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out in a flat world； so too will the relationship between companies and the communities
in which they operate。 Whose values will govern a particular company and whose
interests will that company respect and promote？ It used to be said that as General
Motors goes； so goes America。 But today it would be said； 〃As Dell goes； so goes
Malaysia； Taiwan； China； Ireland； India 。 。 。〃 HP today has 142；000 employees in 178
countries。 It is not only the largest consumer technology company in the world； it
is the largest IT company in Europe； the largest
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IT company in Russia； the largest IT company in the Middle East； and the largest IT
company in South Africa。 Is HP an American company if a majority of its employees
and customers are outside of America； even though it is headquartered in Palo Alto？
Corporations cannot survive today as entities bounded by any single nation…state；
not even one as big as the United States。 So the current keep…you…awake…at…night issue
for nation…states and their citizens is how to deal with corporations that are no
longer bounded by a thing called the nation…state。 To whom are they loyal？
〃Corporate America has done very well； and there is nothing wrong with that； but it
has done well by aligning itself with the flat world；〃 said Dinakar Singh； the hedge
fund manager。 〃It has done that by outsourcing as many components as possible to the
cheapest； most efficient suppliers。 If Dell can build every component ofits computers
in coastal China and sell them in coastal America； Dell benefits； and American
consumers benefit； but it is hard to make the case that American labor benefits。〃
So Dell wants as flat a world as possible； with as little friction and as few barriers
as possible。 So do most other corporations today； because this allows them to build
things in the most low…cost； efficient markets and sell in the most lucrative markets。
There is almost nothing about Globalization 3。0 that is not good for capital。
Capitalists can sit back； buy up any innovation； and then hire the best； cheapest
labor input from anywhere into the world to research it； develop it； produce it； and
distribute it。 Dell stock does well； Dell shareholders do well； Dell customers do
well； and the Nasdaq does well。 All the things related to capital do fine。 But only
some American workers will benefit； and only some communities。 Others will feel the
pain that the flattening of the world brings about。
Since multinationals first started scouring the earth for labor and markets； their
interests have always gone beyond those of the nation…state in which they were
headquartered。 But what is going on today； on the flat earth； is such a difference
of degree that it amounts to a difference in kind。 Companies have never had more
freedom； and less friction； in the way of assigning research； low…end manufacturing；
and high…end manufacturing anywhere in the world。 What this will mean for the
long…term
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relationship between companies and the country in which they are headquartered is
simply unclear。
Consider this vivid example： On December 7； 2004； IBM announced that it was selling
its whole Personal Computing Division to the Chinese computer company Lenovo to create
a new worldwide PC company…the globe's third largest…with approximately 12 billion
in annual revenue。 Simultaneously； though； IBM said that it would be taking an 18。9
percent equity stake in Lenovo； creating a strategic alliance between IBM and Lenovo
in PC sales； financing； and service worldwide。 The new combined company's worldwide
headquarters； it was announced； would be in New York； but its principal manufacturing
operations would be in Beijing and Raleigh； North Carolina； research centers would
be in China； the United States； and Japan； and sales offices would be around the world。
The new Lenovo will be the preferred supplier of PCs to IBM； and IBM will also be
the new Lenovo's preferred supplier of services and financing。
Are you still with me？ About ten thousand people will move from IBM to Lenovo； which
was created in 1984 and was the first company to introduce the home computer concept
in China。 Since 1997； Lenovo has been the leading PC brand in China。 My favorite part
of the press release is the following； which identifies the new company's senior
executives。
〃Yang Yuanqing…Chairman of the Board。 ＇He's currently CEO of Lenovo。＇ Steve
Ward…Chief Executive Officer。 ＇He's currently IBM's senior vice president andgeneral
manager of IBM's Personal Systems Group。＇ Fran O'Sullivan…Chief Operating Officer。
＇She's currently general manager of IBM's PC division。＇ Mary Ma…Chief Financial
Officer。 ＇She's currently CFO of Lenovo。＇〃
Talk about horizontal value creation： This new Chinese…owned computer company
headquartered in New York with factories in Raleigh and Beijing will have a Chinese
chairman； an American CEO； an American CPO； and a Chinese CFO； and it will be listed
on the Hong Kong stock exchange。 Would you call this an American company？ A Chinese
company？ To which country will Lenovo feel most attached？ Or will it just see itself
sort of floating above a flat earth？
This question was anticipated in the press release announcing the new company： 〃Where
will Lenovo be headquartered？〃 it asked。
Answer： 〃As a global business； the new Lenovo will be geographically dispersed； with
people and physical assets located worldwide。〃
Sort that out。
The cold； hard truth is that management； shareholders； and investors are largely
indifferent to where their profits come from or even where the employment is created。
But they do want sustainable companies。 Politicians； though； are compelled to
stimulate the creation of jobs in a certain place。 And residents…whether they are
Americans； Europeans； or Indians…want to know that the good jobs are going to stay
close to home。
The CEO of a major European multinational remarked to me； 〃We are a global research
company now。〃 That's great news for his shareholders and investors。 He is accessing
the best brains on the planet； wherever they are； and almost certainly saving money
by not doing all the research in his backyard。 〃But ultimately；〃 he confided to me；
〃this is going to have implications down the road on jobs in my own country…maybe
not this year but in five or fifteen years。〃 As a CEO and European Union citizen；
〃you might have a dialogue with your government about how we can retain capabilities
in ＇our own country＇…but day by day you have to make decisions with the shareholders
in mind。〃
Translation： If I can buy five brilliant researchers in China and/or India for the
price of one in Europe or America； I will buy the five； and if； in the long run； that
means my own society loses part of its skills base； so be it。 The only way to converge
the interests of the two…the company and its country of origin…is to have a really
smart population that can not only claim its slice of the bigger global pie but invent
its own new slices as well。 〃We have grown addicted to our high salaries； and now
we are really going to have to earn them；〃 the CEO said。
Bu