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Whitley Business Systems

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Business Systems
Whitley defines business systems as: ‘Distinctive ways of organizing economic activities that develop interdependently with dominant institutions in market economies. As the title of the article already mentions, it is about business systems. The author, Richard Whitley, divided the article over three parts and talks about the nature of business systems, the characteristics of business systems and the institutional influences on business systems. We will try to critically review this article using additional literature. We will try to identify the main points of the author and not summarize the article, and give arguments of whether it is useful for the fact book or not.
Nature of business systems.
The first part of Whitley’s theory is about the nature of business systems. He theorizes that business systems are patterns of economic organization that become institutionalized depending on the market economy( Whitley 1997). The nature of the business system depends on the institutions in the society of the business system. When institutions mutually strengthen each other, the business systems are better incorporated in the society.
This might be of interest for the fact book, because it can be important for the investors. The state has a significant impact on the market economy, this part of the theory focuses on the degree of institutionalism. In our country comparison it might be of importance to look at this subject. Investors will probably agree that a highly incorporated business system will probably be preferred over business systems that are not cohesive and incorporated in society.
Whitley proceeds with mentioning what are in his view the major components of a business system. Which are the nature of economic actors, the nature of market organization and the nature of work coordination ( Whitley 1997).
Characteristics business system

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