Abstract
A new phase of globalization has made the world cognizant of the job losses, inequality of gains across countries and socio-economic sectors, and climate degradation that has resulted from prior global business practices. We examine what changes international business (IB) education should consider as these patterns evolve. Non-routine analytical skills and global interpersonal skills will still be important in the changing economy. However, evidence suggests that IB education should also emphasize broader knowledge of politics, institutions, sociology, and anthropology in order to help future business leaders navigate and balance the increasingly complex requirements of both local and global stakeholder interests.
Highlights
“...globalization has not given way to deglobalization; it has entered a new phase
We address what implications this new phase may have for International Business (IB) education, how to tackle its challenges, harness its opportunities, and prepare our students for this new world
A 2007 McKinsey study reveals the fruits of such efforts; multinational corporations (MNCs) located in the United States accounted for 19% of private sector jobs, 25% of private wages, 25% of profits, 48% of exports and remarkably, 74% of research and development (Economist, 2017)
Summary
Multinational corporations (MNCs) went global in a quest “to become bigger and brainier.” From the 1980s until 2008, the growth of global trade more than doubled the growth of global GDP. From the 1980s until 2008, the growth of global trade more than doubled the growth of global GDP. A 2007 McKinsey study reveals the fruits of such efforts; MNCs located in the United States accounted for 19% of private sector jobs, 25% of private wages, 25% of profits, 48% of exports and remarkably, 74% of research and development (Economist, 2017). This growth of globalization was largely fueled by market liberalization and new multilateral trade agreements. Plunging transportation costs and improved communications sparked a “global value supply chain revolution,” combining developed-country know-how with developing-country labor (Baldwin, 2016)
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