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Global Economies Will Suffer From Rising Nationalism, Warns GMAC

Decreasing global student mobility will have severe consequences on international business, says a new report from the Graduate Management Admission Council

Tue Oct 15 2019

BusinessBecause
A global trend towards nationalism has worrying implications for business schools, leaders, and businesses of the future, warns a new white paper from the Graduate Management Admission Council (GMAC). 

The paper, Early Warning Signals: Winners and Losers in the Global Race for Talent, comes in conjunction with GMAC’s latest Application Trends Survey Report, which reveals that international applications to US schools are down 13.7% from 2018. 

The paper, issued alongside an open letter to President Trump, emphasizes the important role that highly-skilled immigrants play in stimulating innovation, increasing competition, and creating jobs.

Stifling this, the paper stresses, could be highly damaging to the economy. 

“We believe that the free flow of student mobility allows economies around the world to be at their most dynamic and competitive,” insists Sangeet Chowfla, CEO of GMAC. 


Anti-immigration, anti-globalization sentiment

Declining global student mobility is largely down to what Sangeet dubs an “anti-globalization narrative” around the world.

This is clear in the rise of nationalist, anti-immigration governments and policies.

A third of people who voted for Brexit in 2016 stated that they did so for immigration reasons, the white paper says.

In Asia, the message is the same—29% of Indians believe there should be less immigration, and 16% believe there should be none at all. 

“We are in a world when pressures are more nationalistic,” Sangeet says.

“There are obstacles to the inflow of talent in countries like the US and the UK, and then other countries which are trying to control the outflow of talent.”


Listen to GMAC CEO Sangeet Chowfla predict the future for graduate management education:

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A letter to President Trump

Bill Boulding, dean of Duke University’s Fuqua School of Business (pictured below), acknowledges the reason behind these changes.

“The instinct is to put up barriers to protect people within your borders—but what it does is harms those people,” he explains.

“If you really want to help, then open your borders to talent—that’s what will be value-creating and job-creating in your economy.”

Bill is one of 50 deans of US business schools who have signed an open letter, issued alongside the Early Warning Signals report, addressed to President Trump and other US political leaders. 

The letter references the three million STEM jobs that the US has created and yet is unable to fill. 

It reads— '[These jobs] speak to the vibrancy and opportunities available in a healthy, growing economy. Yet the fact that those jobs are unfilled – and that the US is not producing enough people with the skills to fill them – is not just a negative, it’s a crisis.

'We are needlessly capping our growth and can do better.'

One strong recommendation is for a ‘Heartland Visa’—a special visa targeted at certain areas of the US.

This is aimed at increasing growth and stimulating the economy in US states which are experiencing the worse effects of globalization and the economy’s shift away from manufacturing. 


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Policy recommendations

The Early Warning Signals paper includes some key recommendations about how to address these problems globally. 

It stresses the need to change the perception of high-skilled migrants and what they contribute to the economy. 

This includes emphasising the value of high-skilled migrants—notably their ability to fill the STEM jobs vacancy and create new jobs through innovation. In the US, the report notes, 44 of 87 companies valued at over a $1 billion had at least one immigrant founder. 

It also recommends extending the post-study work visa period to offer more certainty around post-graduate employment to high-skilled applicants. 

In many countries this is already coming into effect. The US recently extended the optional practical training (OPT) period for STEM-based graduates; the UK recently reverted back to the two-year visa extension for international students. 

The quality of business education, for both domestic and international students, relies on international diversity. With GMAC's latest white paper, Sangeet hopes to trigger a wider debate about the benefits of globalization.

“In business education, you learn as much from each other as you do from the professors,” he insists. “If you don’t have a diverse cohort, you are missing out on this learning

“[But] we are talking about overall economic impact in society, rather than just business schools and applications. We’re trying to get a broader dialogue going.”

Student Reviews

Duke University Fuqua School of Business

Student

Verified

31/10/2023

On Campus

Supportive atmosphere

The professors at Duke university exhibit exceptional commitment to the success and well-being of their students by ensuring their academic growth and fostering a supportive social atmosphere. Moreover, the entire community is recognized for its amicability and inclusiveness.

Maxwell

Verified

30/03/2023

On Campus

Diversity

The people or the students are without a doubt Duke's greatest asset. While all students are driven to succeed, they are also enthusiastic about a variety of hobbies. You run across a huge lot of diversity. It is the ideal example of a school with well-rounded students and the ideal balance of campus life in a metropolis.

Anabelle

Verified

27/02/2023

On Campus

Happy to school

All I could ever hope for is Duke University. That really epitomizes the "work hard, play hard" philosophy that elite colleges frequently pursue. Even though you'll have a lot of schooling to complete over the week, it's simple to keep focused because all of your friends are putting in similar amounts of effort. Many events taking place on and around campus on the weekends provide a great way to unwind. The combination of demanding academics and traditional college fun strikes the perfect balance.

Monica

Verified

27/02/2023

On Campus

Good schooling

Living, eating, learning, and developing who you want to be as an adult are all fantastic at Duke. I participated in student athletics, and I couldn't have asked for a better interaction with the faculty and other students. I appreciate all of the help I get from the Duke community more than anything. Furthermore, the teachers take the time to get to know you, and the lectures are diverse and demanding (if you do the same). I'd give it a 10 out of 10.

Aline

Verified

26/11/2022

On Campus

Beautiful School, Nice Classes

DU remains one the greatest and best universities that I have ever stepped in. The school is beautiful and neat. The classes are spacious and also very nice. I enjoyed attending my Lectures in those lecture halls. I also loved the Lecturers because of the good work they did. The university also has very good dorms that are given to students on first come first serve basis and they are affordable

Student

Verified

29/06/2022

Blended

Amazing experience

I received my B.S. in Biology and B.A. in Global Health with a minor in Chemistry from Duke University. I was able to grow as a student, scientist, and global health advocate with the help of my friends, professors, and other mentors I met along the way. A lot to learn if you look and ask, a great place to learn for those who want to learn.

Student

Verified

29/06/2022

Blended

whirlwind of growth and change

An amazing 2 years, with covid and everything else happening Duke has been a place of growth for me. The courses , classes were one of a kind, online and on campus. But the valuable lessons learned in the classes are irreplicable. The students are amazing here, so much diversity , I had no problem fitting in. The teachers are down right brilliant and so helpful. Don't be afraid to ask them anything. Graduated with my MBA with Duke and now my future awaits.

Student

Verified

29/06/2022

On Campus

One of the best for Business students

Graduated with an MBA. The classes were very insightful and engaging. The staff are very easy to deal with. The teachers and students, are truly amazing people. Grateful to all the people I've met along the way at Duke. I've learnt a great deal that will help me in my future endeavors. The campus itself is a marvel, it is beautiful.

Student

Verified

16/06/2022

On Campus

The university campus is awesome

I graduated with a masters degree in Religious Studies from Duke University. One thing I really liked about the university is its huge campus. It is spread in a large area with a lot of greenery and also have the facilities of reading rooms for single person also. My department building was very well taken care of. The library is immensely populated with books for all your needs. The faculty is very nice to students. The classes are equipped with latest technology to cater the needs of students. The University also provides room rentals for international students. They are very well maintained and priority is given to the International students for a comfortable stay there. There are weekly events conducted by the University as well as Student clubs for the entertainment of students. Anybody can take part in them and show their talents. I enjoyed my degree and I graduated in 2021 and was very happy that I had graduated from a reputed University.

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