A New Age Dawning

Kasper Rorsted

A chapter in Globalization 2.0, 2010, pp 21-35 from Springer

Abstract: Abstract The term “globalization” is probably one of the most misused of its kind. Everyone appears to interpret globalization differently. This uncertainty of definition is one of the reasons why innumerable fears are associated with the concept. People talk of the end of the nation state, of the ever-widening gulf between rich and poor, of an economy that ignores state boundaries, of the impotence of politics, of a loss of order. The negative picture of globalization is being stubbornly retained in many minds. International corporations were already operating on a global scale long before anyone coined the term “globalization.” They traded and otherwise pursued their business interests, although admittedly not with the same intensity or to the same extent as companies do today. Globalization in its most immediate and neutral form represents the rapid increase in economic interrelationships worldwide – and how these are affecting movements of capital, investment strategies, and migration (Di Fabio 2008). Of course, no one in their right mind would deny that globalization also brings with it numerous risks: As we are currently experiencing, due to the international interdependence of the financial markets, the danger of a world economic crisis can essentially never be eradicated. However, while the risks of globalization are undeniable, so are the opportunities that it brings. And these opportunities are also open to us, although, unfortunately, they are all too frequently overlooked. International corporations have to accept their role as scapegoats for an apparently unjustified loss of jobs, coupled with people’s greedy desire for ever higher returns – but they are also in a position to make globalization a success for everyone associated with them, their suppliers, and their people. My own attitude is to regard globalization as a unique and highly promising opportunity to improve the lives and circumstances of everyone involved in the process. In the following study, I will endeavor to outline the challenges of globalization and changing market conditions with which international corporations such as Henkel are confronted. Important issues in this regard are corporate responsibility, sustainability, diversity and training, and education. Those companies tackling these issues with enthusiasm, conviction, and social awareness will be able to successfully participate in the globalization project, a process that is as inexorable as it is necessary.

Keywords: Corporate Social Responsibility; Hedge Fund; Corporate Responsibility; Sustainability Report; Global Compact (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-01178-8_3

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DOI: 10.1007/978-3-642-01178-8_3

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