Thursday, September 4, 2008

Globalization side effects.....Global integration!

Has anybody really thought about how the newest wave of information and communication technology is going to transform the way we do business?
Sure, Thomas Friedman wrote about it in The World Is Flat but did he get it right, and more importantly is anybody listening?
The idea I get is that Friedman's work was popular because it was fascinating and intriguing but primarily in an entertainment sense.
Every day I am seeing more evidence of this incredible shift and I'm stunned every time that we are NOT hearing about this all over the place.
This is what I see as happening right now:
1.  There will no longer be "international" business, but rather just business.  We (as business owners) are increasingly competing against everyone now, from down the street to across the world. 
2.  There is not yet a reliable, non-porous legal solution for this new way of doing business.  If you have employees, clients and countries in 20 different countries, where/how will you resolve a dispute?  This leads me to...
3.  There has to be an increase in international arbitration agreements/organizations or an equivalent that can do the job of assuring a safe, cost-effective system for resolving international disputes.  My guess is that the WTO is best poised to take leadership in this role.  Get ready for organizations that were formerly seen as toothless to grow some teeth.

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