GMS 802 Chapter 3: Summary Notes

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 802
• Professor: Jian Guan

Document Summary

We all depend on a business system that works effectively and efficiently, that listens to what customers demand, and that continually innovates to better serve our needs. Four major trends, each of which has had profound effects on business: economic deregulation. Few people today argue that we need more government planning and control of private business: steady liberalization of political institutions, a need to take better care of the environment, advances in it. The dominant model: managerial capitalism with shareholders at the centre. Organizations used to be simple: buy raw material, produce products, sell to customers. Development of new processes and advances in technology have increased capabilities of production. Sources of capital began to grow through sales, bank loans, and investments. Managerialism, hierarchy, stability, and predictability all evolved together in the usa and europe to form the most powerful economic system in the history of humanity.