In his best-selling book, The World is Flat, Thomas L. Friedman argues that many of the barriers protecting businesses and employees from global competition have been broken down due to dramatic improvements in communication and transportation technologies. The result is a level playing field that spans the entire world. As we move into the information age, any work that can be digitized will flow to those who are best able to do it, whether they live in San Jose’s Silicon Valley or Bangalore, India. For physical products, supply chains now span the world. For example, raw materials might be extracted in South America, electronic components manufactured in Asia, computers assembled in the United States, and the final products sold in Europe.Similar changes are occurring in the financial markets as capital flows across the globe to those who can best use it. Indeed, China raised more money through initial public offering than any other country in 2006 and the euro is becoming the currency of choice for denominating global bond issues (Brigham and Ehrhardt).Cite another example from recent events that highlights the flattening of the world as described by Friedman. Use this example and the examples provided by fellow students to make a prediction about the impact of this phenomenon on your future in the business world.
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