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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.
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