An Ideas-Based Online Magazine of the Global Network for Advanced Management

Future of Globalization: Protectionist Tendencies

To coincide with the fifth anniversary of the Global Network for Advanced Management in April 2017, Global Network Perspectives asked faculty across the 29 schools in the network: "What do you think the future of globalization looks like? How will this affect the economy in your country or region? How is your school preparing students for this world?" Read all of the responses. Also, in a session at the anniversary symposium, a panel of experts—including former U.S. Secretary of State John Kerry—led a discussion of the future of globalization and its implications for business and management education. Watch the video.

Okechukwu Amah
Okechukwu Amah

What do you think the future of globalization looks like?

To drive globalization, various world bodies were created to help dismantle the trade barriers between nations. These include the World Trade Organization (WTO), the General Agreement on Tarrifs and Trade (GATT), the North American Free Trade Agreement (NAFTA), the European Union (EU), the Economic Community of West African States (ECOWAS), the African Union (AU), the Asian Economic Community (AEC), and so on. Currently, some of these organizations are under threat of extinction, especially from the Western countries. Physical, psychological, and emotional walls are being built or planned by those driving globalization. The protectionist tendencies are coming up again. The stand of the Western countries on the future of globalization ranges from confused to unsure. Is this driven by the conviction that globalization has failed? I think no. Terrorism has become a major factor in all these decisions. As a result, the future of globalization is hazy, bleak, or at worst fading away into history.

How will this affect the economy in your country or region?

World aid that flows into African and Nigeria will dry up. The emphasis on the world coming to solve our problems will not be realized. Our economy, which is heavily dependent on foreign input, will have to re-define itself. Africa will need a strong block to compete with the rest of the world. Good governance will have to be a necessity for success. Things will get worse, but will get better only if we make the necessary changes to our governance structure, our lifestyle, and our belief in what we have and can do. The Asian bloc is still open to Africa and should be explored deeply; the Western world will have to be watched closely to see how it crystalizes; and the Middle East is strong but laden with unmarked land mines. 

How is your school preparing students for this world?

Lagos Business School is committed to emphasizing the link between management and the African economy. We are building a strong foundation on international business by encouraging that all courses must emphasize the international nature of modern knowledge. Students are taught to think first as Africans and then as members of the world.