Response From the Ross Reading

Introduction 

The global economy of the twenty-first century has led to changes in the social, political, education, and economic landscape incredibly and profoundly. Globalization has increased free trade between countries through melting down of national borders, which has facilitated economic integration, communication, and information revolution, thus making time and geography irrelevant. The functions and roles of people and investors in the global economy are experiencing some significant changes and challenges. Therefore, they need to develop some synergies that will enable them to integrate and interact with the new ingredients brought about by the new economy in order to improve their competitive advantage. This paper will respond to Ross reading, stating that the growing economy and the pace of change will make investors and people mobile, and they will work across various cultures like people newly entering joining the workforce.  

Response 

The pace of change in the global economy has indeed increased the mobility of people forcing investors and people to work across various cultures like people newly joining the workforce. This is because the new economy has led to a dramatic change in the workplace structure. Globalization has replaced the hierarchical, top-down, and rigid organizational structure with a horizontal and integrated one which is more flexible. Globalization has also defined the three skills required by people in the information age so as to be competitive. First, people need to have academic skills that will provide them with the basic foundation for obtaining and keeping a job. The skills include thinking critically, communicating effectively, and continuous learning from life.  

Second, people are expected to have personal management skills like a combination of responsibility, adaptability, and positive attitudes. These skills would include meeting deadlines, individual accountability, and time management. Finally, people need to have teamwork skills which involve people working with other people from varied and diverse groups. In this case, the unique opportunity and most significant challenge for current managers is to identify the remarkable creativity and tremendous potential of a workforce environment which integrates human diversity with the occupational and professional dissimilarity within the productive and harmonious workplace structure (Alec, 2016).  

In addition, the new global economy requires investors to have unique skills and competencies in order to become more competitive. The new capabilities include selling at lower prices, faster response to changing market needs, cost-effective methods of production, and high-quality products. The essential requirement is the ability of the investor to have a world perspective. Globalization has melted national borders making geographical location irrelevant; thus investors with global vision can reach out to take advantage of the opportunities in the worldwide market. Globalization requires investors to upscale from local image to international image. 

Another essential requirement for investors is that they should be able to deal with challenges and at the same time, take advantage of opportunities brought about by human diversity. The investors need to adopt a progressive multicultural approach that accommodates a diverse workforce and clients. A contemporary investor needs to develop an appreciation and knowledge of social, cultural, and economic diversity that influence how people interact and perceive their environment, including its relationship to the community (Alec, 2016). Investors should continuously be sensitive to various cultural values, decision-making, problem-solving approaches, and attitudes. 

Conclusion 

Indeed, globalization has changed how people and investors work and perceive others in the global economy like people newly entering joining the workforce. It requires people and investors to have new skills in order to be more competitive. The most important skill to survive in the global economy is to develop and appreciate human diversity in order to meet the needs and expectation of clients from diverse backgrounds.   

Reference 

Alec, R. (2016). "Chapter: The Geography of Future Markets" and :Conclusion: The Most Important Job You Will Ever Have." The industries of the Future. NY: Simon & Schister. Pages 186-249.