An Ideas-Based Online Magazine of the Global Network for Advanced Management

Future of Globalization: Integration and Interconnectedness

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?

The future of globalization looks bright. With the increasing innovation, development, and transferability of technology, the global economy will witness more integration and interconnectedness. Enhancing this is the inherent high mobility of the current and upcoming generation. While national governments will continue to be relevant, national policies and decisions will be greatly influenced by external factors related to the impacts of globalization. Developing and emerging markets will be mostly affected due to their development needs and consequent demand for technology and development skills to address their development and growth challenges. 

How will this affect the economy in your country?

Just as no country in the world will be immune or excluded from impacts of globalization, so it will be with Nigeria. Moreover, the features of Nigeria—a big, oil-producing country with the second-largest economy and highest population in Africa—further implies that the economy is highly linked to the forces of globalization. In terms of benefits, Nigeria is gaining and will continue to gain from technology transfers, increasing remittances from Nigerians in diaspora, demand for good governance enhanced by technology, trade, and possibly industrialization. 

Expectedly, globalization will have some negative impacts. Of major concern is the likely contribution to unemployment and limited industrialization. As Nigeria is an import-dependent economy and a signatory to free trade, achieving rapid industrialization and job creation might be difficult due to cheap imports from countries like China.

How is your school preparing students for this world?

In appreciation of the impacts of globalization, LBS has been in the forefront in training and preparing Nigeria (and Africa) to reap all the benefits of globalization. In both degree and short courses, emphasis is placed on globalization-related issues such as the needs for innovation, job creation, sustainability, and impact investing. For instance, a new module, International Business, has just been launched for MBA programs to provide students with deep insights on all the pertinent globalization issues and their impacts on Nigeria and Africa. There is also a deep interest in engagement with other reputable international organizations to ensure that international best practices are maintained.