Globalization: Myth and Reality

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.4 • 1.9K Ratings

🗓️ 24 February 2017

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Pankaj Ghemawat, professor at NYU Stern and IESE business schools, debunks common misconceptions about the current state and extent of globalization. (Hint: the world is not nearly as globalized as people think.) He also discusses how popular reactions in Europe and the U.S. against globalization recently could affect the global economy, and how companies will need to adapt to the new reality. Ghemawat is the author of several books on globalization, including “World 3.0” and most recently “The Laws of Globalization and Business Applications.”

Transcript

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0:00.0	When leadership advice feels like buzzwords and platitudes, it's time to get real.
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0:18.3	wherever you get your podcasts. Welcome to the HBR Ideacast from Harvard Business Review. I'm Sarah Green Carmichael.
0:35.4	Back in the 1980s, General Electric earned 80% of its revenue within the United States.
0:41.2	Today, GE earns more than 70% outside of the U.S. CEO Jeff Emelt first joined
0:47.4	GE in 1982 and he witnessed the company's transformation due to globalization. It's also why he surprised so many people
0:55.2	by announcing a shift in GE strategy to one of localization.
0:59.2	And in the face of a protection environment, companies are going to have to navigate the world on their own.
1:05.8	It's going to be about localization.
1:08.3	Sustainable growth in the future is going to require local capability inside a global footprint.
1:13.8	Emelts announcement came in a speech last year to graduates of the NYU Stern School of
1:18.5	Business and it immediately got attention.
1:21.9	Big companies are distrusted.
1:24.0	Governments and global institutions are failing to address the world's challenges and globalization
1:29.4	is being attacked like never before.
1:31.6	And it's not just true in the United States, but everywhere.
1:35.0	Emelt is hardly the only CEO grappling with these changing attitudes and
1:40.0	watching his speech was NYU and Ease Professor Puncage Gamawatt, an expert on globalization.
1:47.2	He agrees that around the world, yes, many people are looking for ways to press the
	...

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