Economic Benefits and Drawback of Internationalization for Universities

Internationalization of the higher education is among the common responses. Globalization offers many benefits that universities are gets through collaborating and engaging in agreements with local, international, as well as intercontinental universities (Knight, 2015). For the past two decades, the international relations between universities have significantly increased. In this period, the international activities of the university have dramatically increased in scope, volume, and complexity. This has made internationalization of universities to become such a popular word thus increasing the interest of researchers. Other activities include academic programs, international partnership, and research activities emphasizing the development of skills and perspectives of international students, increased access to cross-cultural knowledge, and promotion of programs supporting foreign language. Internationalization of higher education is considered as a process of improving the economy lives of all the parties involved.

Internalization offers benefits to the students, institution, and the host country. Some of the economic benefits include revenue generation, improves career prospects, the creation of international networks, and enhances cooperation and solidarity (Altbach & Knight, 2007). Furthermore, it increases student preparedness, promotes cultural diversification within the institution, and strengthens resource and knowledge production. This results in best results and students from across the world. A good reputation is considered necessary especially where the population of the young is expected to decline in the future. Reinold (2018) argues that building a good reputation creates good ambassadors among the international student who invites other students from different countries. Internationalization enhances the academic quality of the institution as well as that of the students (Jibeen & Khan, 2015). This is because internationalization is associated with the ability to improve learning outcomes within the institution.

Furthermore, internationalization helps to build international networks that are key in the quest for a good career (Yang, 2002). In addition, internationalization promotes student preparedness through research and knowledge production. It also promotes cultural diversification thus helping to understand different ethnicities. This increases respect and cooperation among the students. Internationalization also improves the economy of the host country through the generation of revenue from the immigrants. For instance, according to the survey carried from different institutions across the world, 61 % of the respondent were from developing countries while 39 % from the developed countries (Knight, 2015). According to results income generation was not the main benefits associated with internationalization. Countries perceive economic benefits of internationalization according to how they rank them. Most of these benefits have different importance in different regions.

In Africa and Latin America academic quality, strengthened research and knowledge production, improved career prospects, international networks, and economic development holds the top priority. In general, factors facilitating internationalization revolves around financial stability. The main indicators of internationalization in universities include teaching and research excellence, generic and employability, student and staff mobility, and commitment to cultural understanding. Drawbacks of internationalization While internationalization has many benefits, there a number of drawbacks associated with this growing and complex phenomenon. The main risks associated with internationalization include commercialization, low quality providers, and brain drain. The risks comes because of cross-border aspects and are not related to campus activities. The international students also gain some benefits through the acquisition of knowledge, which develops their career.