People should not shy away from globalization, but harness it to the benefit of all, C.K. Prahalad said this week during his Distinguished University Professorship lecture---the highest honor accorded faculty members by the University of Michigan.
Prahalad, the Ross School's Paul and Ruth McCracken Distinguished University Professor of Corporate Strategy, said that economic development with social equity is one of the most significant problems facing mankind this century.
His address, "Democratizing Commerce: The Challenge for the 21st Century," highlighted that more than 5 billion people are currently seeking access to the benefits of globalization both as micro-consumers and micro-producers.
In his groundbreaking 2004 book, "The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits," Prahalad contended that private-sector businesses can help alleviate poverty and, at the same time, make a profit by turning the poor into consumers and developing viable markets for innovative products and services in under-served and long-neglected areas.
In his talk, he uncovered recent research done in the field with India's most impoverished villagers.
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