Economic Liberalization and Globalization

Paper Summary:

"The environment includes factors outside the firm which can lead to opportunities for or threats to the firm. Although there are many factors, the most important of the sectors are socio-economic, technological, supplier, competitors, and government." The paper goes through each factor and explains how each one affects business operations with an emphasis on business in a global economy. A special emphasis is placed on the role of governments in the globalization process.The paper also includes two other factors--physical or natural environment and the global environment.

From the Paper:

"Economic environment refers to all forces, which have an economic impact on business. Industrial production, agriculture, planning, basic economic philosophy, infrastructure, national income, per capita income, money supply, price level, population, savings, stages in the economic development and trade cycles are major factors which make up the total economic environment. There is a close relationship between management and its economic environment. A business obtains all its needed inputs from the economic environment and it in turn depends on the economic environment to absorb its output."

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