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Summary of Chapter

In: Business and Management

Submitted By feranabalon
Words 9679
Pages 39
Chapter 1: The business systems of Asia

Variety in the regional and general features
Civilizational traditions
• Confucianism
• Taoism
• Buddhism
• Islam
• Catholicism
Historical external influences
• Colonies
• India establishing trading connections, mostly in South East Asia
• Chinese who left China and settled as business people in the countries around the rim of the South China sea
1. 1945-1975 After the retreat of colonial powers, countries needed to reestablish their identity and political structures → hostility + Maoist experiments in China

2. 1975-1997 Relative calm period, stable growth, export to foreign countries, rise in FDI
a. Mao’s death: collapse of communism → socialist market economy
b. Japanese miracle
c. Impressive growth of the South-Korean economy

3. Ersatz capitalism → Asian crisis in 1997: inefficient use of capital was covered up by the availability of easy money from governments, optimistic foreign investors lured by the emerging markets. The system could not keep up the pretence as it became sensitive to a downturn in the economic cycle which hit the region in 1997. → End of easy money and beginnings of reforms.

4. After 1997, reforms:
• Improvements to accountability and disclosure in the financing of industry
• Reduction of favoritism and corruption during control of licenses and capital
• Opening of markets to foreign competition
• Adoption of international standards in accounting, trading, IPR
• General rise in professionalism in management and administration
• Adoption of democratic processes in politics
• Notion of CSR
Important point: this does not mean that these countries will converge to a Western formula. They will converge to some degree but then remain distinct and true to themselves → continuing variety of the region’s business systems.

What is a business system?
= A complex...

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