BUS 8301 - Unit I Class Discussion

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Economics

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Feb 20, 2024

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Part I: Introduce yourself to your classmates with your name, location, current employment, and future goals. Part II: Explain the shifts in the world economy during the past 30 years. How have changes in technology contributed to the globalization of markets and production? Technological Advancements contributes significantly to the globalization of markets and production and is considered to be one of the core drivers of Globalization. For example, Transportation technologies, travel, and telecommunications has advanced productivity and helped make connections between different cultures. Technology has made it easier for businesses to thrive and compete in global markets. According to (Hanson, 2021) Globalization is transforming the ways in which nations interact. National economies become integrated as the flow of goods and capital across borders expands. Upgrades that firms apply to their production processes, through investments in computers, communications equipment, and other high-tech capital. I would say that during the past 30 years investing in technologies has helped business operations by helping owners create competitive advantages, keep up with more developed countries, and access products and services internationally. “The growing market globalization, increasing global competition, and more complex products results application of new technologies, methods and business processes. Fast changing market environment and fluctuating customer demands require efficient operation of logistical processes” (Garrett, 2000). In what ways do you think technology has contributed to the global logistics process? References:

Garrett, G. (2000). The causes of globalization. Comparative political studies , 33 (6-7), 941-991. DOI: 10.17512/pjms.2016.14.2.11 Hanson, G. H. (2021). The globalization of production. NBER Reporter , 12-15. How can nonprofit organizations leverage technology and the opportunities created by globalization to increase their impact and maintain their legitimacy in a rapidly changing world? I think advancements in technology has more pros than cons when it comes to nonprofit organizations. Technology helps nonprofit organizations provide services and build connections globally which in return helps generate revenue. The cons would be that most nonprofits technology capacity is limited due to lack of funds. Nonprofits usually survive from donations and volunteers which requires collecting personal information. Therefore it’s imperative to have adequate technology to protect data to avoid being targets of cyberattacks. According to (Wang, 2009) with the emergence of global competition, a non-profit organization (NPO) must adapt its strategies to keep up with technology trends to sustain the change of the global economic environment. Technology strategies has served as a means for more balanced innovative capabilities among sectors. Reference: Wang, B., Shyu, J. Z., Cheng, C. C., & Hsieh, C. H. (2009). Changing technology transfer strategies in a non-profit organization-An examination of ITRI. International Journal of Innovative Computing, Information and Control , 5 (6), 1527-1538. https://doi.org/10.1080/1097198X.2008.10856458

We have seen a bigger push to bring manufacturing back to the US. With the labor shortage, do you think we have the population to support more businesses returning to the US? The economy seems to be in such bad shape I don’t think the population could support more businesses. The focus should be on reviving and strategizing to keep the current businesses from failing. Businesses are struggling to keep employees and inflation is hurting everyone. According to (Chen, 2022) inflation pushes costs of doing business, rising salary and materials costs and lowers consumers’ purchasing power so reduces their demand for products and services. Most small businesses are in intensively competitive markets; as a result, small businesses have its difficult to increase products and services prices appropriately. With the import competition I think US Manufacturing will continue to decline. Source: Chen, Y. B. (2022) The Review and Analysis of Inflation and its Effects: Will Current High Inflation Lead to an Economic Crisis?. doi:10.30845/jbep.v9n2p1

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