National Economies and Strategies of National Economic Management - Essay Example

Name: Lecturer: Title: Date: As truly global economies emerge distinct national economies and strategies of national economic management are increasingly irrelevant. Critically discuss As truly global economies emerge distinct national economies and strategies of national economic management are increasingly irrelevant. This is because the world is simultaneously expanding and shrinking, advancing closer and further hence the national boarders becoming rapidly irrelevant. Due to the huge increase in the traffic culture, the bigger extent transfer of symbolic forms and meaning systems, the globe is rapidly progressively more becoming one not only in economic terms and political but in terms of its intellectual construction as well hence a global insight of unrelenting exchange and cultural interaction. The pace at which the change is taking place globally is enormously rapid as those trained to analyze and track it have complexity in keeping up with new advancements. Currently there have been contradictions among the accessible processes of worldwide governance as they lack sufficient scope, authority and power and the reality that globalization is in complete sway. As an outcome globalization is inequitable and often disruptive in its effects. New challenges have been posed for existing public institutions at the same time waning their support and autonomy (Castells, 2011). Globalization can be referred to the escalation of global collective relations which connect distant neighborhood in a way that local activities are modified by events occurring all over the world. Reviewers points out that economic power evidently promotes the hegemony of western corporations and culture putting communities and jobs at threat in the wealthy nations and exploit cheap labor to the poorer nations increasing threats to the atmosphere and undermines the foundations of social stability and democracy by subjecting countrywide political institutions to forces of financial change ahead of their control. Economic forces comprise the world into one financial system and to a smaller degree, one political culture. Nations take part in global domination according to their financial power, which is coextensive with their rights. The global order is governed by a familiar cabinet of the world's economically most influential nations; its rule is the sense of the market, and rank in this new order is a purpose of financial performance. Due to its greater openness into the global economy, an incorporation of markets in a multinational basis and a movement towards a boardless world, this creates and leads to augments in global flows hence the national boundary economically will have to be outweighed by the effect. This means that there will be growth of foreign direct investment which is the greatest world trade lessening the impact of the national economic management. However, others argue that the effect of globalization has increased awareness of the social heterogeneity as groups whose solidarity and identity are based on language, religion; ethnicity and race have ended up being vocal as they use the global media to express their discontent. The non-western societies feel that they are more threatened as their national institutions are made irrelevant by the international pressures. The effect of globalization will affect the national economic status as the nations will engage in trade with the entire globe thus the economic level of the nations becoming much irrelevant as the nations engage in the bilateral trades with the entire globe to work on their economic levels. As the pace of the global change is quickening, the national governance on their economic status continues to lose meaning as every nation is fighting for a position to extend and expand their economic gains. As many viewers put it across that globalization is a vehicle of cultural disaster and economic disaster less advantaged nations will not secure position as they are intimidated by the powerful nations. From the above discussion the evolvement of globalization is affecting the national governance especially on the economic and cultural sectors thus these national economic management irrelevant. There has been notable development in such exchanges and trade, not only in conventional international trade in services and goods, but also in technology transfer, people moving internationally, in exchanges of currencies, capital movements, and in international flows of ideas and information. The initiation of history of globalization and liberalization as well as the advancements of information technology has moved the entire world around. It has focused on center stage significance of human resources much more than the past. The human resource’s purpose is to facilitate suitable deployment to enhance quality culture that can satisfy and maintain the clients in both at global level and the national level. International human resource management involves the global management of human resources as they plan, source, allocate and utilize their ideas, knowledge and their skills in response to TQM. The main difference between the domestic human resource and the IHRM is that the staffs are usually moved across the country’s boundaries into various responsibilities within the foreign operations hence called expatriate employees who temporarily reside any a given foreign country. Therefore, IHRM is the process of allocating, sourcing and effectively utilizing human resources in an international organization. IHRM is the interplay among 3 dimensions: HR Activities, Types of employees and Types of Countries (Morgan, 1986). Critically discuss IHRM is the interplay among 3 dimensions: HR Activities, Types of employees and Types of Countries. For the broad activities of IHRM; allocation, procurement and utilization of human resources envelop all the six activities that are domestic of human resource management that includes industrial relations, performance management, remuneration, training and development, employees hiring and planning among others. The three country and national categories that IHRM are involved in are the home country to locate the subsidiary, which country will be the home of this company as its headquarters and which nations or countries will be sources of finance or labor. The last one is the three types of a multinational business which are HCNs (Host Country Nationals), PCNs (Parent Country Nationals), and TCNs (Third Country Nationals).The aim of the IHRM is to enable the MNCs (multinational corporations) become globally successful whose objective is to become efficient, locally responsive, competitive entirely, being in a position to transform learning and becoming adaptive and flexible. The IHRM becomes responsible for a larger number of activities and functions. Since the IHRM will be serving the broader area internationally, the IHRM will have to expand their expertise so as to accommodate broader knowledge of foreign nation employment rules as well as the designs of the global organization. This therefore, makes the IHRM involved with largely constantly and expanded changing mix of employees adding considerable complexity and diversity to the Human Resource duties thus being exposed to greater liabilities and problems. The IHRM will be responsible in enhancing the effectiveness of the employees to attain their goals to the organisation as well as meeting the needs to expand employees to suppose much assorted assignments, task and better understand the cultural difference across the entire globe. Competence, cost effectiveness, conqruence, commitment and challenge are some of the key significance of IHRM in the international business (Morgan, 1986). In conclusion, the entirely IHRM department will be responsible in carrying out their duties so as to satisfy the international body which looks up to them so that they can deliver effectively and more efficiently. Apart from other key things that make an organization successful, the IHRM plays a great role as they will be on the front to foresee the success of the international company through the staffing and members of staff working towards the vision and goals of the organization. Therefore, they are expected to provide better working conditions for their employees so that they can accomplish their tasks. Their role in bringing in qualified personnel in these companies will have to be done under careful considerations as they will be expected to deliver as well as team up with leadership and management of these companies. Reference Castells, M. (2011). The rise of the network society: The information age: Economy, society, and culture (Vol. 1). John Wiley & Sons. Morgan, P. V. (1986). International human resource management: fact or fiction.Personnel Administrator, 31(9), 43-47. Read More