THE GLOBALIZATION – NEW ECONOMY INTERACTION – OPPORTUNITIES ON THE ECONOMIC, FINANCIAL-ACCOUNTING AND INFORMATICS PLAN Prof. univ. dr. Popescu N. Gheorghe Academy of Economic Studies Bucharest /Romania Lect. univ. dr. Popescu Veronica Adriana Commercial Academy of Satu – Mare Satu – Mare /Romania Asist. univ. drd. Cristina Raluca Popescu Faculty of Administration and Business, University of Bucharest Bucharest /Romania
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Abstract We strongly believe that nowadays, because of the new perspective induced by the phenomenon of the global economic crises, the interaction Globalization – New Economy represents one of the most important factors, because it has a great impact upon fields such as informatics, financial and accounting analysis, economic and financial analysis, Economics, politics and human resources. We are going to present in our analyses the Globalization phenomenon, as a great and complex part of the New Economy field, which is based upon the implications of globalization on human evolution. In our paper called “The interaction Globalization – New Economy – opportunities on the economic, financial – accounting and informatics field” we have presented the theory regarding the historical aspects that show in what way the Globalization phenomenon took place, describing also which the main concerns were specking about the fast extent of this phenomenon all aver the world and in the end we emphasized the way in which fields such as informatics, financial and accounting analysis, economic and financial analysis, Economics, politics and human resources are being affected. Keywords New Economy, information, accounting, globalization, innovation.
INTRODUCTION We believe that now, due to the new perspective induced by the phenomenon of the global economic crisis, the globalization - New Economy interaction represents one of the most important factors because it has a very large impact on areas such as informatics, financial accounting analysis, economic - financial analysis, economics, politics and human resources. We shall present within our analysis the phenomenon of globalization as a complex phenomenon of the New Economy, based on the idea of describing the implications of globalization on the evolution of mankind. Within the paper titled “The globalization – New Economy interaction – opportunities on the economic, financial-accounting and informatics plan” there has been made the conceptual delineation of the historical frame of the current globalization, also describing the elements of globalization and there have been
presented the elements that have led to the generation of fears related to the extension of the phenomenon of globalization.
1. A DELINEATION OF THE CURRENT HISTORICAL FRAME THE ELEMENTS OF GLOBALIZATION The context where we are today is much different than the one from yesterday and even more different from the one a year ago. The difference is given, in large part by the explosion of information that mankind has made it in the last years and we feel the effects of that explosion more and more and with intensity that continuously increases especially in the last period. We believe that the phenomenon of globalization is one of complex nature, which determined, in some cases, a certain degree of subjectivism in determining its actual implications worldwide. Subjectivity was based on either the lack of concrete data related to what involves, in fact, a phenomenon of such magnitude (we refer here to statistical data, foresights, careful calculations of experts and analysts from all fields) or on omitting deliberately to disclose those aspects that are less favorable which the propagation of this phenomenon would have on mankind (threats from the social, economic, psychological, scientific and technical point of view, etc.). In this sense, we can say that the trends recorded at present in the global economy, is due to the diversity of the new techniques and modern technologies and of the impact that they had on the world economy, which has been amply reviewed and discussed in many specialized works such as Capra, Fritjof (2004), Moment of truth, Technical Publishing House, Bucharest, Greenspan, Alan (2008), The Age of Turbulence: Adventures in a New World, Public Publishing House Bucharest (with a new chapter on the current economic crisis, paper which has achieved 1st place within the readers’ preferences - no.1 New York Times bestseller), Gore, Al (2008), The assault on reason, Rao Publishing House, Bucharest; Chirovici, Eugen Ovidiu (2008), The New Economy. ABC for future millionaires, Rao Publishing House, Bucharest; Farndon, John (2008), India. The rise of a new global superpowers, Litera International Publishing House, Bucharest (supplement to newspaper “Financial Week”, International bestseller) Ciobanu, John Ciulu, Ruxandra (2005), Competitive business strategies, Polirom Publishing House, Bucharest, Friedman, Thomas L. (2007), The world is flat. A brief history of the 21st Century, Polirom Publishing House, Bucharest (Collection “Economy and Society”), Buckingham, Marcus, Coffman, Curt (2008), First, Break All the Rules: What the World's Greatest Managers Do Differently, Allfa Publishing House, Bucharest, Kotter, John, Cohen, Dan (2008), The Heart of Change: Real-Life Stories of How People Change Their Organizations, Meteor Business Publishing, Bucharest (Harvard Business Press) Rifkin, Jeremy (2006), The European Dream: How Europe's Vision of the Future Is Quietly Eclipsing the American Dream, Polirom Publishing House, Bucharest, Popescu, Cristina Raluca, Roman Costantin, Popescu, Adriana Veronica (2009), Study on the costs o implementing the European Union’s environmental policy and the results of applying the European environmental standards on competitiveness in Romania, Metalurgica International VOL XIV, Scientific Publishing House F.M.R., Special Issue N0. 4, ISSN 1582 – 2214 (Article rated ISI). We find it extremely useful to explain below which is the context where the global economy is today, in order to understand the stages we must go through and the reason why it has
come in a relatively short time to a global economic crisis that is ongoing in some countries of the world, while in others this crisis is still just at the beginning and almost unperceived.
2. THE GLOBAL ECONOMY IS FACING THE DEVELOPMENT OF TECHNOLOGY WITHOUT PRECEDENT IN HISTORY It is obvious that the global economy has come today to face a development of the technique and technology without precedent in history. This will only raise new problems in all areas of human life, new challenges being raised. The idea of new challenges launched by the new world is very suggestively expressed within the following quote: “(…) we're living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-directing, and fast-changing than it was even 20 years ago. It's a world that presents us with enormous new possibilities but also enormous new challenges.” ( Greenspan, Alan (2008)) Thomas L. Friedman (2007), in the paper “The world is flat. A brief history of the 21st Century”, examines the way in which the world has seen the emergence of new techniques and modern technology, saying that the explosion of the Internet has generated in the first years, extremely high costs to ensure access to Internet (Internet meaning an infrastructure adapted to the specific requirements, methods of instruction for a proper and useful utilization, providing the legal framework of functioning, etc.) and the fact that the remote development has exceeded the boundaries of imagination, has done nothing but generated a “flattening of the earth” metaphorically speaking of course, respectively the decrease of time and distance, with quick access to information anywhere in the world: “Outsourcing is just one dimension of a much more fundamental thing happening today in the world. What happened over the last [few] years is that there was a massive investment in technology, especially in the bubble era, when hundreds of millions of dollars were invested in putting broadband connectivity around the world, undersea cables, all those things. At the same time (…), computers became cheaper and dispersed all over the world, and there was an explosion of software-e-mail, search engines like Google, and proprietary software that can chop up any piece of work (…) making it easy for anyone to do remote development. When all of these things suddenly came together around 2000 (...), they created a platform where intellectual work, intellectual capital, could be delivered from anywhere. It could be disaggregated, delivered, distributed, produced, and put back together again-and this gave a whole new degree of freedom to the way we do work, especially work of an intellectual nature (…). The global competitive playing field was being leveled. The world was being flattened.” ( Friedman, Thomas L. (2007)) Today humanity is going through a new era, which means prosperity, innovation, collaboration and competitiveness at the highest levels, things that only the emergence of new techniques and modern technology were able to provide at such level: “It is now possible for more people than ever to collaborate and compete in real time with more other people on more different kinds of work from more different corners of the planet and on a more equal footing than at any previous time in the history of the worldusing computers, e-mail, networks, teleconferencing, and dynamic new software. When you start to think of the world as flat, or at least in the process of flattening, a lot of things make sense in ways they did not before. (…) the flattening of the world means is that we are now connecting all the knowledge centres on the planet together into a single global network, which-if politics and terrorism do not get in the way-could usher in an amazing
era of prosperity, innovation and collaboration between companies, communities and individuals.” ( Friedman, Thomas L. (2007))
3. STAGES OF GLOBALIZATION - A THEORETICAL VIEW Regarding the stages of globalization, we believe it is necessary to remember that many of our specialists from today have focused on this problem and have analyzed, in turn, the defining elements of globalization, including: the factors that have led and contributed to the birth of the globalization phenomenon; the moment of its occurrence (each author has his own vision on this item, the reasons being the most diverse); the changes brought by every stage of globalization and the fundamental differences between them; the new trends of globalization and the motivations for assimilating the globalization. The analysis of the stages of globalization will contain the arguments set forth by Thomas L. Friedman (2007), in the paper “The world is flat. A brief history of the 21st Century” and University Professor Dan Popescu, PhD, in the article entitled “The point on Europe. A new age of globalization?” - In the paper “Competitiveness for the health of the living whole” (Popescu, Cristina Raluca (2008)) we have analyzed the perspective of globalization (Popescu, Cristina Raluca (2006)), making the following clarifications: “Globalization, in the context of the new economy, is allowing the capital to respond instantly to new opportunities. The sophisticated credit instruments are generating unprecedented liquidities. The globalization has encouraged an explosion of wealth and a rate of technological progress which no earlier age could have imagined. Globalization based on interdependence, has contributed to undermining the state - nation as the sole determinant of the welfare of a nation.” (Popescu, Cristina Raluca (2008)) Also in the paper “Competitiveness for the health of the living whole” (Popescu, Cristina Raluca (2008)) we have presented (Popescu, Cristina Raluca (2007)) the vision of University Professor Dan Popescu, PhD, who has performed in one of his articles, a division of the stages covered by globalization, as follows: “Within one of his articles (Popescu, Dan (2006)), “The point on Europe. A new age of globalization?” the University Professor Dan Popescu, PhD makes a special presentation of the issues regarding globalization. Within the research, the author mentions the fact that for a proper analysis of the implications of globalization and for understanding the mechanism by which it operates it is best to start from the “ages” (stages) of globalization.” - In the same context, Thomas L. Friedman (2007), in the paper “The World Is Flat: A Brief History of the Twenty-First Century”(Friedman, Thomas L. (2007)), believes that globalization crosses new stages (Rifkin, Jeremy (2006)) in its existence, and he is talking about the delineation in time of three major eras of globalization, as follows: “Globalization had gone to a whole new level. (…) there have been three great eras of globalization:” (Rifkin, Jeremy (2006)) a) The first era of globalization (delimited historically by the author as being the period between 1492 and 1800), has been suggestively entitled “Globalization 1.0”, has reduced the size of planet Earth, offering a new perspective on it (It shrank the world from a size large to a size medium.). As the author demonstrates, the key element was the notion of “power”, in all its forms, thus stimulating the global integration: “The first lasted from 1492-when Columbus set sail, opening trade between the Old World
and the New World-until around 1800.1 would call this era Globalization 1.0.””(Friedman, Thomas L. (2007)) b) The second great era of globalization (delimited historically by the author as being the period between 1800 and 2000), has been suggestively entitled “Globalization 2.0”, meant reducing the size of planet Earth this time from medium size to small size, thus standing out the formation of the multinational companies. The birth and the development of the global economy followed: “The second great era, Globalization 2.0, lasted roughly from 1800 to 2000, interrupted by the Great Depression and World Wars I and II. This era shrank the world from a size medium to a size small. In Globalization 2.0, the key agent of change, the dynamic force driving global integration, was multinational companies.” (Friedman, Thomas L. (2007)) c) The third era of globalization (delimited historically by the author as being the period from the beginning of 2000, a stage that continues nowadays), has been suggestively entitled “Globalization 3.0”, has generated a reduction of the planet Earth’s size from the small size to the very small size. This new phase is one of global convergence, which has broken every pattern seen so far and has given the unique character to the individuals within the competitiveness process globally: “We entered a whole new era: Globalization 3.0. Globalization 3.0 is shrinking the world from a size small to a size tiny and flattening the playing field at the same time. And while the dynamic force in Globalization 1.0 was countries globalizing and the dynamic force in Globalization 2.0 was companies globalizing, the dynamic force in Globalization 3.0-the thing that gives it its unique character-is the newfound power for individuals to collaborate and compete globally.” (Friedman, Thomas L. (2007)) Comparing those three eras of globalization, one could reach the following conclusion: the third era of globalization has proven to be much more beneficial to humanity, through the degree of power conferred on the individuals (respectively, an extremely high degree) and through the fact that the size of planet Earth has been reduced very much due to almost total disappearance of the limits of space and time. Now, countries like China and India (See in this respect, Sen, Amartya (2004)) have attained very large levels of development (See in this respect, Farndon, John (2008)), the idea of diversity being the only one that matters (differences of race, sex, religion, become insignificant compared with the magnitude of the phenomenon of globalization): d) “But Globalization 3.0 not only differs from the previous eras in how it is shrinking and flattening the world and in how it is empowering individuals. It is different in that Globalization 1.0 and 2.0 were driven primarily by European and American individuals and businesses. (…)Because it is flattening and shrinking the world, Globalization 3.0 is going to be more and more driven not only by individuals but also by a much more diverse - non-Western, non-white-group of individuals. Individuals from every corner of the flat world are being empowered. Globalization 3.0 makes it possible for so many more people to plug and play, and you are going to see every color of the human rainbow take part.” (Friedman, Thomas L. (2007)) We have considered it necessary to organize the elements listed above in a table so that to show the fundamental features of these three eras of globalization, as they appear in Thomas L. Friedman’ view (2007), in the paper “The World Is Flat: A Brief History of the Twenty-First Century“(see Table no. 1.1:”The organization of the fundamental elements of the three eras of globalization“):
Table no. 1.1: “The organization of the fundamental elements of the three eras of globalization” No. crt. 1.
Name of the era of globalization The first era of globalization: “Globalization 1.0”
2.
The second era of globalization: “Globalization 2.0”
3.
The third era of globalization: “Globalization 3.0”
Defining features: It is historically delimited between 1492 and 1800; It has reduced the size of planet Earth offering a new perspective on it (the transition from a size large to a size medium); the key element was the notion of “power”, in all its forms; the global integration was stimulated; “the walls have broken down” and a united world has been created. It is historically delimited between 1800 and 2000; It meant reducing the size of planet Earth from medium size to small size; The multinational companies were formed; The multinational companies developed globally fro markets and work labour; It comprises the birth and maturation of global economy; The global integration was stimulated by the increasingly low costs of transportation and telecommunications; the birth and maturation of a global economy; there was enough movement of goods and information from continent to continent for there to be a global market; The dynamic forces represented the innovations within the hardware area. It has started in 2000; It has generated a reduction of the planet Earth’s size from the small size to the very small size; It is the stage of a global
Key questions: Where does my country fit into global competition and opportunities? How can a country develop globally? How can a country collaborate with other countries?
Where does my company fit into the global economy? How does a company take advantage of the given opportunities? How can a company develop globally? How can a company collaborate with other companies?
Where is the individual in the global competitiveness? Where is the
No. crt.
Name of the era of globalization
Defining features:
Key questions:
convergence; It has given the unique character to the individuals within the competitiveness process globally; The platform of the flat world is the result of the convergence between the personal computer with optic fibber and the development of the automatization of the business procedures software; The individuals understand that they not only have the chance to compete with one another, but also to cooperate; Firstly, it has stimulated the individuals and businesses from Europe and America (See in this respect, Popescu, Cristina Raluca, Roman, Costantin, Popescu, Veronica Adriana (2009)); It is started by an increasingly diverse group of individuals; Any individual may hold the power regardless sex, religion, affiliation, preferences or country.
individual in comparison with the opportunities of the moment? How can an individual collaborate personally with other individuals globally?
The conclusions regarding the innovations elements generated by globalization (here called "forces" of change) were systematized best in the figure below (see Figure no. 1.1: “The forces of change generated by globalization”):
Figure no. 1.1: “The forces of change generated by globalization”
Analyzing the Figure no. 1.1: “The forces of change generated by globalization” we can assert that, due to the expanding of the phenomenon of globalization (See in this respect, Popescu, Cristina Raluca (2008)), there have been generated a series of new phenomena for mankind. Among them we have presented above, only a part. We have focused mainly on the implications of this complex phenomenon at the individual level, taking into account the access to information in record time, the increase of power of individuals, regardless of their culture, nationality, religion or sex, the increase of the possibility for individuals to start new business, to explore new domains, to be their own masters and have initiative, the idea of an individual’s competition with himself, trying to overcome hatred, resentment, envy and malice, and having the opportunity to replace all these feelings with others, having a different connotation on spiritual and psychic level of an individual (See in this respect, Popescu, Cristina Raluca (2008)), respectively the competition with himself, the joy of living, the desire to protect the planet (See in this respect, Popescu, Constantin (2004)), etc. Globalization, as it appears in Alan Greenspan’s view, in his paper “The Age of Turbulence. Adventures in a new world” (2008) (Greenspan, Alan (2008)), presents some distinct features: “A number of global forces have gradually, sometimes almost clandestinely, altered the world as we know it. (…). These new technologies not only opened up a whole new vista of low-cost communications but also facilitated major advances in finance that greatly enhanced our ability to direct scarce savings into productive capital investments, a critical enabler of rapidly expanding globalization and prosperity.” (Greenspan, Alan (2008)) We can now assert the following: “Those who get caught in the past and resist change will be forced deeper into commoditization. Those who can create value through leadership, relationships and creativity will transform the industry, as well as strengthen relationships with their existing clients.” (Friedman, Thomas L. (2007)) In other words, the world where we are today is always subject to change, it is a world full of challenges and it brings every day something new and innovative, and the solution needed in this context is an extremely simple one: the awareness of change and the assimilation and adaptation to it. To be against
change is not possible, since change, by its very nature, is inevitable and it is preferable to have a slower transition to the new trends induced by change, rather than a brutal one, which could have serious long-term consequences.
4. THE GLOBALIZATION AND THE PROSPECTS ASSOCIATED BY THE NEW ECONOMY WITH AREAS SUCH AS INFORMATICS, ECONOMICS, ECONOMIC - FINANCIAL ANALYSIS AND ACCOUNTING The aspects of globalization are very well presented in the following materials: a) The basic idea, which emerges analyzing the quote below, is that globalization has been based since its first phase, on research – development, having a set of principles and innovative ideas, that emerged from the first stages of the research (respectively, the primary research) and continuing with the rest of its intermediate stages. What should be noted is that globalization is based on innovation, and is therefore called the “globalization of innovation”, each of its stages having a unique character. Moreover, globalization implies that the life of any product to begin in a certain corner of the world and continuing with other stages in different regions. Therefore: “Every new product-from software to widgets-goes through a cycle that begins with basic research, then applied research, then incubation, then development, then testing, then manufacturing, then deployment, then support, then continuation engineering in order to add improvements. Each of these phases is specialized and unique (…). (…) we shall see (…)the beginning of what (…)an American research and development firm, has called "the globalization of innovation" and an end to the old model of a single American or European multinational handling all the elements of the development product cycle from its own resources. More and more American and European companies are outsourcing significant research and development tasks to India, Russia, and China.” (Friedman, Thomas L. (2007)) b) In addition, globalization implies a major technological change which is generated by the speed at which things are conducted and by the new requirements of the era that are to be get through at the time: “Whenever civilization has gone through a major technological revolution, the whole world has changed in profound ways. But there is something about the flattening of the world that is going to be qualitatively different from other such profound changes: the speed and breadth with which it is taking hold. The introduction of printing happened over a period of decades and for a long time affected only a relatively small part of the planet. Same with the Industrial Revolution. This flattening process is happening at warp speed and directly or indirectly touching a lot more people on the planet at once. The faster and broader this transition to a new era, the more likely is the potential for disruption, as opposed to an orderly transfer of power from the old winners to the new winners.” (Friedman, Thomas L. (2007)) c) The globalization of the world takes into account the speed expressed in terms of time, and in terms of change as well on a technological level. All these aspects lead to an increase in claims of individuals and, implicitly, of the organizations they are part of: “(…)the experiences of the high-tech companies in the last few decades who failed to navigate the rapid changes brought about in their marketplace by these types of forces may be a warning to all the businesses, institutions, and nation-states that are now facing these inevitable, even predictable, changes but lack the leadership, flexibility,
d)
e)
f)
g)
h)
i)
j)
and imagination to adapt-not because they are not smart or aware, but because the speed of change is simply overwhelming them.” (Friedman, Thomas L. (2007)) Despite the very rapid changes taking place globally, each individual must be sufficiently flexible to adapt to new requirements. The extremely difficult part here is the adaptation to change, because not all people can digest the news in the same time and not all people have the capacity to do well to change. Therefore, there are a number of issues which are raised by psychology as well, namely, the concern for the individual in order for him not to feel overwhelmed by change, excluded from society or compelled to act under the impulse of the moment. Here is why: “The great challenge for our time will be to absorb these changes in ways that do not overwhelm people but also do not leave them behind. None of this will be easy. (…)It is inevitable and unavoidable.” (Friedman, Thomas L. (2007)) The globalization of the world is a phenomenon that takes into account both the time and space component, both of them working together to achieve innovative elements world-wide. What is of note here is that the globalization phenomenon requires time to evolve into a natural and desirable rhythm: “The Bible tells us that God created the world in six days and on the seventh day he rested. Flattening the world took a little longer. The world has been flattened by the convergence often major political events, innovations, and companies. None of us has rested since, or maybe ever will again.” (Friedman, Thomas L. (2007)) Globalization must be guided by certain specific forces, so this is why there are a series of forms and instruments under which it operates according to normal: “(…) the forces that flattened the world and the multiple new forms and tools for collaboration that this flattening has created.” (Friedman, Thomas L. (2007)) There were a number of assumptions according to which individuals because they are indolent, will ignore the new requests of the global world. Such assumptions have proved to be incorrect, because the human reluctance to change goes beyond the imagined limits in conditions in which the communication on a global level brings a number of advantages, such as that of the possibility of contacting other individuals in real time, of making new friends or keeping the existent relationships on a better level: “The skeptics all said, 'It takes people a long time to change their habits and learn a new technology.' [But] people did it very quickly, and ten years later there were eight hundred million people on the Internet." The reason? "People will change their habits quickly when they have a strong reason to do so, and people have an innate urge to connect with other people."” (Friedman, Thomas L. (2007)) The communication between individuals in real time and the preservation of the old relationships or building new ones are issues involving access to the Internet. The phenomenon of globalization has brought with it the emergence of the Internet and “the flattening of the world” has generated the ability to step across many barriers by wide spreading access to Internet sources around the world. At the same time, the Internet involves the emergence of some search engines of high-performance, some sites with useful information, etc. Many companies that have promoted the development of technique and technology worldwide have become extremely profitable in an era of globalization, being famous worldwide for the new facilities offered to users, but also for the enviable turnover that is recorded year after year. Globalization also implied changing the values worldwide (Platis – Iordache, Magdalena, Popescu, Cristina Raluca (2009)), gradually passing from the vertical system to horizontal one, based on cooperation, involvement, connection, the barriers existent till then being removed: “The larger point here is this: Whether we are talking
k)
about management science or political science, manufacturing or research and development, many, many players and processes are going to have to come to grips with "horizontalization." And it is going to take a lot of sorting out. Just as the relationship between different groups of workers will have to I be sorted out in a flat world, so too will the relationship between companies and the communities in which they operate.” (Friedman, Thomas L. (2007)) In an era of globalization the problem of guiding by certain sets of values rises and this aspect is considered to be of utmost importance. Now it emerges the need to change the set of principles and values of individuals, companies, taking into consideration the exploiting of new opportunities and resources globally.
CONCLUSIONS Within our paper entitled “The globalization – New Economy interaction – opportunities on the economic, financial-accounting and informatics plan” the conceptual delineation of the current historical framework of globalization was made, also being described the elements of globalization from the perspective of the New Economy and the changes that will be generated in areas such as financial - accounting, economic - financial analysis, informatics and economy.
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