Globalization at the Smith School

The structure of the global economy is undergoing transformation at an unprecedented pace. Three major trends define this transformation. The first is the growing multi-polarity of the world economy. Emerging markets now constitute 8 of the world’s 24 largest economies and are growing three times faster than the developed ones. The second is the growing integration among the world’s economies. Cross-border flows of goods, services, capital, and technology are growing at a much faster rate than growth in world GDP. The third major trend is the ongoing revolution in communications technologies which is enabling companies to foster collaboration across dispersed locations and across firm boundaries with far greater effectiveness and at much lower costs than was possible even ten years back.

Given these developments, we take it as given that, in order to be effective, business leaders must develop: (i) an increasingly deeper understanding of the global economy and the forces reshaping it, (ii) finely developed skills at working effectively across different cultures and markets, and (iii) a social network of friends and colleagues that spans the globe rather than just the home country.

Driven by the above observations, the Smith School views globalization as a multi-dimensional mission:

• Globalization of course content: At the MBA level, every student is required to take at least two courses focusing squarely on different facets of globalization: a required course on “global economic environment,” and an elective course from a set of highly relevant courses on globalization (such as “global supply chain management,” and “international economics for managers). At the undergraduate level, the Smith School offers a popular “International Business” major which consists of a set of courses covering different aspects of globalization (introduction to international business, international finance, international marketing, cross-cultural challenges in business, global business strategy, and international logistics and transportation management). The Center for International Business Education and Research (CIBER) also helps marshal resources from across the University of Maryland campus to help Smith students develop/strengthen their language skills.
• Globalization of experience: At the MBA level, Smith’s 10-day study abroad programs provide candidates opportunities to meet with executives, visit multinational organizations, and enjoy cultural and social events while earning academic credit. Past courses have covered alternative fuels in Brazil, agricultural exports in Chile and the emerging stock exchanges in India and China. Smith students have participated in courses in India, China, Dubai/Tunisia, France, the Czech Republic, Spain, Chile, Brazil, and Argentina. At the undergraduate level, the multi-pronged Undergraduate Fellows Program offers students opportunities for foreign study trips through the BMGT Honors track, the International Business track, and the Global Opportunities track.
• Globalization of student/alumni base: We view the Smith School as a life-long community where personal and social networks among the students, alumni, and faculty serve as increasingly important resources for each other. The Smith School is pursuing globalization on this dimension via two channels: globalization of the student body at the home base (College Park) and a targeted globalization of the school’s EMBA program and non-degree executive education to selected locations in Asia and Europe.
• Globalization of research: The faculty at the Smith School does outstanding research that is both international in nature and that has global implications. The Center for International Business Education and Research (CIBER) plays an important role in fostering research on global business issues through a number of research and travel awards as well as best paper certificates. The Smith School organizes a number of research conferences pertaining to international business. In addition, the Smith School is in discussion with a small number of major schools in other countries to set up collaborative research programs.