By Lori Wright, Media Relations
Globalization can mean many things to many people, but from an economic perspective, what does it mean for the New Hampshire economy and to UNH students? New Hampshire Gov. John Lynch will join Ross Gittell, James R. Carter Professor and professor of management at the University of New Hampshire, to discuss the opportunities and challenges of globalization in the state Thursday, Feb. 16, 2006.
“Globalization and What it Means for the New Hampshire Economy” will be held from 11 a.m. to 12:15 p.m. in the Squamscott Room of Holloway Commons.
The event is part of a year-long program about globalization, “University Dialogue: Where in the World is UNH?” Representing the Whittemore School of Business and Economics, Gittell is among several faculty members who contributed research papers on an aspect of globalization. His paper is available at http://www.unh.edu/academic-affairs/discovery/gittell.pdf.
“The well-being and future prospects of all NH citizens depend significantly on the state’s positioning in the global economy. The state has done relatively well in the global economy. Over 2,500 firms in the Granite State export about $2 billion annually to over 140 countries, with over one quarter of all NH exports going to Canada. The next largest export destinations are the UK and Japan. The state ranks 7th (of the 50 states) in the share of jobs in manufacturing dependent on exports, about one-quarter,” according to Gittell.
Industrial machinery, electronics and instrumentation firms account for about 60 percent of all exports from the state. In the mid- to late 1990s, New Hampshire led all New England states in export growth. About 6 percent of total employment in the state is at foreign-owned companies, such as BAE Systems, and about one-third of the state’s largest employers are foreign-owned, he said.
According to Gittell, globalization of the state’s economy will continue to accelerate. “It will be pushed forward by advances in transportation and telecommunications technologies that lower the cost of trade and make it easier and faster to conduct business globally. It will continue to be pulled forward by worldwide consumer demand for products and services at the lowest cost possible and the flow of investment capital to nations that offer the greatest economic returns. In addition, the public policy and institutional, ideological, and cultural factors that accelerated globalization in the late 20th and early 21st century are all active. The net results are continued moves toward a more open and a more interdependent world economy and greater worldwide flow of goods, services, money, capital, technology, people, information, and ideas,” he said.