Ebola: The dark side of globalization — Trond Undheim

MIT Sloan Sr. Lecturer Trond Undheim

From Fortune

As upcoming goals, the United Nations should enact basic sanitation, healthcare and governance in failed or collapsing states not simply because of moral concerns, but because of our own safety concerns.

You would think we would have learned to deal with globalization by now. Goods, services, people, and money, and occasionally, diseases, flow across borders at a staggering pace. Little can stop these flows. Not walls. Not presidents. Not health authorities.

People, however, remain quite rooted in their local communities. So rooted that when a global health scare comes along, we only react when somebody we know, in our country, or somewhere we know well, is affected. Most people’s identity is local, not global, and not even international. Perhaps we should be glad. It gives focus. We attend to what is near. Perhaps, therefore, most of us underestimated Ebola. In Norway, nobody reacted when a nurse on volunteer duty in West Africa contracted the disease, but when she arrived in the nation’s capital for treatment, everyone noticed. In the U.S., nobody winked until a person died in Texas.

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Why MBAs should know a second language — Jackie Wilbur

Exec. Director for Undergraduate & Master's Programs Master's Programs

Exec. Director for Undergraduate and Master’s Programs Jackie Wilbur

‘Recruiters seek geographically flexible managers: global citizens who have an ability to adapt to new environments and who are able to build cross-cultural competence’

Recently, I had a meeting with a recruiter from a global firm about her company’s future hiring needs and how we, as a school of management, might sharpen our efforts to train students in particular areas. We covered all the usual topics. We talked about sectors, business units, and specialized skills. Interestingly, though, one of her greatest employment concerns had nothing to do with functions or industries; rather it involved geographic mobility, cultural awareness, and language skills.

She told me how her firm is rapidly opening offices around the globe, and how it’s looking for people who have experience in different regions, or who are willing and eager to relocate. “Most of the business will be conducted in English,” she told me, “but in order for someone to be successful and fulfilled they’ll need proficiency in the local language.”

In an increasingly global world, the ability to speak more than one language has clear practical advantages. More and more, though, fluency in another language is becoming a vital skill for the next generation of business leaders. At a time when American-based companies realize that their greatest potential markets are outside of the U.S., they are seeking geographically and culturally flexible managers. Those with an ability to adapt to new environments quickly and are able to build cross-cultural bridges will become the future leaders.

Language skills are paramount. As Matt Symonds, chief editor of MBA50.com, a website dedicated to the world’s outstanding business schools, wrote recently in Bloomberg Businessweek: “In a global business environment, [language] skills…make the difference between a good performance and a truly great one.”

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Containing Contagion: ‘There is no replacement for good macro-fundamentals’ — Kristin Forbes

MIT Sloan Prof. Kristin Forbes

What began as a singular sovereign debt problem in Greece in 2009 quickly spread to the rest of Europe. First Ireland; then Portugal and Spain and Italy. Today—only three years after the first signs of trouble—virtually all Europeans have felt the destructive effects of the euro zone turmoil, and its impact is being felt around the world.

Contagion, a phenomenon where financial tumult in one country or region spreads to another country, is now a fact of life. The globalization of finance has, in many ways, made contagion inevitable. The world has become much more integrated through trade, investors, and banks, and these ties have caused countries’ financial markets to move together more closely during good times and bad. Read More »