Globalization Essay Example | Topics and Well Written Essays - 500 words - 16

Globalization - Essay Example The entrepreneurial leadership of emerging markets like China and India have greatly contributed to the changing equations. Indeed, the developing clusters of high technology business are comparable to Silicon Valley. So I believe that in the next ten years, one of these clusters in China and India could seriously jeopardize the status of Silicon Valley. Technology hubs in Bangalore in India and around Tsinghua University in China are fast acquiring credibility in the global market. HSBC claims that ‘growth among emerging markets will mean that by 2030, half of the world’s main trading nations will change what they export’ (2013). 20% of global R&D spending is made by China and India (Berger, 2012). Both the countries have significantly increased their R&D capabilities to deliver highly innovative products across different segment to compete in global market. These are hugely critical statistics that indicate the changing dynamics of the economic power wielded through technology and expanding knowledge base. The technology hubs in these countries are responsible for their countries’ growing economic power in the global market. They are rapidly increasing their database of skilled workers and professionals by developing world-class educational institutions and opening new opportunities for them to experimen t with new ideas. Infosys in India and Lenovo in China are important entrepreneurial ventures that have made considerable impact on the changing map of political economy. Another very important fact is that both the countries have introduced reforms in their economies to allow foreign investment. This is big step because it helps to transfer and share knowledge which further boosts their performance and gives them distinct leverage in the new scenario of shifting powers. Elliot (2006) says that America is looking