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© Mahesh K. Joshi and J.R. Klein 2021
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First Edition published in 2021
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Foreword
This book is a timely one. We have witnessed , as we have struggled to cope with a pandemic, how interconnected and interdependent we are as human beings. The book considers how our increasing interconnection impacts the world’s economies, regulation, geopolitical issues, and market sectors. The role of technology in facilitating and compromising interconnectedness is explored and the book is noteworthy for the careful discussion of barriers to interconnection. The authors are to be congratulated in the way in which they have conducted their research that underpins each chapter. They have not simply relied on written evidence but have sought to have conversations with academics, practitioners, and practical thinkers to ensure that existing written evidence is explored critically with people on the ground.
There are several chapters that focus on what a more interconnected world means for leadership practices going forward. The authors highlight the importance of introspection and curiosity in leadership work. This curiosity is not limited to market or sector contexts but involves finding time to pause and consider your own journey as a leader, what your followers want from the world of work, and crucially to explore the complexity of the contexts of which you are a part. Leaders are accountable but they are not in control, so understanding what needs to be done to build an agile organization and unleash leadership energy throughout the organization is critical. This requires a shift for leaders to think more deeply about the ecosystem they inhabit and the chapters in this book enable such reflection.
Global Business in the Age of Transformation is a straightforward, readable commentary on the intricacies and impacts of globalization in transition. It examines trends, provides insight, and suggests approaches for survival in the dramatically changing business world. The authors present a balanced and simple explanation of
the changing face of global business, how it is affecting everyone, and makes recommendations for change strategies. It highlights how geopolitical upheavals impact business, hyper dynamic technology, leadership, and emerging economies. The book should encourage thinking and conversations about where we are and inspire realistic reflection and opportunities for business success in a global world.
The book’s topics are relevant to readers in developed, developing, and undeveloped areas around the world. It has special appeal in emerging economies that are in the midst of technologydriven changes creating an egalitarian ethos that have the potential for changing everything everywhere. It is pertinent to preacademic and academic learners, business leaders, and the general public interested in the topic of globalism and seeking understanding of its effects and how to deal with them. It provides not only an unpretentious explanation of major world changes and how they play out in local communities, but also useful ideas on staying relevant.
This is a book that will change the way you think.
Professor Sue Dopson Interim Dean
Said Business School University of Oxford
Preface
I sat there staring at it for a long time. It had been hanging there for a while and I’d walked by it numerous times, some with little notice and some with extended study. A gift from a good friend from Australia, it was a mandala. This particular style of painting is meant to represent a picture of feeling, emotion, selfreconstruction, the universe that though not abstract in design provides a circular presentation of geometric shapes that for some reason, today, just did not look right. There was something about it that I had felt before that was now much more insistent. What was it? The ‘raison d’être’, the purpose, just did not feel right. It was somehow incomplete, like there was more it was trying to offer but I just could not see it. As I reached into this mysterious cognizant problem, my wife passed behind me and with little more than a glance at my state of dismay, moved out of the room almost out of range and with her back to me made an offhand almost cavalier comment, ‘You know that’s upside down, don’t you?’
My mandala experience has a cognitive connection to the way many process the hyperdynamic speed of change in a world that is not yet finished its process of getting smaller. There seems to be an almost unidentified perplexity that is an opportunity for some and a consternation for others.
Karl Schoemer in his book The New Reality: How to Make Change Your Competitive Advantage, states: ‘Change is impartial. It cares not a whit about corporate reputation, size, previous successes, or prestige. It rewards only those who meet it head on. All change is about movement – individual movement, organizational movement. As individuals we must move away from danger and toward opportunity, and we must do so consistently and quickly. The organization, in turn, must be filled with people doing the same –moving quickly and consistently toward opportunity, toward the customer, toward the marketplace.’ It is critical that businesses big
and small with leaders old and new continually move forward. The jaws of change will bite us if we run from it but if we stand still, they will eat us alive.
The key to dealing with this globalized mandala in its complex abstract design is to focus on staying relevant. In the Global Business in the Age of Transformation we examine the world in the throes of metamorphic transformation by heat and pressure that is reshaping local and global economies, geopolitical landscapes, technological impact, and challenging the very definition of leadership.
J.R. Klein Principal, J.R. Global
The Global Phenomenon
The phenomenon of globalization has been acknowledged and debated for decades and some might argue for centuries. What seems to be a result of the natural curiosity of the human species has resulted in their movement and interaction with geographies, cultures, and communities different than their own. Globalization’s interpretation and conversations vary from firm confidence that the world’s interconnectivity has prehistoric roots to the conviction that the phenomenon is a relatively recent experience.
Examining this global interconnective state, and most specifically its effect on business, was the topic of our previous book, Global Business. It looked at the impact of a world seeking to grasp the ramifications of the explosion of technology and information. It explored the influence of this transformation on economies, business sectors, governments, countries, and cultures. This book follows that discussion with detailed thinking about the transformation itself.
As some voices debate the demise of globalization and postulate about a return to former borders and glories, the realities of the world present the undeniable truth that we are all in this together. Unfortunately, it takes a crisis to move us from where we are. The COVID19 pandemic in 2020 has served that function. What started in December of 2019 as an isolated cluster of cases of pneumonia in Wuhan, China, moved to a worldwide epidemic crisis in April of 2020 with over 3 million cases and 215,000 deaths (World Health Organization, 2020). Almost every country in the world was impacted and the realities of the global transformation became shockingly evident.
As we restart our thinking on globalization it is beneficial to explore its origins as a basis for the study of today’s transformational environment. The initial consideration is the subtlety of terminology.
Is there a difference between globalism and globalization? At its essence globalism attempts to describe how basic human curiosity blossomed into a world characterized by interconnectivity involving networks of connections that reach every corner of the globe. The globalism narrative seeks to understand the interconnections of today’s world and identify patterns that explain them. Globalism is not universal.
In this definitional arena, globalization describes the dynamic growth or retraction in the level of globalism. In short, consider globalism as the underlying basic network, while globalization refers to the dynamic shrinking of distance on a large scale (Nye, 2002). This narrative concentrates on the factors impacting the changes and the speed of those changes.
Globalism
Globalism traces its origin to basic human curiosity and therefore is as old as humanity itself. Since the first human decided to see what was over the hill, mankind has attempted to satisfy its curiosity and expand its power, spread its faith, and improve its quality of life by exploring the environment. The resulting interaction, whether peaceful or forceful, produced a basic sharing of ideas, commodities, capital, and people.
In the search for food, shelter, and land humans moved outside their basic point of origin to every corner of the globe. This journey has led to revelation upon revelation and change upon change. From the taming of fire to the idea of the wheel, the evolution of society from huntergatherers to a settled agricultural way of life, and the creation of the written word, humans have explored the unexplored world. Their methodology was trial and error and as it progressed the value of discoveries and innovations continued to
move the ‘intuitive mucking about’ into new geographies and populations whether established or conquered.
As patterns diversified and developed they grew into early civilizations, such as in Mesopotamia and the Indus Valley. These civilizations fostered the rise of cities and citystates, the evolution of the diversification of work and job specialists, and social classes.
As globalism progressed it resulted in three basic changes. First, the rise of the West and the fall of the East. Secondly, technology is the driver of change. Thirdly, the cultural impact of the spread of religion. Over a few hundred years, Islam, empowered by military technology, expanded from its place of origin in the Arabian peninsula all the way to modern Spain in the West, and northern India in the East (Kant, 2019).
It is important to note that globalism does not imply universality. The connections that make up the networks that define globalism may be felt more strongly in some parts of the world than in others. For example, at the turn of the twentyfirst century, a quarter of the US population used the World Wide Web. At the same time, however, only onehundredth of one per cent of the population of South Asia had access to this information network (Nye, 2002). In this definition, globalism is not universal.
Globalization
There is an ongoing debate over the historical origins of globalization. Some scholars place its origins in the modern era, others regard it as a result of a long history. Some authors have argued that stretching the beginning of globalization far back in time renders the concept wholly inoperative and useless for political analysis (Conversi, 2010).
For those scholars who say that the roots of modern globalization can be found as early as the prehistoric period, territorial expansion to all five continents is a key factor in the formation of globalization. The development of agriculture furthered globalization by converting the vast majority of the world’s population into a
settled lifestyle. Globalization failed to accelerate due to the lack of longdistance interaction and technology (Steger, 2009).
Other scholars start globalization in the early modern period of history, which follows the late Middle Ages. There are varied chronological limits of the period that are open to debate, including the Ottoman conquest of Constantinople in 1453, the Renaissance period in Europe and Timurid Central Asia, the Muslim conquests in the Indian subcontinent, the Age of Discovery (Christopher Columbus 1492, Vasco da Gama 1498) and the Age of Revolutions (c.1800) (O’Rourke and Williamson, 2002). Reader interest and further study of these progressive globalization steps are encouraged.
Common ground in this debate can be found around the middle of the nineteenth century as increased capital and labour mobility coupled with decreased transport costs led to a smaller world. It was the Industrial Revolution during the nineteenth century that spurred the formation of globalization as the dynamic force we recognize today. Industrialization allowed standardized production of household items using economies of scale while rapid population growth created sustained demand for commodities. Steamships reduced the cost of international transport significantly and railroads made inland transportation cheaper. The transport revolution occurred sometime between 1820 and 1850. More nations embraced international trade. Globalization in this period was decisively shaped by nineteenthcentury imperialism such as in Africa and Asia (O’Rourke and Williamson, 2002).
After the Second World War, work by politicians led to the agreements of the Bretton Woods Conference, in which major governments laid down the framework for international monetary policy, commerce, and finance, and the founding of several international institutions intended to facilitate economic growth by lowering trade barriers. Initially, the General Agreement on Tariffs and Trade (GATT) led to a series of agreements to remove trade restrictions. GATT’s successor was the World Trade Organization (WTO), which provided a framework for negotiating and formalizing trade agreements and a dispute resolution process. Exports nearly doubled from 8.5 per cent of total gross world product in 1970 to 16.2 per cent in 2001. The approach of using global agreements to
advance trade stumbled with the failure of the Doha Development Round (2001) of trade negotiation. Many countries then shifted to bilateral or smaller multilateral agreements, such as the 2011 South Korea–United States Free Trade Agreement (Global Policy Forum, 2008).
The DH Comet, the world’s first commercial jet airliner, entered service in 1949 and by the 1970s flying had become affordable to the growing middle classes in developed countries. A global open skies policy and the availability of lowcost carriers brought competition to the market. The growth of lowcost communication networks, in the 1990s, reduced the expense of communicating between countries. The third phase of the Industrial Revolution enabled work to be done using a computer regardless of location. After the Second World War, student exchange programmes intended to increase understanding and tolerance of other cultures, improve language skills, and broaden social horizons became the vanguard of global travel (Varghese, 2008).
Since the 1980s, modern globalization has spread rapidly through the expansion of capitalism and neoliberal ideologies (Benería, 2016). The enactment of policies enabled the deregulation of laws that opened markets, privatized public industry, and caused a reduction in governmental social services. These policies were offered to developing countries and were implemented by the World Bank and the International Monetary Fund (IMF). The programmes required that the country receiving monetary aid would open its markets to capitalism, privatize public industry, allow free trade, cut social services like healthcare and education, and allow the free movement of giant multinational corporations (Benería, 2016). The implementation of these programmes established the World Bank and the IMF as global financial market regulators and the creation of free markets for multinational corporations on a global scale.
The interconnectivity of the world’s economies and cultures grew very quickly in the late nineteenth and early twentieth centuries but slowed through the world war and Cold War years (1910s–70s). By 1980 the trend was reversing toward the upheavals of 1989, signalling considerable expansion of global interconnectedness. The
migration and movement of people can also be highlighted as a prominent feature of the globalization process. In the period between 1965 and 1990, the proportion of the labour force migrating approximately doubled. Most migration occurred between the developing countries and least developed countries (Saggi, 2002).
Economic access encouraged the movement of workers from low wage countries to higher wage areas and their movement to the international market economy offered by the developing world. It also allowed for the increasing movement of diseases across borders and continents, the spread of culture and consumer values, the growing importance of international institutions like the United Nations (UN), and international cooperation on shared issues like the environment and human rights.
Other changes as dramatic included the Internet becoming important in connecting people from around the world. As of April 2020, more than 4.57 billion (59 per cent) have access to the Internet (Statista, 2020). Global accessibility has become seamless. Today’s interconnected societies have myriad opportunities and options for cultures, groups, ideologies, and markets to shrink the distance that separate them.
Both globalism and globalization are all too often defined in strictly economic terms as if the world economy as such defined globalism. But other forms are equally important. There are four distinct dimensions of globalism: economic, military, environmental—and social (Nye, 2002). For our purpose as a delineation of the legacy of globalization, we will deal with economics, culture, and politics.
Economic—Trade
We hesitate to classify economics as a driver of the global phenomenon, but it is at the very least a primary driver of benefits and negative consequences of the dynamic change. As we have discovered, globalization has opened borders and streamlined communications including business transactions. It has increased reciprocally advantageous relations between countries enabling
goods and services and capital to flow freely. In the changing character of the market, it could be viewed as congenial partnerships that strengthen the global economy in a world destined for harmony. The benefits of increased globalization are many, but for businesses especially small businesses, there is also a negative side.
Local Business
The issue of market dumping or oversupply: The outstanding issues and anxieties of the global presence of big business are the obstacles smaller businesses face when competing with largescale businesses that offer consumer goods. For example, almost every country has to compete with China’s ability to produce and mass export goods at prices that are virtually impossible to match, which can make maintaining the viability of local businesses challenging. Regardless of the local availability of custom problem solving and quick and available customer service, it is difficult to compete with lowpriced products.
Some service industries also feel the effect. Online and phonebased consumer support businesses can find it hard to compete with foreign markets. It is the concept of implementation of better service that can keep local business relevant. It may not be viable to hire an electrician from another country, but many consumers will contend with belowstandard remote services if it means saving some money. Local strategies must focus on the customer experience as a way to remain alive.
Global market chain changes: The challenge of dealing with the way that business works in this new environment can be overwhelming. The irritation of largescale changes on local customer attitudes, fluctuations in costs of raw materials, and even the slightest change from local suppliers can drive business to faroff competitors.
Though it seems infeasible, because of the interconnected nature of the market local businesses have to deal with some of the larger economic concerns. Just as large corporations are impacted by multicountry concerns, the uncertainty of faraway decisions, such
as Brexit or trade wars, small businesses must be prepared to deal with the same surprises and unknowns and navigate the same foggy trail. Whether it is trade wars, market fluctuations, border closing, or pandemics, businesses must be flexible to remain feasible.
The competition has changed: There was a time when maintaining a robust presence in a community was easier for a local business because of the state of access to technology and information along with the parochial character of business within defined boundaries. In today’s world, any consumer good can be simply and quickly ordered online and delivered directly to the doorstep. Local presence may still be a viable though outdated physical construct but it has little validity in a virtual marketplace. Global entities are designing commodities and services to particular segments of local markets that make it tough for a small business to compete. It is no longer simply an issue of cost, but rather of how a large corporation with access to proper research, data, and manufacturing facilities can blot out a local market (Piletic, 2018).
Work and the Workplace
The world of work has been impacted by technology. Work is different than it was in the past due to digital innovation. Labour market opportunities are becoming polarized between highend and lowend skilled jobs. Migration and its effects on employment have become a sensitive political issue. From Buffalo to Beijing, public debates are raging about the future of work. Development in automation like artificial intelligence and machine intelligence is contributing to productivity, efficiency, safety, and convenience but is also having an impact on jobs, skills, wages, and the nature of work. The ‘undiscovered country’ of the workplace today is the combination of the changing landscape of work itself and the availability of illfitting tools, platforms, and knowledge to train for the requirements, skills, and structure of this new age (Joshi and Klein, 2018).
Entrepreneurship has enabled newcomers to successfully challenge existing large corporations during the transition from the industrial to the digital era. Entrepreneurs take their creations
online instantly instead of the conventional method of starting in a local geography and expanding into international markets.
Digital economy, globalization, and entrepreneurship have become interwoven factors. With the support of capital from venture capital funds, they are not only driving creative destruction of the existing and developing new things but also developing new business models, ideas to make new products and develop new technologies. Silicon Valley provides an example of an ecosystem required for successfully breeding entrepreneurship with its education system, cuttingedge research, culture, acceptance of failure, and availability of finance. Entrepreneurial development in the digital age has moved from the development of hardware and software platforms to the creation of and access to technology platforms and the development of new business models. Replication of new business models is now almost instantaneous (Joshi and Klein, 2018).
New technologies like artificial intelligence, robotics, machine intelligence, and the Internet of Things are seeing repetitive tasks move away from humans to machines. Humans cannot become machines, but machines can become more humanlike.
Today’s addition to this continuum is that technology has enhanced the pace of innovation and the need for focused learning in new skill areas. It has become necessary to avoid becoming irrelevant tomorrow. The normal life cycle of workers has been to consume a lifetime’s worth of preparation in the first few years of life and for the rest of the time draw down on that depositary. This traditional model is fast becoming irrelevant. Now the model is to learn, work, and enjoy at the same time. This is creating a massive need for retooling of existing human workers.
Another major issue for humans is the need to train their minds to remain focused in a society which is constantly bombarded with information at a frantic pace. It seems like we may have to become a sort of corporate yogi with the spiritual and mental capacity to start with, unlike a corporate athlete. Corporate athletes began with building physical capacity, then emotional and mental capacity and finally the spiritual capacity. The two starting factors of physical and mental capacity are slowly being taken away by machines and
artificial intelligence. The order of capacity building is almost reversed now with a starting point of building your spiritual capacity like a yogi to avoid distractions created by technology in order to build mental and physical capacity (Joshi and Klein, 2018).
Trade
Shoppers are demanding the instantaneous connectivity and oneclick convenience to which they have become accustomed. Access to online commerce through the provisions of a technological revolution is at the heart of crossborder trade. At the junction sits the consumer. Most consumers have already experienced the online shopping experience with immediate, frictionless, payments, and they are not prepared to settle for anything less. In short, they are not prepared to tolerate a service that does not deliver this type of experience. If services do not match expectations, the consumers will simply move their consumption elsewhere. In an increasingly globalized world, this does not mean just within their country, but internationally (Ideas Magazine, 2019).
Cultural
Culture is the character of civilization. It involves the expected social behaviour, the standards, and customs as well as the knowledge, beliefs, laws, capabilities, arts, and habits of a unique group of people. Humans acquire culture through the learning processes of enculturation and socialization, which is shown by the diversity of cultures across societies.
In this arena as in many others in today’s world of interconnectedness, the notion of autonomous, clearly defined, and stable cultures is unusual. The opportunities and open access available through elements of globalization are drawing people from diverse cultural backgrounds into strong relationships. This is also evidenced in the extraordinary expansion of tourism and the prosperity of multinational corporations, and the development of new crossborder
agreements like the European Community, the Association of Southeast Asian Nations (ASEAN), and the Canada–United States–Mexico Agreement. The diffusion of various elements of culture is evidenced by the spread of pop culture, migrations, the proliferation of online communities, and the creation of global institutions like the IMF, World Trade Organization (WTO), and the World Bank. Despite the perception that cultural globalization fosters instability in change, the most significant effects are being observed in global thinking of local communities.
The phrase ‘cultural globalization’ describes migration and osmoses of ideas and values on a global scale supporting the growth and strength of social relationships. It is evidenced in the common acceptance of cultures and the processes of commodity exchange and colonization that have a long history of disseminating cultural influence around the globe.
The circulation of cultures enables individuals to partake in extended social relations that cross national and regional borders. The creation and expansion of such social relations are not merely observed on a material level. Cultural globalization involves the formation of shared norms and knowledge with which people associate their individual and collective cultural identities. It brings increasing interconnectedness among different populations and cultures. (Steger, 2009).
Political
Political globalization describes the growth of the worldwide political system that is accompanied by the declining importance of the nationstate and the emergence of new actors on the political scene. Like globalization itself, political globalization has several dimensions and lends itself to several interpretations. It has been discussed in the context of new emancipatory possibilities, as well as in the context of loss of autonomy and fragmentation of the social world (Delanty and Rumford, 2008).
Political globalization can be seen in changes such as the democratization of the world, creation of the global civil society, and
moving beyond the centrality of the nationstate, particularly as the sole actor in the field of politics. Some of the questions central to the discussion of political globalization are related to the future of the nationstate, whether its importance is diminishing, what are the causes for those changes, and understanding the emergence of the concept of global governance (Steger, 2003) The creation and existence of the UN have been called one of the classic examples of political globalization. Political actions by nongovernmental organizations and social movements, concerned about various topics such as environmental protection, are another example (Mooney and Evans, 2007).
Here we have taken a quick survey of the history of globalization. The next task is to look at the process of transformation itself. The beginning of that journey opens by examining the evidence and transactions of the transformation within the continually advancing phenomenon of globalization.
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