The internet has changed global economics. Faster and cheaper communications means companies must always be aware of the global impact of national and even local campaigns. Changing global circumstances can have local ramifications that are swift and lasting. The 2008 global economic crisis is a prime example: when the U.S. housing bubble burst, the economic implications reverberated throughout the world and deeply affected other nations. Today, many economies are intricately intertwined with each other.
Where You Can Learn
While people all over the world are feeling the very real consequences of an interdependent global economy, few know how these relationships are formed and altered. Many Master of Business Administration programs, including online MBA programs, offer classes in global economics and finance. While the standard MBA covers domestic business administration, some programs offer courses in macroeconomics. MBAs who understand economics have a wide range of sectors to practice in, from education to nonprofits to manufacturing to banking to consulting.
Benefits of a Global Economics Education
Aside from just knowing about the ways international economies interact, there are practical applications to studying global economics through an MBA program. Most notably, a firm understanding of global economics is beneficial in the world of investment. Analyzing global market trends over time can lead to a diverse and stable portfolio. Understanding how global markets fluctuate will help you ride out times of desperation in order to realize long-term gains.
Oftentimes, when meaningful and important economic events occur, the general public does not truly understand the causation or long-term implications. Though we may feel the effects of a global economy, we may not be aware of the economic connections that lead to changing politics. For example, Stephen Mufson of the Washington Post shows how declining oil prices signal “one of the biggest transfers of wealth in history, potentially reshaping everything from talks over Iran’s nuclear program to the Federal Reserve’s policies to further rejuvenate the U.S. economy.” In this case, lower prices at the gas pump indicate a shift in political power in the world, and understanding those shifts are part of a 21st-century education.
Learn more about the FIU online MBA program.
Have a question or concern about this article? Please contact us.