20 Sep Its great to be working with you all on this exciting

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Its great to be working with you all on this exciting module at a particularly interesting time in history.

Globalization is a word that scares some and excites others. It is a multi-faceted phenomenon, continuously evolving as the world itself advances through time. Considering globalization from as a market force alone from a purely economic perspective there will always be winners and losers.

Multinational Enterprises (MNEs) are companies that have headquarters in one country, but operations in other geographies (Wall et al, 2015). Over the years, increasing numbers of MNEs have diversified their footprints to take advantage of the benefits of globalization, including:

        Labor reductions in cost or expansion of capacity.

        Markets reaching new consumer groups and target users.

        Innovation access to new skill sets and cultural knowledge.

Critics of globalization within MNEs frequently cite concerns about competitors cheating the system to gain an unfair advantage (Collins, 2015). Larger players exploit tax havens, influence political decision making, and many have been accused of social injustices and unfair working conditions.

Let us now consider globalization from the perspective of the host nations impacted. For established economies, globalization has presented consumers with lowered inflation rates, enhanced technologies and equal opportunities (Erixon, 2018). However, the offshoring of low-paid jobs has reduced employment opportunities for some groups and regions. For developing nations, globalization has been associated with skyrocketing economic productivity growth rates for some, and financial crises for others (Prasad et al, 2005).

Globalization is a powerful force. Kofi Annan, Former Secretary General of the UN, once famously said:

Arguing against globalization is like arguing against the laws of gravity.

To the group – globalization is not going away. However, with the current global economic landscape, and the lessons of history now learned, what can businesses, nations and regulators do differently to improve some of its pitfalls?