Business
Economic Change
Economic change refers to the transformation of an economy over time, including shifts in production, consumption, and distribution of goods and services. This can be driven by factors such as technological advancements, changes in government policies, and shifts in consumer preferences. Businesses must adapt to economic changes to remain competitive and sustain growth.
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4 Key excerpts on "Economic Change"
eBook - PDF- Jonah C. Pardillo(Author)
- 2019(Publication Date)
- Society Publishing(Publisher)
Business Change and Management Chapter 8 CONTENTS 8.1. Introduction .................................................................................... 220 8.2. The Nature of Change ..................................................................... 222 8.3. The Environment For Change .......................................................... 223 8.4. The Business Change Lifecycle ........................................................ 229 8.5. Conclusion ..................................................................................... 242 8.6. Case Study: Model Driven Development For Business Performance Management ............................................................ 242 References ............................................................................................. 251 Business Informatics 220 When a change takes place, it cannot be avoided and therefore, it is unstoppable. The certainty of change has made many organizations to consider it as a part of the existence of the organization. Organizational change is observed as the pragmatic observation in an organizational entity of differences in structure, quality or state over time (Van de Ven and Poole, 1995). Lucey in 2008 emphasized that any kind of efforts and change initiatives efforts should be associated with the corporate aims and objectives to assure the success of an organization. Change can convey both positive and negative impacts to organizational consequences and due to this; the requirement to manage the change has become a crucial concern. Additionally, decisions of the management are dependent on how the change is highlighted because of the impacts brought by the internal and external drivers for example leadership, culture, and organizational changes which are driven by political, economic, social, environmental elements and even business trends (Lucey, 2008).
eBook - PDF- David L. Rainey(Author)
- 2008(Publication Date)
- Information Age Publishing(Publisher)
23 This The Driving Forces of Change and the Influences of the Business Environment 59 situation requires additional study to determine the global trends and whether people are becoming more affluent or if only certain individuals are. The long-term implications of international trade, outsourcing, and global eco- nomics are mega-issues of the early 21st century as corporations and countries try to find new comparative advantages in a more complex world. Great care has to be exhib- ited to discern the economic conditions and trends and to ensure the pathways taken are sustainable and meet the standards of human rights and the global community. Finally, the availability and effectiveness of capital and labor are critical for long-term development. Capital usually chases the highest returns. While trying to achieve the highest returns is seemingly a sensible criterion for making investment, the underlying social, political, and economic aspects and their stability are also important in deter- mining whether or not to invest in a country or company. Reflections Today, as the rate of change accelerates and the interconnectivity of the natural, social, and business worlds increases, astute strategic leaders have to be mindful of all of the forces of change affecting the global landscape. As globalization expands and the im- pacts of business decisions increase across many spheres, distinguishing between what is business related and what is not becomes more difficult to determine. Moreover, in- direct forces that seemingly have little impact on business activities today may quickly (in just a few years) become critical concerns affecting economics, market viability, re- source availability, and the strategic direction and sustainable success of corporations. For example, in the wake of hurricane Katrina in 2005, weather-related phenomena are now much greater concerns.
- Rathor, B S(Authors)
- 2021(Publication Date)
- Daya Publishing House(Publisher)
Impact of Change in Economic Policy on the Business or Effects of Liberalisation and Globalisation The factors and forces of business environment have lot of influence over the business. The common influence and impact of such changes in business and industry are explaining below: 1. Increasing Competition: After the new policy, Indian companies had to face all round competition which means competition from the internal market and the competition from MNCs. The companies which could adopt latest technology and which were having large number of resources could only survive and face the competition. Many companies could not face competition and had to leave the market. For example, Weston Company which was a leader in T.V. market with more than 38 per cent share T.V. market lot its control over the market because of all round competition from MNCs. 1995–96, the company almost became unknown in the T.V. market. 2. More Demanding Customers: Prior to new economic policy there were very industries or production units. As a result there was shortage of product in every section. Because of this shortage the market was producer-oriented i.e., producers became key in the market. But after new economic policy many more businessman joined the product line and various foreign companies also established their production units in India. As a there was surplus of products in every sector. This shift from shortage to surplus another shift in the market i.e., producer market to buyer market. The market customer-oriented and many new schemes were made by companies to attract the customers. This ebook is exclusively for this university only. Cannot be resold/distributed. Now a days products are produced/ manufactured keeping in mind the demands of the customers. 3. Rapidly Changing Technological Environment : Before or prior to new economic there was a small internal competition only.
eBook - ePubEconomic Change and Wellbeing
The True Cost of Creative Destruction and Globalization
- Fabio D'Orlando, Francesco Ferrante, Albertina Oliverio(Authors)
- 2021(Publication Date)
- Routledge(Publisher)
Causes and consequences of Economic ChangeDOI: 10.4324/9781003018230-2Over the last few decades, the world economy has witnessed radical changes, with waves of deregulation and the contemporaneous intensification of the process of technological change. Among the most visible signs of these changes, we find the increase in international trade, migrations, and capital movements among countries; the rise of multinational firms; the impressive growth of the emerging economies; the rapid spread of economic crises; the increase in the dimension and role of (global and) internal imbalances; the growing external (public and private) debt of the developed countries; the end of inflation; and the rebirth of deflationary tendencies. Globalization has been used as a broad term encompassing most of the elements listed earlier, even if not all of them can be considered closely linked to globalization. The COVID-19 pandemic impacted this evolving situation by increasing the speed of the change but not the direction it went in.The evolution of the contemporary economy described earlier had serious negative consequences for people’s wellbeing (with increasing inequality, reduction in upward social mobility, and increase in downward social mobility for certain social groups and certain countries), for the labor market (with increasing unemployment risk and wage polarization), for international trade and capital movements (with the recurrence of protectionism), for economic growth (with striking slowdowns in some highly developed countries), and for political relations (with the rise of populism). As a result, the balance between the costs and benefits of creative destruction, through which Economic Change proceeds, needs in our view to be carefully assessed to verify whether regulatory measures are required to reshape it.
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