Will more open trade in a global marketplace cause cut-throat competition or spread business and national prosperity worldwide?
This Issue of Dialogue addresses globalization and ponders “How important is national business in building the global economy?” Given that globalization and its consequences continue to take the world by storm, this article will debate whether globalization is an impetus for nations to compete with one another or to cooperate, to help their businesses succeed.
Amartya Sen, winner of the 1998 Nobel Prize in Economic Sciences, stated in 2001 that “globalization has enriched the world scientifically and culturally and benefited many people economically as well”. Similarly, Financial Times columnist Martin Wolf wrote that “globalization is the great economic event of our era… It is now bringing unprecedented opportunities to billions of people throughout the world.”
On the other hand, the Columbia University economist Joseph Stiglitz penned an entire book, entitled Globalization and its Discontents (2002), detailing the many shortcomings of globalization. Consequently, as a result of the academic reflection that has taken place over almost three decades since the term “globilization” was created, the following two questions must now be asked:
- Is globalization a rising tide that lifts all boats through enhanced cooperation, or do global market forces drive nations to cut-throat competition in the race to get ahead?
- What arguments support competition or cooperation and their implications for business profitability and national prosperity?
VIEW AN INTERVIEW ABOUT SUSTAINABLE COMPETITIVENESS WITH SUZANNE ROSSELET
Suzanne Rosselet is an international professor and lecturer at HEC Lausanne and Duke Corporate Education, and advisor and a speaker at Global Competitiveness.