Sunday, April 18, 2010
The World Turned Upside Down
The emerging world, long a source of cheap labour, now rivals the rich countries for business innovation. Despite frequent reports of exploitation and mistreatment, developing countries are quickly becoming "hotbeds" of business innovation. They have begun implementing new systems of production, distribution, and even experimenting with new business models. Developing nations amazing ability to adapt and continually innovate has allowed emerging markets to thrive. Perhaps globalization is beginning to move in an entirely new direction. Until now it had been widely assumed that globalization was driven by the West and imposed on the rest. Now with the emerging world quickly gaining on the world powers, maybe its time that we starting learning from our rivals...
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3 comments:
This shows that you cannot rest on your plan in any kind of economic system. You always need to be trying new things and taking risks if you want to get ahead. These developing nations were presented with a chance to try something that strayed from conventional economic logic and it is working. The future should be interesting.
I agree and believe that innovation is one of the greatest tools for a successful competitive economy. Hopefully we see more innovation from other countries around the world.
Sure they may be coming up with products that are dramatically cheaper to buy than their Western equivilants, but are they actually of better quality? In the video we watched, it talked of India putting a ban on imports so they could use only the products they made. But they mentioned that the products they made were shotty. Developing nations may be inovating, but for some they shouldn't immediately be feared as competition since there's the possibility of them making poor quality products, and it will take time for them to become quality products.
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