![]() 2 By contrast, labor productivity of large enterprises in both manufacturing and non-manufacturing sectors has been improving since the GFC. According to Japan’s Ministry of Finance, SME labor productivity growth has been flat for over a decade. SME productivity growth has been significantly lower than that of large enterprises in Japan. Next, this study reviews the previous studies conducted on higher education in a globalized world and its challenges, concluding that higher education plays a major role in bringing about the reforms and regulations required by globalization.Sluggish SME productivity growth is a drag on Japan’s overall productivity growth. The aim of this study is to present the importance and the role of globalization in higher education. Besides, as a result of great advances in technology and high-tech telecommunication, exchange of students, faculty, ideas and funds have changed the nature of higher education over the past years so what higher education does and how it acts during the process of globalization needs to monitored and analyzed closely. Higher education mainly acts as a bridge for cultural exchange among borders and promotes mutual understanding for constructing global networks to be deployed in the future. It is higher education’s responsibility to train the highly qualified workforce that is supposed to have the necessary skills for research and innovation and that can manipulate the existing know-how and pile of research for the sake of global expansion. Today's global economy is heavily dependent upon knowledge and innovation. Acknowledging that it is a global world now, it is quite difficult to deny that there is a thorough interaction between higher education and globalization where economic, cultural and social matters of individual nations are handled from international and global perspectives.
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