the most appropriate international market entry modes and strategies?

v What are the challenges faced by an organization during international market expansion?

Justification for the Study

The research was intended to contribute to expanding body of research on internationalization of business firms. Despite being a widely researched field, the dynamics involved keep evolving. It sought to illustrate paths that were adopted by tow western multinationals in internationalizing operations and their successful.

These MNCs (Multinational Corporations) originated from different countries and leveraged on different approaches to expand. Existing regulatory and market challenges were correlated to the success of the selected market entry strategy. In effect, the study provided practical insights to adapt expansion strategy by examining real experiences.

Scope of the Study

Effectively, the study focused on examining the internalization process by indentifying motivating factors and discussing market entry modes and challenges. The study relied heavily on secondary data that revolved around expansion strategies adopted by real-life firms. Emphasis was placed on western firms expanding into emerging/frontier markets.

Delimitations

The research study was limited by the scope and availability of research materials. Establishing an internationalization strategy cannot be quantified by primary research and there was a heavy reliance on secondary research to illustrate the experiences on actual business during their internationalization quests.

There limitations in budget availability and time constraints. These were in addition, to the sensitivity in obtaining corporate information about actual cost implications of expansion.

Chapter 2: Literature Review

Introduction

This chapter presented different aspects of internationalization by examining related theories. The main highlights were; international expansion, market entry strategies, regulatory environment, and challenges of internationalizing. Research gaps were derived from the extensive body of theoretical review to justify the need to execute the research.

International Expansion

According to Malhotra et al. (2003), internationalization of business firms has shifted dramatically over the past 20 years. The overwhelming shift has been the movement from orienting their operations towards international markets and shifting respective marketing initiatives from being multi-domestic to being global.

With the increased commitment in foreign markets (financially and otherwise), the proportion of revenues has shifted along with these commitments (Albaum & Duerr, 2008). They noted that greater resources would be expended in marketing goods across several political borders as different processes are employed in different countries.

Katsikeas, Leonidou, Palihawadana, & Spyropoulou (2007) noted that internal and external factors influenced and organization to consider internationalizing. Internal motivations include; unsold excess inventory, need for further growth, and possession of a compelling product. The internal factors were mainly associated with core competences.

External motivations stemmed from; unsolicited offers usually from other governments, encouragement by governmental agencies through business incentives, and favorable macro factors such as stable currency (Katsikeas et al., 2007). They allow a firm to exploit its excess capacity or extend its knowledge base to new markets profitably.

Katsikeas et al. (2007) also noted that firms which had internal motivations were usually objective-oriented and excised rationality in decision-making. On the other hand, external motivations resulted in a strategy-oriented firm that was substantially subjective adopting an opportunistic tendency to its internationalization approach.

Albaum & Duerr (2008) also indicated that international expansion was prompted by; need to require research and development costs, expand market access to new customers, and pursue higher returns from these operations. In most instances, recovering invested development costs require expanding into new markets to have sustainability.

This reduces the return-on-investment time and allows the company to invest in new products. The need to access new markets was also a major motivator for expanding into international markets. Thomson & Martin (2005) also indicated that the major motivators were influenced by the need to diversify risk and cost base.

They identified four core motivators; market access to new customers, capitalizing on existing core competencies, spreading business risks, and lowering operating costs through enhanced competitiveness (Thompson & Martin, 2005). The ability to widen market scope reduces shocks experienced in challenging domestic environment.

Access new markets by expanding customer base allow a firm to capitalize on its resources and capabilities to extend operating scope. This enables it to drastically reduce overall risk levels especially economic which could be influenced by the saturation of domestic markets. Cost levels are also lowered with risk spreads and market diversification.

The internationalization process is considered to be risky as market dynamics are unknown (Rugman & Collinson, 2006). They explored the learning challenges that firms face in exploring foreign markets. To counter the lack of local knowledge, a progressive approach such as Uppsala internationalization model was considered to be apt.

Rugman & Collinson (2006) also noted to be successful; companies that embarked on internationalizing had to focus on regional rather than global strategies. There are diverse socio-cultural and demographic in different regions that would be prudently considered separately. This effectively means that international firms are not cohesive monoliths.

They are instead comprised on different regional configurations that are combined under one holding body. This affords each subsidiary a certain degree of autonomy that allows it to effectively execute the regional strategy. Internationalization is an intrinsic part of the diversification process that extends outside the domestic market.

Lipczynski & Wilson (2004) examined the concept of extension as part of a firm’s strategy. They noted that firms could select two basic options; market extension or market extension. Market extension could involve selling to different customer segments or exploiting external geographical locations (Lipczynski & Wilson, 2004).

Internationalization approach can take the forms of; multi-domestic, transnational, or global strategies (Hitt, Ireland, & Hoskisson, 2011). Increasingly, firms are seeking a transnational approach whereby there are able to coordinate local responsiveness and still achieve respectable global efficiencies.

There are three main theories that have sought to expound the rapid development of internationalization. According to Ekeledo & Sivakumar (2004) they are; internationalization/transaction-cost, eclectic, and resources-based theories. In addition, there is an Uppsala model which is progressive for an expanding business.

2.2.1 Internationalization/Transaction-Cost Theory

The internationalization theory is interchangeable with the transaction-cost theory whereby costs are considered as the intrinsic factor in determining the suitable mode of entry (Ekeledo & Sivakumar, 2004). These costs include; legal fees, negotiation costs, constraints in enforcing contracts, and domestic taxation.

In the event that costs are quite high, firms usually opt for the development of wholly-owned operations. The theory “assumes perfect competition, homogenous firms, and mobility of resources among firms, including perfect transferability of know-how between a parent company and its foreign subsidiary” (Ekeledo & Sivakumar, 2004, p.71).

In effect, the theory presupposes the high related transactional costs in expanding overseas. This necessitates the trade-off between cost of integration (resources commitments) and benefit of integration (control) (Anderson & Gatignon, 1986). The most preferred option in context is the establishment of a wholly-owned subsidiary.

Eclectic Theory

Eclectic theory overcame the shortcomings posed by the internationalization theory with emphasis on; OLI (ownership, location, and internal) advantages (Ekeledo & Sivakumar, 2004; Dunning, 1988). A firm “must possess certain advantages specific to the nature and/or nationality of their ownership” (Dunning, 1988, p.2) to garner ownership advantages.

Location advantages refer to “market potential and country risks that make conducting business in the foreign market profitable” (Ekeledo& Sivakumar, 2004). Internal advantages are company specific competences that enable a firm to prefer certain market entry modes after considering their benefits to the firm.

Resource-Based Theory

Connor (1991) noted that business performance was heavily influenced by the interconnection between a company’s resources and capabilities and core competencies. The level of “resource commitment, control, and technology risks are highly correlated” (Osland, Taylor, Zou, 2001, p.155).

In essence, a “firm compete well in a setting in which there is a fit between the firm’s resources and external opportunities” (Ekeledo & Sivakumar, 2004, p.73). The preferred entry mode in this respect is usually sole ownership or strategic alliances/joint-ventures. They provide a balance between control and resources commitment.

Uppsala Model

The Uppsala model “is very general and therefore applicable to many different organizations and different situations” (Forsgren & Hagstrom, 2007, p.292). It is a progressive model that commences with no regular export presence and ends with the establishment of a wholly-owned foreign manufacturing concern.

It is applicable to firms that intend to take advantage of increased local knowledge to upscale their investment in foreign markets. With a reduction in perceived risk profile of the foreign locality, a firm is able to increase its investment in the market. It is more suited to traditional businesses rather than internet-based businesses.

International Market Entry Strategies

According to Ghauri & Cateora (2010), the main objectives for a firm to seek market entry into a foreign country are; market-seeking, resource-seeking, and efficiency-seeking strategy. Market-seeking strategy is usually preferred by most internationalizing firms as they seek access to fast developing markets in emerging and frontier nations.

Market entry strategy consists of four basic factors; entry mode, entry node, entry role, and entry process (Jansson, 2007). The entry node refers to the way in which the firm will integrate locally while entry process refers to the process of establishing domestic relationships with local firms (Jansson, 2007).

The entry role defines the commercial perspective of the business transaction. In essence, an internationalizing company can approach a foreign market as a buyer, manufacturers, and/or seller. Market entry mode explicitly determines the choice of accessing the specific market. The options include; exporting, licensing, franchising, acquisition, JVs, and WOS.

Globalization strategies that are implemented impact on the preferred market entry mode. The most important criteria to consider when choosing a preferred market entry method are; financial risk, cost, control, and profit potential (Enz, 2010). The nature of business relationships also determines the preferred entry mode (Zineldin, 2007).

According to Zineldin (2007), company performance is interlinked with the preferred entry mode. It encompasses potential risks and information symmetries/asymmetry that either propel or hinder success. This is particularly evident for a firm that seeks to expand its international presence into emerging markets.

They are considered to be riskier legally and with less developed supporting frameworks such as infrastructure and economic factors. Johnson & Tellis (2008) indicated that the market entry mode that was preferred usually had direct implications production and marketing strategy. Trade-offs between business performance and market penetration are of utmost importance.

Exporting

Exporting is administratively handled by the internationalizing firm with operations located in the external market (Anderson & Gatignon, 1986). It does not require the physical establishment of market presence in the foreign markets. Exporting firms have to establish “contractual agreements with host country firms” (Hitt, Ireland, & Hoskisson, 2011, p.232).

It also requires the exporting firm to develop its own marketing systems and distribution networks. The major disadvantages are the inherent distribution costs which could make products uncompetitive and there is minimal effective control (Hitt, Ireland, & Hoskisson, 2011). The main advantage is that it is relatively easy to establish than all the other entry modes.

Licensing

Licensing involves the establishment of international market presence with relatively low cost overlays through the limited exchange of patent and/or trademark rights (Ghauri & Cateora, 2010). It is increasingly become the most preferred strategic approach to international markets by SMEs as cost implications as relatively low (Kline, 2003).

It allows firm to enhance its returns by leveraging on previous innovations. This is especially practically for products with short product life-cycles. Its main advantage is the cost component of establishing. The main disadvantages are; the low returns and there is minimal control over the licensees (Hitt, Ireland, & Hoskisson, 2011).

Franchising

Franchising is an extended version of licensing which incorporates enhanced agreements that involve sharing of additional intangible obligations (Hill, 2007). This form of licensing involves the provision of standardized packaging “of products, systems, and management services” (Ghauri & Cateora, 2010, 278).

The franchisees offer capital, market knowledge, and personnel commitment in management and operations. It is slightly costlier than licensing but offers better returns since operations are standardized. There are three main models; licensing, master franchise, and joint venture with varying commitment levels (Ghauri & Cateora, 2010).

2.3.4 Joint-Ventures/Strategic Alliances

Joint-venture or strategic alliances allow firms to share associated risks with international market entry (Hitt, Ireland, & Hoskisson, 2011). In the set up, firms establish equity stakes in a joint-partnership that are subject to the limitations of the host country. There are particularly prevalent in western multinationals expanding into emerging markets.

The major advantages are; shared costs, shared risks, shared resources, and the ability to develop new competencies (Hitt, Ireland, & Hoskisson, 2011). The major downsides are the cost implications as they require substantial financial commitment and integration problems as a result of cultural conflicts between management.

Acquisitions

Acquisitions are increasing with the expansion of free trade agreements and they provide a relatively fast entry into new markets. This is usually a natural progression step after the establishment of a foreign joint-venture. Cost implications are quite high as financial commitment is extensive.

The main advantage of acquisition is that it provides a relatively quick market access as the acquired firm has an existing functional local market. Disadvantages include; complexity of negotiations that result in the execution and there are emergent problems that result from the efforts in merging the new operations with existing business (Hitt, Ireland, & Hoskisson, 2011).

2.3.6 Wholly-Owned Subsidiaries/Greenfield Operations

An Establishment of Greenfield operation is tied with effective control that is achieved by the expanding business (Hitt, Ireland, & Hoskisson, 2011). The cost implications of establishing a wholly - owned subsidiary are quite extensive as the internationalizing business has to invest all tangible and intangible resources in the new business.

There are cultural challenges, as the organization has to learn domestic cultural alignments without the support of domestic partner. The major advantage is that the firm has effective control, which allows it to be more effective and potential returns are relatively higher than for most of the entry modes. The process of establishes a Greenfield operation is time-consuming and anticipated returns take time to achieve.

Figure 2‑1: Selecting Market Entry Mode: Risk Profiling

Kos (2010; p.323)

Regulatory Environment

Globalization of businesses has increased contact between them and countries which operate under different rule sets than their domestic markets (Lee & Carter, 2012). Transparency levels are diverse depending on the localities and legal frameworks that are established in the different countries with varied business implications.

Burger, Kostevc, & Polanec (2011) noted that companies have to consider political risks and consider the need to secure their businesses. There are insurance products that protect a business when considering the potential for expropriation risks particularly in highly regulated emerging markets where there is strong government control.

According to Rugman & Collinson (2006), there are three main economic systems that guide market access; socialism, capitalism, and mixed (pseudo capitalism). Economies can either be market-driven or centrally-determined (Rugman & Collinson, 2006). The two setups have different implications on the regulatory environment.

Market-driven economies thrive on the allocation of production based on supply and demand while centrally-determined economies rely on formulas derived by management committee (Rugman & Collinson, 2006). Majority of western nations including United States, Canada, and the European Union operate market-driven economies.

Classic examples of centrally-determined economies include; Cuba, Venezuela, and North Korea. Mixed economies have been emerging from previously controlled economies such as China and Brazil. The regulatory environment has been influenced by the ascension of some of these nations into global trade agreements.

This has had major implications on the taxation regimes that can be applied to foreign firms. Increasingly, emerging markets are attracting foreign firms by offering extensive incentives such as reduction of taxes (import, corporate, and personal income), reducing registration processes, and generally providing greater market access.

Increased competition that has been prompted by the consolidation of trading blocs such as NAFTA, WTO, ASEA, EU, COMESA, and MERCUSAL have meant that governments have focused on enhancing the competitiveness of their markets. Newman, Rickert, & Schaap (2011) assessed relevant opportunities in different markets as a result of evolving reforms.

They noted that the advanced markets such as Australia and Germany had stable tax regimes but with substantial complexity. Emerging nations such as China, Colombia, and India had divergent market regulations while riskier economies such as Nigeria and Philippines had significant regulatory challenges as far as taxation and liberalization were concerned.

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