WU Academy EMBA students learn about some of the forces that affect the transition from socialist economies to freer markets. Here are a few of the topics they explore.
Though many of the world's most important economies are considered to be developed, several important international economies are in a state of transition toward that status, and therefore present unique circumstances and challenges for businesses looking to work with or within their markets.
During their time spent in residency in Russia, WU's Global Executive MBA students learn about the difficulties faced by Russia and other former Soviet states in making the transition from socialist economies to freer markets, as well as the various forces that arose from and affected this transition.
For a brief preview of what this module explores, here are three examples of the types of forces that affect transitional economies, which students will learn about.
After the dissolution of the Soviet Union from 1989 to 1991, the newly independent countries took branching paths in their pursuit of modernized, freer economies, and since then have accomplished their goals with varying degrees of success. To take two examples, Estonia is now a world leader in Internet services and boasts an 80% Internet penetration rate, whereas Russia still lags behind most developed countries for Internet penetration, with just 70% of its population online as of 2015.
During their residency in Russia, students in WU’s Executive MBA program will visit various companies and learn firsthand the impact that the Internet and other technologies are having on businesses in developing economies like Russia's as well as other Eastern European countries, and the challenges that businesses may face in tailoring products and services to countries with different levels of technological aptitude and access.
One of the stark differences between transitional economies and those that are most developed is the state of politics in the country and region. While studying in Russia in your EMBA program, you will learn about doing business in an environment that has, in a little under 30 years, had to revamp property and banking rights and laws, while simultaneously operating in a political climate that has never quite reached the level of stability or transparency that is the norm in developed economies.
You can look forward to lectures from world-leading, insightful professors to get you well informed on how the interaction of politics and business in developing economies looks now and will develop going forward, preparing you for any potential future dealings in these regions.
Another powerful force that students explore while studying toward their EMBA is that of ethics. The prolonged ideological conflict between open markets and state-controlled markets led to a lingering distrust of capitalist business practices in some individuals in transitional economies, which in turn affects the ease with which business may be conducted in those areas.
The concept of good business being mutually beneficial may be foreign to some in economies like Russia's, particularly when there exists a disconnect between the wealthiest citizens and the average. Issues relating to the ongoing effort to build and improve businesses in this kind of environment will be explored through lectures and visits to local companies, and also serve as a potentially interesting topic of exploration with members of the WU Executive Club alumni association, some of whom may work in these areas, upon your graduation.
Conducting business in transitional economies presents unique challenges that students at WU Executive Academy will be well prepared for, thanks to lectures from experts and visits to companies operating in this kind of environment, as well as access to an enormous community of knowledgeable professionals.
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