With the G20, UN, IMF and other organizations the entire world economy is now a global capitalist market economy(Dicken 2011). We know live in a world where we are all interconnected and while some may dislike the policies of lets say the UN, their future of global governance will help safeguard international peace and security, its organizations like these that help improve the quality of life around the globe. From an economic point of view trade is encourage and regulated through GATT/WTO and create a level playing field for developing nations and established ones also.
An interesting article from the Council on Foreign Relations states these views and many more.
How do you feel about about Organizations imposing these laws on the United States and the TNC which are controlled by us.
According to Dicken “Knowledge and skills depend on such conditions as the breadth and depth of education and the particular history of an area’s development” (Dicken, 2011),
Both Knowledge and skill spur the development of new technology and encourage the advancement of current technology, this is prevalent in Silicon Valley where tech giants recruit the brightest minds to develop the latest gadgets, According to the U.S Bureau of Labor and statistics Economic growth in the area grew 13.4%-168.5 Billion compared to overall U.S GDP growth of 2.6% last year (Tawakol, 2011)This is a prime example of how knowledge brings the skilled mind to the epicenter of technology, Silicon Valley is our nearest example of cumulative & self-reinforcing development and exemplifies Dickens statement on how our current history has developed this area.
Dicken, P. (2011). Global Shift. New York, London: The Guilford Press.
Tawakol, O. (2011, 11 08). Why Silicon Valley is Bucking The National Unemployment Trend. Retrieved 03 13, 2013, from Forbes.com: http://www.forbes.com/sites/realspin/2011/11/08/why-silicon-valley-is-bucking-the-national-unemployment-trend/
After reading Institutional macro-structures of the global economy p.54 I believe the challenges that global companies face is the ever evolving treaties and regulations that are made between Countries, These treaties are somewhat liquid in where commerce can flow from one nation to another while being blocked from entering a third nation.
The global economy on a macro scale as measured with the GDP of a country could be indicators of challenges one could face, other indicators are Unemployment, income, and inflation as it relates to the country, and on the macro scale as compared to the globe. While globalization has allowed us to transfer goods/services around the world the challenges have increased due to all the pacts and treaties signed between Countries and organizations.
I found an article earlier this week titled Globalization, collaboration driving the future of energy tech. by Molly Ryan The article had some interesting points in particular a quote from David Eyton head of research and technology at BP Plc companies strive to create safe, efficient technologies that can eventually lead to more and better energy sources- the field is not so secretive and contained anymore. That statement encourages me, I personally work in the petrochem industry and our company recently acquired a BP refinery, the statement i believe shows how technology and communication has improved safety in our industry and while safety improves methods of extracting black gold improves. Global companies now interact more as a result of emerging technologies and this has increased the collaboration between industries and companies.
Article link http://www.bizjournals.com/houston/blog/nuts-and-bolts/2013/03/globalization-collaboration-to-be-the.html?page=all