Changes in Political Economy of Development Essay

Changes in Political Economy of Development - Essay Example This essay stresses that in the 20th century there have been many scholars who have done extensive research on the different policies adopted. However, each researcher has been advocating for their own framework and it has been the responsibility of leaders to adopt the best for their countries. Since the dawn of communism and capitalism in the world where the two were seen to be at war with each other there have been massive changes in the systems all over the world. The conventional communism and capitalism have been overtaken by liberalism and eventually neo-liberalism. One can only ask if there are changes that will be seen in future with massive economic and political changes shaping the world. Capitalism is one of the oldest models that were used at the dawn of the 20th century and its failure was culminated by the great depression that hit the United States massively. This paper makes a conclusion that a huge gap still exists between the developed countries and the developing countries. Instituting similar paradigms and economic policies will not be helpful to the developing countries since they do not have similar levels of resources. There is a need to ensure independent a factor that should not be applied only at individual level. However, the world is braced for major transformations due to the changes in the political and economic arena and therefore leaders have a responsibility to get the best out of their economies. The changes have helped the world economy but there is more to be done to ensure the same is felt by individuals all over the world.

International Business Management Case Study Example | Topics and Well Written Essays - 3000 words

International Business Management - Case Study Example Wal-mart is also considered as one of the highest grossing Public Corporation all over the world. The model which Wal-mart uses are "low cost always" is been highly successful in USA's market where people value their hard-work and money. Although this model has been successful in most of the countries it operates in, this model didn't work-out in Japan. Japanese people were not ready to compromise presentation for low-cost and this corporation faced their first hurdle since its incorporation. This company is managed by Americans and they reflect typical American thinking of low-cost for everything. This resulted in their first failure in Japan, as already discussed (Fortune, August 2007). The huge disparity in cultures of various nations may tempt wal-mart to change its strategy from implement a global strategy to start using a multi-domestic strategy. Multi-domestic firms usually develop separate strategies for their different subsidiaries in different parts of the world. One such c ompany is Uni-Lever, which uses a multi-domestic strategy (Daft, 1997). Their advertising policies and products are usually varied from one country to another. Similarly, McDonald in the recent years has also used multidomestic strategies. It developed a new product McKofta for Middle-Eastern market just to suit their taste buds. Pizza Hut has also introduced Chicken Tikka Pizza for Pakistani and Indian markets.(Cluster Flock, 2009) Thus it can be established from the above discussion that those businesses which have used multi-domestic strategies are more successful than those who follow a one rigid policy for their businesses in all countries. Even companies like Dell are also going more towards customization and this shows how important being flexible is in current business situation and recessionary times. So, it is imperative for Wal-mart to change their strategy immediately and should try to make strategies on the basis of different culture of different countries. This will im prove the standing of Wal-mart not only in Japan, but also in other countries like Brazil, Mexico and United Kingdom.(Bruce Kogut , 1985) The domain of businesses now covers the entire planet due to recent advances in Globalization which was brought about by development of modern technology. Due to these advances it has become very easy for firms to control their operations in more than one country. As a result, more and more businesses now exist in more than one country. Wal-Mart is one of the largest chains of departmental stores in USA and fourteen other countries. It has been estimated that Wal-Mart's annual net income amounts to around $12 billion. Despite being a large company, Wal-Mart is just been in some South-American and European countries. It is either underestimating or not planning to exploit to the huge potentials of Asian Market. Asian Markets are known as the business hub for International businesses and all major businesses usually conduct their operations in Asia Countries, but Wal-Mart has been quite indifferent to the huge potential that Asian Economies offer. Wal-Mart exists in the tertiary sector (service sector) offering retail service to its clients. Since, Wal-Mart has large customer base, it usually purchases items in bulk and obtain large discounts and passes on these discounts to