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M2W and Globalization

In: From Me to We

Author

Listed:
  • Ricardo Ernst

    (Georgetown University)

  • Jerry Haar

    (Florida International University)

Abstract

The new globalization has brought to the forefront the benefits and costs associated with it and the need for companies to adopt a shared value approach as part of their strategy. Overall, there is consensus that globalization has been very positive but not without an implicit cost. Shared value has allowed companies to take advantage of the benefits globalization provides, while the M2W guarantees a more sustainable development. The M2W paradigm, recognizing the world as interconnected and interdependent, is anchored to a moral compass by which ethical considerations reign supreme. In cross-border transactions, companies must be aware of the impacts of their actions to ensure they are positive for both the firm’s shareholders and for the broad array of stakeholders. By focusing on supply chain management and cluster development, companies can make significant advances in moving toward a “stakeholder mentality” with a M2W approach, in which economic and societal progress go hand in hand.

Suggested Citation

  • Ricardo Ernst & Jerry Haar, 2022. "M2W and Globalization," Springer Books, in: From Me to We, chapter 4, pages 61-78, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-87424-7_4
    DOI: 10.1007/978-3-030-87424-7_4
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