Why should I care what happens across the globe? I have a mortgage to pay, a family to feed, and a job I hate. Who cares about globalization? We should all be concerned about globalization. It impacts us…and we do not even recognize it.
Global disruptions plague most financial institutions. For example, Europe offered a bailout package of up to (euro) 100 billion ($125 billion U.S.) to help secure the country’s banks.
Spain became the fourth and largest European country to request financial help. Seventeen countries from the eurozone sent a statement explaining that this funding would go directly to a Spanish fund set up to recapitalize its banks.
Nevertheless, the economic crisis in Europe worries financial experts in America because trading and commerce interlock countries together. Therefore, America will not be able to escape any global financial crisis.
As I teach international business, I often hear students state that they do not have any international experience. Yet, they do not understand that social media platforms like Facebook and Youtube make them global.
In fact, Facebook continues to dominate the virtual landscape with 500-million-users. It is transforming how the world communicates. If Facebook was a country, it would be the world’s third largest country. Therefore, Facebook represents a serious way individual citizens can be a part of this global community.
More importantly, individuals need to understand that globalization is reshaping society and how we live as people. Charles Hill, author of International Business, suggests that most people cannot avoid the impacts of globalization: “As the world shifts toward a truly integrated global economy, more firms, large and small, are becoming international businesses.”
Thomas Friedman, author of The World is Flat, further outlined the interconnectivity of economies with his concept of flattening. Friedman states that Globalization 1.0 and 2.0 were driven primarily by European and American influences. However, Globalization 3.0 was being driven by more inclusive and diverse forces.
Friedman explains, “…the dynamic force in Globalization 3.0 – the force that gives it its unique character – is the newfound power for individuals to collaborate and compete globally.”
Therefore, individuals do not need to wait on their countries or businesses to ‘go global.’ Individuals can build their own personal brands globally with social media platforms like Facebook.
How can academic institutions in America best serve students in understanding the ramifications of globalization? Feel free to use your personal experiences as examples.
© 2012 by Daryl D. Green