Today, the Jerome A. Chazen Institute for Global Business welcomes Professor Amit Khandelwal as its new director. Khandelwal, whose research examines issues in international and development economics, has led the Global Immersion Program in China, an International Seminar in India, and several courses in global business and emerging markets during his tenure at the School. Here, he opens up about his goals as the Chazen Institute’s new director and his long-term vision for the study of global business at Columbia.
Immediate Goals: Enhancing International Study Tours and Visibility
Q: What are some immediate goals upon assuming your role at the Chazen Institute? A: One of the big roles of the center is coordinating the International Study Tours [for students]. So one of my areas of focus will be to make sure that these trips continue to be as successful as they have been in the past, as well as to try to represent new markets that we haven't gone to in the past. For example, we'll hopefully be doing more trips to Southeast Asia and to countries that I think students may not necessarily travel to on their own. I think that's where the center provides the most value added, since we'll be able to offer classes with faculty members who could go [on the trips] and provide some structure [and education] into some new and exciting emerging markets. Another area where I'm going to focus is trying to raise the visibility of the Chazen Institute ... to the broader community. [We hope to] structure conferences and bring in high-profile speakers to some of the major speaking forums that we have throughout the year, as well as try to get more active participation amongst Chazen-affiliated faculty members to get their research out to the press to try to showcase what the Chazen Institute is [doing].
Long-Term Vision: Bridging Academia and Practice
Q: In the long term, what is your vision for the Chazen Institute? A: I see the Chazen Institute as this unique place where faculty members’ ideas meet practitioners. Often this dialogue runs past each other, where academics are doing things that practitioners may not fully appreciate, or practitioners are [working on] questions that they don't feel academics are necessarily speaking to. [But] most of the time, there is actually a very tight link between them; it's just about communicating the ideas between the two. I think that's what the center can do best. There are lots of fascinating problems in international business and international economics that one should be thinking about — particularly now, for example, on coordinating monetary policy across the globe and harmonizing accounting standards across the globe. I think one of the big lessons from the Brexit vote [in which the United Kingdom unexpectedly voted to leave the European Union] is that policymakers need to be much more proactive in thinking about the negative consequences of international integration, rather than focusing solely on the benefits. We've got really deep expertise here within the Business School, and there's lots of demand for practical and relevant work by practitioners and policymakers. My ultimate goal is to create a better bridge between the two groups.
Q: What challenges will you face as director of the Chazen Institute? A: One of the missions that we'll to try to advance over the next couple of years is to bring in people not only from the Business School, but also from economics and international affairs and public health who have equally interesting things to say about world problems. Trying to form those links across fields sometimes can be difficult. [But] the Chazen Institute is exactly the platform that can serve as the bridge for different silos within the University to come together. I'm not sure if we have a perfect solution yet, but I think we have all the resources that we need to think through how we can bridge these gaps. [And] I will say this. One of the big reasons I was very eager to accept the position is because the staff at Chazen is just incredible, and I've gotten to know them over the past eight or nine years that I've been here. I actually think they will make my life very easy!
Q: What are some pressing issues in global business that the Chazen Institute is addressing right now? A: [First, of course, there is the issue of Brexit.] This is an instance where many British citizens, particularly those outside of London, did not share the benefits that come with reduced trade and mobility barriers. The result is that Britain is now going to experience aggregate growth declines, and it is unclear how the left-out citizens' quality of life will improve with Britain outside of the EU. Had British policymakers implemented policies such as worker training and education to address citizens’ concerns, I think Britain would still be in the EU today — and perhaps a vote would never have been called for. [Another] one of the main events in international economics right now is the slowdown of the Chinese economy. That is something that's going to have global implications because of the sheer number of companies that are now using China as a way to grow their businesses. Throughout the Business School, we have people trying to ... understand what that means at both the macroeconomic level and the individual company level. Lots of banks and lots of companies and lots of analysts are trying to understand, “What exactly does it mean if China goes from a 10 percent growth rate to a 6 percent growth rate? What exactly does that mean for companies in the United States?” At the same time, we also have people at the School who work on, “What does it mean for China's internal market if growth slows? How does that spill over to other emerging markets like India or Brazil?” These linkages, not just between bilateral countries but on a multilateral basis, are often not easy to see. We've got people who spend a lot of time working on them.
Q: How is the Chazen Institute preparing the next generation of global business leaders? A: One of the big shifts that I've seen, even in just the eight years I've been here, is in the demand from students for cases and courses that don’t just cover US companies. I think that alone reflects a [new] reality. Twenty years ago you just needed to understand the US economy, and maybe a little bit what was happening in Europe and possibly Japan. Now you've got to understand Brazil, China, India, and Russia to some extent. I think the students realize this — that we want to learn not just about Uber, but about the Chinese equivalent of Uber. Or not just about Amazon, but also about FlipKart, which is an e-commerce company in India that is quite large. Or not just about eBay, but also about Alibaba in China. I think this is really a shift in the paradigm. And I think we're prepared to offer content through courses, through trips, and through lecture series that help students, faculty members, and the industry understand these growing macroeconomic shifts throughout the world.