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Acertain Fred Smith received little encouragement at university. His brainchild, which eventually revolutionized the delivery of packages and information, began life as a final year project at Yale University. Mr Smith, FedEx founder and CEO, received a C for that project. His ideas were considered logistically unfeasible.
It is a common misrepresentation that globalization means international markets will converge to form common paradigms and practices, said Professor Anthony Cheung of City University's Department of Public and Social Administration. Countries are more likely to re-interpret global models of economics to reflect trends and beliefs embedded within an individual society, he believes.