The article by Pankaj Ghemawat- ‘Globalization under fire: How should readers respond?’ reflects a levelheaded outlook on the concept of globalization. In this article, globalization has been challenged by business leaders and politicians who have used myths to win to challenge globalization and its effects. This article, however, provides that globalization is good for enhancing societal engagements in a business world that is cosmopolitan and offers strategies of semi globalization and the law of distance that will ensure globalization thrives through the current crisis.
In the given article it has the notion and viewpoint that readers should respond to every dimension of globalization by considering the positive effects of globalization and the negative effects of globalization and conduct a SWOT analysis. SWOT analysis is the examination conducted by various researchers and business entrepreneurs to understand the strengths, weaknesses, opportunities, and threats in their respective businesses and ventures. Many business leaders have provided an inaccurate account of globalization and they may have swayed people's opinions that globalization is not the way to go for businesses but this article by Pankaj Ghemawat provides a critical in-depth analysis and interpretation of the modern aspects of Globalization (Ghemawat, 2017).
This article gives a more prudent gander at globalization – one that recognizes the atmosphere of outrage that is out there, however that doesn't overcompensate. It starts by exposing hazardous fantasies about globalization. At that point, it goes to methodology, articulating a lot of suggestions grounded in two rules and norms of globalization. Next, it covers the non-market technique contemplations identified with firms' more extensive cultural commitment (Dalei, 2019). At long last, it contends that organizations and various business firms should turn out to be more cosmopolitan and discuss how to cultivate this sort of progress and development.
The political victories and the battle for supremacy spearhead anti-globalization as some firms fear venturing their businesses into other countries due to the political relationships between their states. It is important and quite significant for businesses not to overreact. Another major flaw that this article has that although it has explained the thought process which the business should follow in their respective business it has not given much clarity on how to handle and respond to any risks or problems. The leaders of most businesses exaggerate their perceptions of globalization, which is in turn costly. They are thus advised to debunk such myths and make recommendations covering strategies, engagement of the society, and organizational cosmopolitanism (Setter, 2012). Ideally, the business leaders should create positivity out of the negative political tensions which may arise. The recommendations for the recovering strategies are based on the laws of globalization, which is internationally recognized.
This article dispels such myths and makes recommendations for integrating strategy, social and global organizational participation. As explained above these recommendations are based on two laws of globalization that would counteract the current turmoil. This article is describing the importance of globalization. The author is giving some suggestions to the businessman that they should review their decisions about their strategies before starting a business. Since, there are many anti-globalization agents that are against the business and cannot want to start their business activities without their willingness (BBC News, 2019). The author is saying that many businessmen have a misconception about globalization that will lead them towards failure. This article contains successful business strategies and myths that will help the businessmen in their successful business strategies.
In addition to this, according to the article, most business leaders tend to exaggerate about globalization they feel that it is a bit costly, and also it is not safe for the investors. However, if the investors have a clear picture and follow the policies, code of ethics globalization is important because organizations tend to expand their services and also work in different cultures. However, a person bases their fear about globalization on myths and articulates which are not true because some feel that there's bias, and also corruption happens in the field of globalization (Shynkaruk et al., 2020). The opponents of globalization tend to win because they focus on the negative side of globalization which makes the investors hate globalization because they do not want to take any risks when it comes to their businesses. Globalization works for investors who are ready to expand their businesses and work with different cultures without fear because they want to remain in their fields for long.
Readers should consider adopting strategies that will see their businesses thrive through the challenges presented by modern-day economies of globalization and shun myths that have been grounded to fight globalization. The article is among the valuable and prominent US-based international energy have taken part in every aspect of the oil, geothermal, and gas energy industries. The article projects that this has projected businesses have been trying to operate in a cross-value chain. Therefore, globalization under fire describes the possibility of environmental degradation due to human activities which have results that are indirect or direct to harm people in the environment (Europe Now, 2019). The threat of damage to human health and the natural environment is not the same path with corporate profitability.
Despite the financial viability of this business, the leader and pioneer may fail to understand as well as comprehend how it has adverse negative impact and influence. They should take precautions because some of the working expeditions are not even safe for the employees. There we can all agree with the article that due to these factors there is a need for a standardization process so that the management is these businesses can ensure solid security for employees and the people in the environmental location of production (Lee and Calboli, 2014). But the defect in this article is what kind of standardization process needs to be incorporated by companies and business has not given consideration in this article. Thus by getting a greater understanding of the article, it is far much better to note that the executive managers of these businesses should not manage the environmental risks the same as they handle monetary risks. Hence, the article is quite informative but also vague sometimes in the context in the way such that it states that the businesses should manage the environmental risks based on ethical factors than the state requirements on nay policies that the companies may have but clearly does not define and elaborate much.
In addition to this, in this article 'Globalization under fire: How should readers respond?’ Pankaj Ghemawat also talks about the recent barriers to globalization and how all this would affect the businesses and economy. The idea of 'Jobs back Home' has eventually attracted millions of people including Donald Trump and its restrictive policies and the issue of Brexit (New York Times, 2019). All these barriers imposed on the free movement of goods and services in the world will impact the globalization at a larger space. People do not consider that their personal issues and subjective things will affect the business by making everything restrictive, and thus these personal feelings and subjective kinds of stuff must be taken aback by thinking about the reality of global business and firm.
The article also talks about the strategic action that the business leader should take. Not only trade, movement of capital, and information should be taken care of but the movement of people should also be considered. It leads to inequality in the country, where one economic agent gains from globalization and other losses. However, Ghemawat argued that it will always be present however the magnitude matters, but we first have to get rid of Globaloney. Due to these anti-globalization anger in recent days, leaders and businesses should take action strategically, have patience, and do not over-react which leads to losses for the business and firm (O'Sullivan, 2019).
Another thing lacking in this article is Ghemawat has only given the general overview of the impact of firms that get influenced as a result of globalization and trading among countries. He has not specified the type of firms involved whether large multinational companies or small scale businesses. Neither has he specified about the domain in which the companies were specializing in whether it is agro-based industries, building or construction industries, and any other sector. This is just making the article look vague and quiet complex as the clarity is missing in it.
This article outlines that individuals should be more worried about the line supervisors whom the senior manager and directors rely on fail to observe keep strategies to maintain environmental safety. They end up jeopardizing the health and wellness for the function towards achieving various targets of making themselves is good at what they do (Harvard Business Review, 2009). Some environmental risk policies have been implemented by Chevron Research and Technology center. Apparently, we can conclude that despite the trouble of addressing the various issues, this article is well detailed and of solid information to describes the undesirable occasion of globalization under fire. Hence I would recommend if it has given a detailed explanation of how it would be better for companies to utilize line supervisors that are efficient in dealing with environmental dangers and designing threat management resources.
BBC News. 2019. Tensions highlight the importance of global trade. [Online]. Available at: https://www.bbc.com/news/business-50041839 [Accessed on: 9th September 2020]
Dalei, N. N. 2019. Energy, Environment and Globalization: Recent Trends, Opportunities and Challenges in India. Singapore: Springer Singapore.
Europe Now. 2019. Globalization under fire. [Online]. Available at: https://www.europenowjournal.org/2018/01/31/globalization-under-fire/ [Accessed on: 9th September 2020]
Ghemawat, P. 2017. Globalization under fire: How should readers respond? IESE Insights. Vol. 35, pp. 15-22, https://dx.doi.org/10.15581/002.ART-3094
Haraschuk, V., Zelinska, Y., Spasenko, V., and Shynkaruk, O. 2020. Administrative and Legal Support Challenges of Environmental Safety Under Globalization. European Journal of Sustainable Development, Vol. 9, No.2, pp. 20-20.
Harvard Business Review. 2009. Trend to watch: Globalization under fire. [Online]. Available at: https://hbr.org/2009/07/trend-to-watch-globalization-u [Accessed on: 9th September 2020]
Lee, E. and Calboli, I. 2014. Trademark Protection and Territoriality Challenges in a Global Economy. United Kingdom: Edward Elgar Publishing.
New York Times. 2019. Globalization is moving past the US and its vision of world order. [Online]. Available at: https://www.nytimes.com/2019/06/19/business/globalization-us-world-order.html [Accessed on: 9th September 2020]
O'Sullivan, M. 2019. The Levelling: What's Next After Globalization. United States: Public Affairs.
Setter, S. 2012. The Middle East and Globalization: Encounters and Horizons. United States: Palgrave Macmillan.
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