Globalization: Impacts on Economic Development - Essay Example

Globalization is good but it’s delicate Globalization loosely refers to the process of international integration in several aspects of human lives. This integration involves ideas, perspectives, products, economic systems, regulations and human resources. In today’s world, globalization can help to develop different societies as a result of improvement of technologies, and transportation services brought by investors from other countries. These two things make the world smaller given that information and communication technology (ICT) make it easier for individuals to share their ideas with others from diverse parts of the globe while improved transportation system makes it easier to conduct business across borders. Today, globalization has caused several changes to other countries’ cultures since people can freely copy other countries’ tradition through the use of ICT such as the internet and satellite broadcasting. Furthermore, the global business system is also affected by globalization. Different countries economic and culture systems are affected by globalization in various ways therefore, business leaders should analyze the “new edition” of the cultures of the host country before they establish a business. As such, in order to advance my knowledge in this concept, I have decided to take global business class. During this semester, I have an opportunity to get a deeper understanding of global business. I believe that the knowledge I will gain from my global business lessons would significantly help me to understand the connection between globalization, and business. I can use some of the theory I will gain from books and link it to my dream profession since I aspire to become a minister of economic planning and development. There are aspects from this course that I believe are going to connect with my future profession such as maintaining a healthy export-import, and franchising policy. Exports and imports are crucial elements in the business world today. “The Export-Import Bank of the United States (Ex-Im) is a vital tool to promote economic growth through exports and level the playing field for manufacturers in the United States in the face of aggressive foreign export credit agencies”(Dempsey, 2013). This aspect affects directly the global economic affairs of other countries. As the Minister of Economics in future, I need to apply a correct policy meant to maintain a healthy state of my country’s financial situation. Basically, the fluctuation of exports and imports directly affects the power of the currency of a country. In such situation, the government should address the right response to the current economic scenario. For example, the recent news from Indonesia’s economy showed that Rupiah (Indonesia Currency) has been falling down from 9,800 RP per $1, to 11,600 RP per $1. This is because the import level is going up while the export level is going down. At this point, the amount of USA dollar would decrease in my country, so it becomes more expensive to buy. If Indonesia governors do not respond to this economic phenomenon, it would lead Indonesia into inflation. According to Brown (2013), “Indonesias current financial standing has been likened to the Asian financial crisis of the late 1990s.” However, the Bank Indonesia’s Governor has promised to implement measures that are meant to stabilise the economy. I believe this course would give me ideas about how to react in such a situation. The global business class is going to build my fundamental skills in reacting to the global economic fluctuations in currency. Thus, if the teacher assigns the next research essay, I will sign up for the export and import sector. I believe that this will give me a deeper understanding in dealing with issues related to exports and imports. During that time, I could relate about what I have learnt from this course to my real life. Besides dealing with currency issues in my professional life, I should also focus the tradition of a country. As a leader, I should audit the franchise of some companies that are going to establish their business in Indonesia. This is because of the fact that foreign companies should understand our traditional background before they execute the plan of building their business in our country. This is meant to avoid a situation where these companies can violate our traditions. For example, franchising food companies in India ought to know that they cannot sell beef since it is not allowed in this country. Therefore, companies like McDonnalds and KFC cannot sell beef in this country since it is forbidden. The government therefore has a role to implement this policy so that foreign companies intending to establish business in this country do not violate this regulation. I believe that this global business course would allow me to react in the right manner on any business offer. This is shown here: “Prospects should evaluate franchise offers prudently and wisely” ( Stadfeld 2013). Therefore, the global business course would tell me how to response to the business offer with the humanity in mind. Besides making profit from the business, I will try to focus on ethical aspects so that my ideas about global business would create a fine balance between profit and humanity. Often, once individuals have a position in the governing system, they will give a bigger priority for money instead of the cultures. By understanding how to execute the right decision in composing the policy to a country and taking into consideration the cultures of countries, I believe that I can bring this theoretical value from global business class to real life practice. By giving the right response to the current situation, I can also bring advantages to my country Indonesia so that it can witness an improvement in efficient production, creating job fields, and also protecting its tradition. This global business class would help me generate ethical knowledge while not forgetting to bring profit to my country. Finally, I still believe that I should try to pursue this career. It is because by trial and error, I would find the perfect formula to propel my country to the next level. However, education background will also play an important role in building my leadership personality. The global business course would build my basic ideas about how to act as a minister of economic affairs in the right manner. While my professional life and my dream career are still a bit far away, I am hopeful that I will start my journey in that direction now. This global business course would lead my journey into right way. References Brown, H. (28 august, 2013). Indonesian government confident of restoring economic stability. Viewed from: . Dempsay, L. (5 July, 2013). The export-import bank boosts exports and helps us compete. Viewed from: . Read More