To coincide with the fifth anniversary of the Global Network for Advanced Management in April 2017, Global Network Perspectives asked faculty across the 29 schools in the network: "What do you think the future of globalization looks like? How will this affect the economy in your country or region? How is your school preparing students for this world?" Read all of the responses. Also, in a session at the anniversary symposium, a panel of experts—including former U.S. Secretary of State John Kerry—led a discussion of the future of globalization and its implications for business and management education. Watch the video.
What do you think the future of globalization looks like?
Korea is already the home of the most globalized economy and businesses in the world. A few representative Korean enterprises, such as Samsung Electronics, LG, and Korean Air, generate more than 90% of their total revenues from global markets. The Korean domestic market may not be a real concern for most major Korean enterprises. The CEOs of these companies usually spend more than half of their time on airplanes. A significant amount of new ventures aim for the global market rather than the domestic market from the start. These globalization trends in Korea are further accelerated by amazingly fast technology development, including in IT, cloud computing, A.I., and mobile devices. Considering these phenomena, the current status of Korean economy itself is “the future” of globalization. However, these trends may also occur in other countries. For those countries, Korea and its economy may serve as a useful benchmark.
How will this affect the economy in your country or region?
The location of Korea is unique, since it is a neighbor of the world’s second- and third-largest economies, China and Japan. Those economies are also the most powerful leading engines of globalization. In the near future, we expect that the economies of Korea, China, and Japan will be practically integrated. When this future arrives, Korean enterprises will have to do their best to survive from the intense competition between China and Japan. Most Korean CEOs understand this, and are preparing by developing creative products and business models.
How is your school preparing students for this world?
To ready our students for the future of globalization, we understand that creative management and thinking capabilities will be the foremost source of competitive advantage. Our school continually designs new curriculums and subjects to nurture creative talent in both undergraduate and graduate programs. In addition, to provide more interdisciplinary courses, our school develops collaborative programs with art, engineering, bio-science, and medical schools.