Globalization

Globalization

Three challenges and three opportunities that might face an international executive over the next 5 years can be very difficult to pinpoint depending on which market you are currently working in. With my research I have attempted to isolate the general challenges and opportunities that can arise within the next five years for an executive. First, addressing the challenges, which I have narrowed down to very broad categories and they are different legal systems, differences in economic development, and cultural differences. Second, addressing the opportunities that are available which are the internet, transportation technology, and communication.

Three Challenges

Legal Systems

According to Hill, a legal system of a country refers to the rules, or laws, that regulate behavior along with the processes by which the laws are enforced and through which redress for grievances is obtained (Hill, 2015). There are three main types of legal systems around the world, these include common law, civil law, and theocratic law. These different law systems can play a major role in an international business setting. As an international executive what may be legal in your country of origin can be polar opposites in a country that you may want to conduct or are currently conducting throughout your business entities.

Common law systems started hundreds of years ago and evolved into a system that has been used in Great Britain, the colonies they control, and includes the United States. These law systems are based solely on tradition, precedent, and are allowed a custom flexibility as each case presents different circumstances. For an emerging international business this can be in your favor if your country allow businesses to conduct business overseas and allows imports and exports free of most restrictions. As e-commerce has continued its dominance in the globalization of markets it has really sped up business and governments in legal aspects. According to Shapiro, we will see in the future as globalization continues to thrive that governments and businesses will push for a single set of rules that will generally be adopted by global consensus, or arrived by at by parallel development in all parts of the globe (Shapiro, 1993). Currently, businesses have been able to navigate through systems of laws but as competition increases within the next five years countries and law systems will start to play a role in what business a company is receiving from the populations of these countries in reference to manufacturing.

Civil law systems are based on very detailed set of laws that are organized into codes. Even as certain cases very in detail with a civil law systems each case must fall into these law codes. Judges in this type of law system are not allowed to rely on traditions, precedent, or custom (Hill, 2015). They