by Adhvith Dhuddu, Collegiate Times Regular Columnist
Wednesday, October 10th, 2007
It's common knowledge that we live in a globalized, connected and flattened world compared to few a years ago.
Business can be sourced and sold in more places; people travel and interact more frequently, and the planet has become more balanced economically, socially and geopolitically.
Locally, the positive effects of globalization can be seen with the number of international students who want to pursue a degree at Virginia Tech, and other American universities has increased tremendously in the last decade. More of our professors and researchers are collaborating with scholars around the world (in India, China, Switzerland, France and Germany) rather than restricting themselves to just the United States. Exchange programs and international tie-ups for projects and other assignments are also constantly on the rise.
In addition to reflecting the victory of free markets and democracy, the fall of the Berlin Wall in 1989 also brought down trade and knowledge barriers. Although the U.S. leads in research and knowledge creation, other countries are catching up, and soon innovation in all fields will occur not only in U.S., but also in third world countries. Staying street smart in this flat world will keep you ahead of the curve in the Internet age.
The triumph of democracy, free trade and open borders can be seen everywhere (in innovation, education, research institutes, corporations, social movements) and more of this should be encouraged (this does not mean other forms of government and market systems are inferior).
We as students should take advantage of this fast transforming world to explore education, career and business opportunities abroad. This will widen our knowledge horizon, inflate our social comfort zone, and reduce our business costs. Not all of this could be done easily a few years ago.
Although globalization has been beneficial to a vast majority, its discontents have adversely affected some sections of the population. One major group that could have reaped the benefits of globalization, but have been plagued with corruption and injustice, are resource-rich countries.
The best examples include African countries (Nigeria, Congo, and Sierra Leone) and South American countries such as Venezuela and the Middle East. If the oil, diamond, coal and commodity money consistently generated in these countries were used intelligently, there would be less conflict and more peace in this world. More people want a piece of the pie — and the ones who control it don't want to let go — leading to corruption, injustice and low social and economic standards.
Also, the direct impact of globalization can be felt everyday with higher gas prices, smaller increases in wages, tougher competition from abroad, fewer subsidies for businesses, lower purchasing power of the dollar, etc. Many of these impacts are irreversible and to live more prudently in this flattened and transforming world, one has to recognize these changes and then act on them accordingly.
Tremendous credit has to be given to the recent wireless, digital, virtual and mobile revolutions which have propelled globalization and accelerated the flattening of the world.
A world devoid of these innovations would leave us handicapped in many ways. Faster communication lines under the sea and increasing number of satellites in space also helped speed up the transformation.
To stay informed and up to date on the new world mechanics I suggest everyone, irrespective of their major, read "The World is Flat," by Thomas Friedman and "Making Globalization Work," by Joseph Stiglitz. In addition to gaining knowledge of the flat world, you can plan and position yourself to explore opportunities around the world and not just stick to one country.
Online link to this article:
http://www.collegiatetimes.com/stories/2007/10/10/money_whizdom__living_and_prospering_in_a_globalized_world
Wednesday, October 10th, 2007
It's common knowledge that we live in a globalized, connected and flattened world compared to few a years ago.
Business can be sourced and sold in more places; people travel and interact more frequently, and the planet has become more balanced economically, socially and geopolitically.
Locally, the positive effects of globalization can be seen with the number of international students who want to pursue a degree at Virginia Tech, and other American universities has increased tremendously in the last decade. More of our professors and researchers are collaborating with scholars around the world (in India, China, Switzerland, France and Germany) rather than restricting themselves to just the United States. Exchange programs and international tie-ups for projects and other assignments are also constantly on the rise.
In addition to reflecting the victory of free markets and democracy, the fall of the Berlin Wall in 1989 also brought down trade and knowledge barriers. Although the U.S. leads in research and knowledge creation, other countries are catching up, and soon innovation in all fields will occur not only in U.S., but also in third world countries. Staying street smart in this flat world will keep you ahead of the curve in the Internet age.
The triumph of democracy, free trade and open borders can be seen everywhere (in innovation, education, research institutes, corporations, social movements) and more of this should be encouraged (this does not mean other forms of government and market systems are inferior).
We as students should take advantage of this fast transforming world to explore education, career and business opportunities abroad. This will widen our knowledge horizon, inflate our social comfort zone, and reduce our business costs. Not all of this could be done easily a few years ago.
Although globalization has been beneficial to a vast majority, its discontents have adversely affected some sections of the population. One major group that could have reaped the benefits of globalization, but have been plagued with corruption and injustice, are resource-rich countries.
The best examples include African countries (Nigeria, Congo, and Sierra Leone) and South American countries such as Venezuela and the Middle East. If the oil, diamond, coal and commodity money consistently generated in these countries were used intelligently, there would be less conflict and more peace in this world. More people want a piece of the pie — and the ones who control it don't want to let go — leading to corruption, injustice and low social and economic standards.
Also, the direct impact of globalization can be felt everyday with higher gas prices, smaller increases in wages, tougher competition from abroad, fewer subsidies for businesses, lower purchasing power of the dollar, etc. Many of these impacts are irreversible and to live more prudently in this flattened and transforming world, one has to recognize these changes and then act on them accordingly.
Tremendous credit has to be given to the recent wireless, digital, virtual and mobile revolutions which have propelled globalization and accelerated the flattening of the world.
A world devoid of these innovations would leave us handicapped in many ways. Faster communication lines under the sea and increasing number of satellites in space also helped speed up the transformation.
To stay informed and up to date on the new world mechanics I suggest everyone, irrespective of their major, read "The World is Flat," by Thomas Friedman and "Making Globalization Work," by Joseph Stiglitz. In addition to gaining knowledge of the flat world, you can plan and position yourself to explore opportunities around the world and not just stick to one country.
Online link to this article:
http://www.collegiatetimes.com/stories/2007/10/10/money_whizdom__living_and_prospering_in_a_globalized_world
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