Futures

Connecting Local Economies to Global Markets: Insights from Rosabeth Moss Kanter’s Analysis, (from page 20231017.)

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Summary

The future of success lies in companies and regions that can engage with global networks while maintaining local vitality. In her 1995 HBR article, Harvard professor Rosabeth Moss Kanter explores how small and midsize companies are increasingly seeking international growth, alongside concerns from civic leaders about local economic futures. Kanter emphasizes the need for businesses to be responsive to their communities and for regions to foster civic cultures that attract global companies. By studying five U.S. regions, she identifies strategies for connecting local populations to the global economy, categorizing them as thinkers, makers, or traders. The Spartanburg-Greenville region exemplifies this with its robust workforce, attracting numerous international firms, showcasing a successful model for linking local economic development to global markets.

Signals

name description change 10-year driving-force relevancy
Local-Global Business Linkages Communities are adapting to connect local businesses with global markets. Shift from isolated local economies to integrated global networks. In ten years, local economies may thrive through global partnerships and collaborations. The need for local businesses to compete on a global scale drives this change. 4
Civic Culture Development Communities are focusing on creating cultures that attract global companies. Transition from prioritizing local interests to fostering a global business-friendly environment. In ten years, cities may be designed to cater to global businesses while retaining local identity. The competition for global investment pushes communities to enhance their civic appeal. 3
Investment in Workforce Capabilities Regions are investing in skills and capabilities for global economic participation. From traditional skill development to specialized training for global markets. Workforces will be more skilled and versatile, catering to international business needs. The globalization of industries requires a workforce adept in diverse skills. 5
Regional Economic Strategies Regions are developing strategies to improve quality of life while engaging globally. Evolution from local economic planning to inclusive global engagement strategies. In ten years, economic strategies will prioritize global integration while enhancing local living standards. The necessity for sustainable growth in the face of global economic pressures drives this change. 4
Footloose Companies Attraction Communities are working to attract companies that can easily relocate. Shift from stable, long-term businesses to attracting adaptable, global companies. In ten years, communities may prioritize flexibility and responsiveness in business attraction strategies. Global mobility of companies necessitates communities to enhance their appeal and support. 3

Concerns

name description relevancy
Local Economic Sustainability The challenge of maintaining local economic vitality while integrating with the global economy, risking community identity and small business survival. 4
Global versus Local Interests The potential conflict between global business strategies and local political interests, which may create tension and impact community engagement. 5
Dependence on Global Markets Communities may become overly reliant on global markets, risking vulnerability to international economic fluctuations and trends. 4
Civic Culture Development The need for communities to foster a civic culture that attracts and retains businesses, which is crucial for local resilience in a globalized economy. 3

Behaviors

name description relevancy
Global Networking Companies are increasingly focused on establishing connections to global markets and networks to enhance growth opportunities. 5
Local Adaptation to Global Economy Communities are developing strategies to link local businesses with global economic trends while retaining local vitality. 5
Responsive Globalization Businesses are learning to be more responsive to the needs and values of the local communities they operate in. 4
Investment in Local Capabilities Regions are investing in their unique resources and capabilities to connect local populations to the global economy. 4
Civic Culture Development Communities are focusing on creating a civic culture that attracts and retains businesses in a globalized economy. 4
Diversified Economic Strategies Regions are adopting diverse strategies (thinkers, makers, traders) to enhance their participation in the global economy. 3

Technologies

description relevancy src
The ability of local businesses to link and adapt to global markets and networks, enhancing international trade and collaboration. 4 b0f9303688b3f36feafd21625c5d3461
Strategies that empower local communities to attract and retain businesses while fostering a responsive civic culture. 4 b0f9303688b3f36feafd21625c5d3461
Investing in local workforce capabilities to meet global industry demands, enhancing competitiveness in international markets. 5 b0f9303688b3f36feafd21625c5d3461
Creating a supportive environment that balances local interests with global economic participation. 3 b0f9303688b3f36feafd21625c5d3461
Partnerships between local firms and international companies to expand market reach and resource sharing. 4 b0f9303688b3f36feafd21625c5d3461

Issues

name description relevancy
Global Standards and Networks Companies must align with global standards and integrate into international networks to succeed. 4
Local vs. Global Economic Interests Balancing local community needs with the pressures and opportunities of global economic forces is crucial. 5
Civic Culture and Business Attraction Communities need to cultivate a civic culture that attracts and retains businesses in a globalized world. 4
Regional Economic Development Strategies Regions can enhance local quality of life by investing in capabilities to connect to the global economy. 4
Workforce Development for Global Integration Regions should focus on developing a skilled workforce to attract international companies and enhance local economies. 5
Local Resources Capitalization Identifying and utilizing local resources effectively can help link communities to the global economy. 3