Mar 18, 2020 - Coronavirus Pandemic: Retailers Assure Of Stocks As Pulses, Cooking Oil Fly Off The Shelves In Mumbai

From the Editor's Desk

Your History With Money Affects How You Negotiate

Today's smart leaders would never dream of conducting cross-border negotiations in a culture-blind way. They are well aware that when internationally diverse groups sit down to negotiate, the differences in their cultural values are at the table too. To achieve that coveted win-win outcome, you need to know where your counterparty is coming from, literally and figuratively.

Yet differences that exist within cultures can also profoundly impact negotiating styles. My recent research looks at how past experience of financial disadvantage affects how people negotiate. We find that this experience produces a mindset with unique barriers to the achievement of win-win results. But the prevailing wisdom about negotiations has little to say about distinctions rooted in economic class rather than culture or nationality. These class blind spots may have serious societal implications in this era of mounting inequality because so many levers of social mobility are tied to negotiations.

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