Essay about Management Midterm 1

Dawit Tekeste
Dr. Harris
Management 5
October 16 2014
1). Many are worried about being rendered irrelevant by the imposing dual phenomena of globalization and innovation. What do you think of what the experts are saying about the American business environment you will soon inherit? Should you be worried that the degree you receive from UC Merced may not be sufficient to ensure your job security long term and provide you with a quality of life that is equivalent to or better than that of your parents and grandparents? 2 points Prehistorically, the phenomenon of globalization began when humans first settled into different areas of the world. However, in recent years it has been steadily and rapidly progressing. According to Investopedia globalization is defined as, “the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange.” There are many benefits to globalization and innovation. To name a few, globalization bring in foreign currency, employment opportunities, give funding to the governments in the countries they have bases in, and increase the Gross Domestic Product (GDP). However, there are great disadvantages outweighing their benefits and many people are beginning to worry about being irrelevant by the imposing globalization and innovation. This phenomenon only allows people in developed and advanced counties to benefit while developing and undeveloped countries would drop due to lack of facilities to compete in this area. According to Harvard Business Review, some scholars consider globalization as a force, which makes the poor, poorer and the rich, richer. The main reason for that is companies can exploit the local workforce. For an instance, some countries have less severe labor, health, safety rules and businesses use that to their advantage. The uses of cheap labor, unfair hours, and child labor have helped companies to be richer. For this reasons American business owners are relocating to other countries taking away employment opportunities from American citizens. Many factors play a significant role when companies decide to embrace globalization: wage levels, skills availability, utility rates, taxes, subsidies, shipping costs and reliability, local productivity, supervision costs, and many more (Harvard Business). Personally I believe, US companies should carefully think about their strategy and then decide whether to embrace globalization or not because as companies move to developing nations, demand for labor in the United States decreases. This decrease reduces wages for workers without a higher education. At the same time, globalization is helping the increase in demand in the United States for professionals, skilled labor and capital, thereby it increases income for college-educated workers and widening the gap between the rich and poor. I believe the degree I will obtain from UC Merced will be sufficient to ensure me a long term career security and provide me with a quality of life that is equivalent or even better than the once my parents have.

2. What is the big deal with income inequality? Please compare and contrast income inequality with efforts to limit executive compensation and increase the personal income taxes of the wealthy. 1 point During his “Beyond Vietnam” speech Martine Luther King Jr. shed some light on how America is increasing materialism, commanding us to “shift from a ‘thing-oriented’ society to a ‘person-oriented’ society.” For over four decades the distribution of wealth in America has been uneven. According to the Huffington Post, between 1979 and 2009, the wealthiest 5 percent of American families saw income increases of 72.7 percent, while the lowest income group in America saw a decrease of 7.4 percent in income. Meanwhile,

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