Unveiling the Tapestry of 2023: Top 10 Highlights That Defined the Year

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As we bid farewell to 2023, it’s time to reflect on the myriad events and milestones that shaped the course of the year. From technological breakthroughs to cultural shifts, 2023 was a rollercoaster of innovation and transformation. In this blog, we’ll unveil the top 10 highlights that stood out and left an indelible mark on the fabric of 2023.

1. Quantum Computing Breakthroughs

In 2023, quantum computing made unprecedented progress, reaching the milestone of quantum supremacy. This achievement has far-reaching implications, promising solutions to intricate problems at speeds unimaginable with traditional computers, particularly in fields like cryptography, drug discovery, and climate modeling.

2. AI’s Influence in Healthcare

Artificial Intelligence continued its penetration into the healthcare sector, reshaping diagnostics, treatment strategies, and patient care. AI-driven tools showcased remarkable accuracy in early disease detection, personalized treatment plans, and overall healthcare enhancement.

3. Global Climate Accords

As climate change concerns reached a critical juncture, nations around the world came together in 2023 to forge ambitious global climate accords. Commitments to reduce carbon emissions, transition to renewable energy sources, and protect biodiversity marked a collective effort to address the urgent challenges posed by climate change.

4. Space Tourism Takes Off

The space race evolved into a new era in 2023, with commercial space tourism becoming a reality. Several private companies successfully launched missions, enabling civilians to partake in the adventure of space travel. This marked a significant stride in making space exploration more accessible to the public.

5. Metaverse Surge

The concept of the metaverse gained unprecedented traction in 2023. Major technology companies invested heavily in virtual reality (VR) and augmented reality (AR), creating immersive digital realms for work, socializing, and entertainment. The metaverse emerged as a hub for innovation and collaboration.

6. Advancements in Biotechnology

Biotechnology made groundbreaking strides in 2023, with advancements ranging from CRISPR-based gene editing to revolutionary treatments for previously incurable diseases. These breakthroughs raised ethical questions but also offered new hope for addressing genetic disorders and improving overall human health.

7. Shifts in Remote Work Culture

The way we work underwent a transformative shift in 2023. Remote work, once a necessity, became a preferred mode for many companies. This change not only impacted work culture but also influenced urban planning, as cities reimagined themselves to accommodate a more decentralized workforce.

8. Renewable Energy Dominance

Renewable energy continued its ascent in 2023, surpassing expectations in terms of efficiency and affordability. Solar and wind power, in particular, became dominant sources of energy globally, contributing to a significant reduction in reliance on fossil fuels.

9. Tech Ethics and Regulation Focus

Amid rapid technological advancements, there was an increased emphasis on ethical considerations and regulatory frameworks in 2023. Governments and tech companies collaborated to establish guidelines for responsible AI use, data privacy, and digital security, ensuring a balanced approach to the benefits of technology.

10. Global Health Resilience

The lessons learned from the COVID-19 pandemic led to unprecedented collaboration in global health in 2023. This resulted in more robust health systems, improved vaccine distribution, and enhanced preparedness for future health crises.

Photo credit: Canva.com

As we conclude the narrative of 2023, these ten highlights underscore the innovation, adaptability, and collective endeavors of humanity. The year was characterized by a fusion of technological breakthroughs, societal transformations, and a shared commitment to addressing global challenges. These standout moments will undoubtedly shape the trajectory of the years to come.

Here’s wishing all our readers, from the management and staff of Robert Kennedy College, a very Happy New Year 2024! We hope to see you as one of our proud Master’s and PhD students at RKC. Find a programme suitable to you, talk live to one of our education advisors, and apply now!


   

   
   


   


   

What are the economic predictions for 2023?

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The last few years have been like a foggy, fading memory, from the Covid-19 pandemic to the US Capitol attack in 2021 to Russia’s invasion of Ukraine in 2022. Who would have thought about these events’ disastrous effects on our lives?

Advent of Covid-19 in 2019 impacts our lives even 3 years later. Photo credit: Canva.com

And with not much relief from the dire repercussions of the last three years, the impact of these events on our lives continues in 2023 as well.

What does this mean for the world economy?

I am not an economist. I work and run a family. But I understand simple economic terms and their co-relationships. I can do the math when I see increasing grocery bills, and my household income remains unchanged. I feel the pinch on my wallet, and I know I cannot afford to indulge in any ‘extra’ luxuries anymore as I have bills to pay and ends to meet.

In layperson’s terms, the 2023 economy can be described as a chain reaction of the following events:

Spiked inflation levels – Raised interest rates – Fall of GDP/economic growth – Fear of spreading recession

Interest rates are increasing due to high inflation. Photo credit: Canva.com

Let’s understand what inflation is.

Inflation is a measure of the rate at which the general level of prices for goods and services rises, and purchasing power falls. Various factors, including economic growth, interest rate changes, and supply and demand shifts, can cause inflation.

Common causes of inflation

  1. Economic growth: There is an increased circulation of money as a country’s economy grows and expands. This increased money supply can increase prices as businesses raise prices to take advantage of the extra demand. Additionally, wages tend to rise as the economy grows, which can contribute to higher prices.
  2. Changes in interest rates: When interest rates are low, it is cheaper for businesses and individuals to borrow money, which can increase spending. This increased spending can cause prices to rise as companies raise prices to take advantage of the extra demand. On the other hand, borrowing becomes more expensive when interest rates are high, leading to decreased spending and lower prices. 
  3. Shifts in supply and demand: When demand for goods and services is high, businesses may raise prices to take advantage of the extra demand. Conversely, companies may lower their prices to attract customers when demand is low. Additionally, when the supply of goods and services is low, prices may rise due to the limited availability of goods and services. On the other hand, when the supply is high, prices may decrease as businesses try to attract customers.
  4. Natural disasters, wars, and government policies: Natural disasters can lead to higher prices for goods and services as businesses struggle to keep up with the extra demand. Government policies, such as printing money or increasing taxes, can also lead to inflation. Wars can cause inflation as governments increase spending to fund the war effort.

    Understanding the causes of inflation is essential to manage its effects on the economy better.
Shifts in demand and supply causes inflation. Photo credit: Canva.com

Types of Inflation

  1. Cost-push inflation: This occurs when production costs increase, leading to higher prices for goods and services. For example, if the cost of raw materials or labour increases, businesses may pass on those costs to consumers through higher prices. This can also happen due to increases in taxes, tariffs, and regulations.
  2. Monetary inflation: This occurs when there is an increase in the money supply, which can lead to higher prices as more money chases the same amount of goods and services. This can happen if a central bank, such as the Federal Reserve, increases the money supply through monetary policy.
  3. Expectations of inflation: Inflation can also occur if people expect prices to rise. This can happen if they think that the economy is growing too quickly, interest rates will increase, or due to any other reason. If people expect prices to rise, they may start to spend more money now, which can lead to actual inflation.
  4. Imported inflation: This can happen when a country experiences inflation due to the increased prices of imported goods. For example, if the value of the country’s currency decreases, imported goods will become more expensive, leading to higher consumer prices.
  5. Foreign inflation: This refers to the inflation that occurs in a country due to inflation in other countries. For example, if a country’s main trading partners experience inflation, it may increase the prices of imported goods and services, which in turn can cause inflation in the country.

How inflation can be controlled

Changes in Monetary policy can help curb inflation. Photo credit: Canva.com
  1. Monetary policy: Central banks, such as the Federal Reserve in the United States or the European Central Bank, can control inflation by manipulating interest rates. When interest rates are high, borrowing becomes more expensive, decreasing spending and lowering prices. On the other hand, borrowing becomes cheaper when interest rates are low, leading to increased spending and higher prices. Central banks can also use other monetary policy tools, such as open market operations, to control inflation.
  2. Fiscal policy: Governments can also control inflation by using fiscal policy, which includes government spending and taxation. For example, if the government increases taxes, it can decrease spending, which can help reduce inflation. On the other hand, if the government increases spending, it can increase demand for goods and services, which can cause prices to rise.
  3. Supply-side policies: Governments can also use supply-side policies to control inflation. For example, suppose the government reduces regulations and taxes. In that case, it can make it easier for businesses to produce goods and services, increasing the supply of goods and services and helping to keep prices low.
  4. Incomes policies: Governments can also control inflation by using income policies, which aim to control wage and price increases. For example, the government can impose wage and price controls, which can help to keep prices low. 
  5. International coordination: Inflation can also be controlled through international coordination. For example, if a country’s trading partners are experiencing high inflation, it can increase the prices of imported goods and services, which in turn can cause inflation in the country. In such cases, governments can coordinate with other countries to stabilize prices.

Inflation can have various economic effects, such as reducing purchasing power, making exports less competitive, and increasing the risk of recession. Central banks and government try to balance stable prices and economic growth. It’s essential to understand the causes of inflation to create policies that can mitigate its adverse effects and maintain economic stability.

Inflation can lead to recession. Photo credit: Canva.com


Controlling inflation is not always easy and can have negative consequences, such as reducing economic growth, increasing unemployment, and creating imbalances in the economy. Therefore, central banks and governments usually aim to balance stable prices and economic development and use different tools and policies to achieve that balance.

It seems like inflation is here to stay in 2023 for most of us from a global perspective, as the underlying problem of imbalances in the supply chain persists. And world leaders have thought of reducing overall economic activity as the answer to the inflation problem. And as the ripple effect stems from reduced spending, a recession is soon knocking on our doors. Watch this space as I discuss the recession in next week’s blog.

FIVE Benefits of studying for a degree in International/Global Management

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In today’s global economy, we take international brands/companies setting up shop locally for granted. And for most of us, it does not matter what went on behind the scenes to enable that company/brand to choose a location.

Today’s global economy with multinational brands. Photo by Nik Shuliahin 💛💙 on Unsplash.

There are many challenges and considerations that a company takes into account when opening any new location, especially when opening a new international location.

A programme in international business will help students develop key skills in various business disciplines, such as supply chain, human resources, marketing, finance, etc., within a global context, thereby helping students gain a global perspective to be successful in business.

Most of Robert Kennedy College’s (RKC) 100% online programmes focus on the international aspect of business management. The following are five reasons why you should consider doing a programme that focuses on the international aspect of business management.  

1. An international perspective

Photo by Nadine Shaabana on Unsplash.

Businesses face many challenges, but when viewing these challenges with a global lens, each of these challenges takes on characteristics that are unique to the country. The programme will better prepare students to tackle these challenges, giving them the knowledge to understand different perspectives and problem-solving skills with a broadened worldview. Another advantage of doing a programme with a global context is the knowledge and skills learnt can easily be used when managing local businesses as well. 

2. Learn new skills

Photo by Tim Mossholder on Unsplash.

Like any graduate programme, students will gain new knowledge and skills. But unlike a typical graduate programme, a student in international business management will learn skills that are dynamic and useful in various environmental and economic conditions. Skills that will help students integrate with organisational and operational structures that differ significantly. Apart from mandatory skills any manager would require, such as presenting and reporting, students would also learn skills such as communication, leadership, strategic thinking, etc., from an international business point of view.

3. Global workforce management

Photo by Alex Kotliarskyi on Unsplash.

Effective management of the workforce can be complex in the best of times. However, this difficulty increases manifolds when you consider a multinational organisation. Not only will managers have to consider local sensibilities when formulating a policy, but the decisions made when hiring or layoffs can significantly impact the local economy. Students will learn to examine the changing nature of organisations in a global context and understand whether an organisation’s policies and practices can genuinely be global or if national and cultural sensibilities must be considered.

4. Business practices

Students will learn the theory of cross-cultural interaction and different cultural identities and see how these influence management practice in ethics, leadership, decision-making, communication and negotiation. Students learn to conceptualise ethics, responsibility and sustainability in diverse global settings and develop an insight into the expanding role of sustainable development, corporate governance, responsible business practice and the ethical dimensions of organisational policies and procedures. 

5. Become more employable

Photo by Cytonn Photography on Unsplash.

The most crucial point for any student. Most businesses today are multinational, looking to go multinational or have partnerships with vendors in other countries. The skills students learn from a programme in international management will make them very employable. And even if organisations are not looking to go global or have only local business partnerships, the skills learnt from a programme like this will be just as valuable as those with a more traditional business degree.

Hopefully, these points will help you better understand the value of a degree in international/global management. If you have already completed a degree in international/global business management, please share your experience and the benefits you got from the degree. I am sure our readers would appreciate and benefit from it.

If you have been thinking about doing either a BA, MBA, MSc or LLM degree with an international/global twist, look at our list of programmes and see if we have anything you are interested in doing. 

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and details on discounts we might be offering at this time.

The impact of multinational companies on you! 4 positives and 4 negatives.

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Multinational companies have made the world a small place. Global trade! Photo by NASA on Unsplash.

I had a pretty comfortable standard of living growing up. I never lacked for anything, but as they say, the grass is always greener on the other side – I felt the choice of products and services available to me was very limited compared to the options available in other countries.

Now that I am all grown-up, I know that my choices as a kid were limited because my country had a closed economy; we did not have foreign direct investment (or at least very limited) in the county until the early ’90s. We had loads of mom-and-pop stores that you could walk into and bargain for what you wanted.

Investing in a country. Photo by Alexander Mils on Unsplash.

But once the country opened up, we went from having limited choices to having endless (at least that is what it felt like) choices, from being a vastly farming centric workforce to being a corporate-driven workforce. And while I believe that the positive aspects of an open economy outweigh the negatives, it is just my opinion, and it cannot be denied that there are both positive and negative aspects.

Multinational companies (MNC) that set up shop in my country took a risk on the unknown, deciding to invest in a country with a limited FDI track record. They were not only entering a new market with no idea how customers would receive their product/service, but they would also have to work closely with a government they were unfamiliar with.

The advantage that MNC’s have today is that there are very few unknowns. Technology and the internet have made the world smaller, and these days companies, more often than not, know what they are getting into and can work out a very profitable deal with countries/governments. On the flip side, even governments know a lot about the companies and what they can bring to the table that can benefit the country’s citizens (voting population).

So, what are some of the benefits MNC’s bring?

Positives of MNC’s. Photo by Mika Baumeister on Unsplash.
  • The cost-benefit for the MNC’s – This is probably the most significant factor around which business decisions are made. The cost savings is where multinational companies benefit the most, from the cost of labour to raw materials. A company might choose to set up a factory in the same country from where raw materials are sourced. In all likelihood, the cost of labour in these countries will be much lower and add to this, if the companies can finagle a tax concession from the government, then the profit margins they would get from the sale of the products can be exponentially increased. 
  • Benefits to the consumer – The obvious benefit of reducing the manufacturing costs should be a reduction of the selling cost while at the same time maintaining a high standard of product quality. Not to be cynical here, I don’t think the cost reduction will ever happen, but at least the quality of the product will not be compromised to bring down the manufacturing costs. The other benefit is choice. Suppose a company can manufacture a product cheaply. In that case, they can reinvest the money in other endeavours such as expanding their product line, research and development, exploring new markets and market segments, etc. 
  • Employment benefits – MNC’s create new jobs in countries they expand to and create new higher-paying, higher-value jobs in countries they already operate out of and create auxiliary support businesses. For the most part, they bring in industry best practices and help increase the quality of life of their employees by providing them with higher salaries and training.
  • Benefits to the government – This point has roots in the earlier three points. MNC’s create employment for their citizenry and give them more spending power. They increase annual tax collections for the government. MNC’s can help in regulating and keeping the cost of products competitive. The more products and services in the market, the more choice the citizenry have and the more they will spend.   

But, at the same time, with MNC’s, everything is not peaches and cream. So, what are some of the negatives MNC’s bring?

  • Dominating the market – While MNC’s bring in big money, it is the same monetary power that it brings to bear to crush the competition and small local businesses. To pressure local suppliers to align with how much they are willing to pay for a product/service. MNC’s have the power to dictate the supply timelines and the penalties of failure to deliver while at the same time avoiding penalties if payments are not made on time.
  • Social influence – MNC’s are the bringers of change. They introduce the local population to new products and services and a new way of thinking. Some of these new ways may counter the traditions of the land and might topple generations of traditions. Now, some of this might be a good thing, and some of it might be bad, it is all about your point of view and only history can judge.
  • Influence on government – The more powerful MNC’s have the power to lobby for change in government policy to suit their requirements which may be detrimental to the local businesses or the population. Most of the time, the populace doesn’t even realise that things like these happen, and even if they do realise, everything can be spun to smell like a bed of roses when it is actually a pile of dung.
  • Dumping ground – All of us want the latest and best product in the market. It has become so bad that a more-than-a-year-old mobile phone is considered outdated, and more importantly, “so last season”. Where do all these products go? I remember one of the best-selling cars in my country for about a decade was a car that was outdated in most parts of the world about a decade before it was launched for us. Launching outdated products can compromise safety and can harm the local environment.

In my opinion, the days of the local businesses are generally over (there will always be local businesses, I am just saying “in general”). Because of the internet, everyone knows what is out there, and we all want it. We are moving towards one world, one race, and that is mainly because of global trade, which is powered by MNC’s.

If you want to learn to be a better manager on a global then check out one of our 100% online master’s degree programmes. Chat LIVE on WhatsApp with one of our Education Advisors today.

What is globalisation?

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I don’t know if you have noticed, but many of the online master’s degree programmes we at Robert Kennedy College offer either have the word Global or International in them. Why do you think that is? Is it because of “globalisation”?

Business globalisation. Photo by Jp Valery on Unsplash.

I know the word is self-explanatory, but we have to start somewhere, so let us begin with the meaning of globalisation. According to the BBC, Globalisation is the process by which the world is becoming increasingly interconnected due to massively increased trade and cultural exchange.

How has this come about?

The first thing that happened was transport became cheaper and faster. We invented the wheel, then the steam engine, then the combustion engine, and so on. People and goods were able to be moved around the world almost overnight and in large quantities.

Then the communication boom. From snail mail to the telephone, it took a bit of time. Then came the era of mobile phones and the internet, and everything changed. The changes seen just in the last 25 years have been miraculous. The world has been brought closer together (Only in business. In every other way, the world is still pretty divided). Companies have become truly multinational and cross border trade – a mundane reality. At this rate, Gene Roddenberry’s vision in Star Trek of an Earth utopia could become a reality (fingers crossed here).

Advances in communication technology changed how we do business. Photo by Stellan Johansson on Unsplash.

Now, if you combine the two (travel and communication), what you get is globalisation.

To understand this better, let us take Apple Inc. as an example – Designed in California, Made in China. The iPhone may be designed in California, but everything that goes into the iPhone is global. The phone itself is manufactured in China with semiconductors sourced from Italy and Germany, memory chips and processors from South Korea, wi-fi and Bluetooth from Japan, and minerals from Mongolia and the Democratic Republic of Congo.  

While this looks impressive, what is really impressive is the Supply Chain Management that must go on behind the scenes. Apple sells upwards of about two hundred million iPhones a year globally, and they bring out new models of the phone every year. This means the material has to be sourced, the components manufactured, the phone assembled/manufactured and then shipped to ensure they reach the customers’ hands-on time. All this has to be carried out like clockworks across multiple countries. Let’s face it, none of us has any patients anymore, and if there is a delay, I am going to Samsung (Oops, I already have, but for a different reason).

How does Apple Inc. sell 200 million iPhones a year? Supply Chain Management! Photo by Kyle Ryan on Unsplash.

For all this to happen, the communication behind the scene has to be real-time, continuous and spot-on. The shipment planning has to be on-time and seamless. Because remember, you are operating across countries here.

There are a lot of positives to globalisation, such as creating jobs and new income in poorer communities, thereby giving them food and a roof over their heads, making a cheaper yet high-quality product for the customer, and keeping manufacturing costs low, thereby enabling the company to invest the money into some other aspect of the business (hopefully no into the pockets of the executives), just to name a few.

While it is hoped that working with companies from developed nations, the local business partner will be able to adapt the best business practices from the developed countries and raise the standard of living of its employees, the reality is companies still need to secure future contracts with the “big fish”, and the way to do that is by giving a lowball quote on future services. They get this done by cutting corners, cutting wages, and cutting the workforce by increasing the workload.

While this is more likely with companies operating in blue colure job segments, it comes down to the laws of the nation they are operating within at the end of the day. If the countries have strong labour laws and enforce them, then this is less likely to happen.

Photo by Tingey Injury Law Firm on Unsplash.

Then there is the question of what happens to the people whose jobs just got outsourced? Are they being retrained and upskilled, or are they just let go? Do companies pass on the cost-benefit of outsourcing to the end-user?

So, while outsourcing and globalisation can be great to the bottom-line of any organisation, companies must ensure ethical business practices of their partners because no one else will. Companies must also provide training and upskilling of their employees before outsourcing because a strong and happy workforce is the backbone of any organisation.

If you are ready to be an efficient and knowledgeable global/international business manager, consider joining one of our 100% online master’s degree programmes. Chat LIVE on WhatsApp with one of our Education Advisors today.