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xvi | |
| About the authors |
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xix | |
| Acknowledgements |
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xxii | |
| About the book |
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xxiii | |
| New to this edition |
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xxv | |
| How to use this book |
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xxvi | |
| How to use the online resources |
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xxviii | |
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1 Introduction: "Business' and its environment' in a "globalizing world' |
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3 | (30) |
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The approach of this book-themes and issues |
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3 | (3) |
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6 | (1) |
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6 | (2) |
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What is business? Broad and narrow definitions |
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8 | (5) |
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Dealing with the problem of scarcity |
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10 | (3) |
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The private sector of business |
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13 | (5) |
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Free market vs. regulation? |
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13 | (3) |
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Competition vs. market power? |
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16 | (1) |
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Profit vs. social responsibility? |
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17 | (1) |
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Other sectors of business-the public sector and the third sector |
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18 | (2) |
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Differences between the private and public sectors |
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19 | (1) |
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Conceptualizing the environment of business |
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20 | (2) |
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20 | (1) |
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Immediate and general environments |
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21 | (1) |
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21 | (1) |
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Interaction between business and the environment--responding, influencing, and choosing |
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22 | (2) |
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22 | (1) |
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22 | (1) |
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23 | (1) |
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24 | (3) |
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24 | (1) |
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25 | (1) |
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25 | (1) |
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25 | (2) |
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27 | (1) |
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Case Study: Tax avoidance in a globalizing world-managing costs efficiently or acting immorally? |
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27 | (2) |
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Review and discussion questions |
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29 | (1) |
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29 | (1) |
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30 | (1) |
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30 | (1) |
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30 | (3) |
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33 | (210) |
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2 The economic environment |
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35 | (34) |
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36 | (1) |
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Scarcity-the heart of the economic environment? |
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36 | (1) |
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Business and the economic problem |
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36 | (2) |
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36 | (1) |
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What makes for an efficient economic environment? |
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37 | (1) |
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37 | (1) |
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37 | (1) |
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38 | (1) |
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Perspectives on the economic environment |
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38 | (8) |
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Adam Smith and the birth of classical political economy |
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41 | (2) |
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How do market systems work? |
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43 | (1) |
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Specialization and the division of labour |
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43 | (1) |
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44 | (1) |
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44 | (1) |
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44 | (1) |
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44 | (1) |
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Neoclassical and Marxist political economy |
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45 | (1) |
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Markets and how they operate |
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46 | (7) |
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46 | (2) |
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48 | (1) |
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49 | (1) |
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50 | (1) |
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51 | (1) |
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52 | (1) |
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Analysing market changes: the significance of equilibrium |
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53 | (5) |
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Equilibrium analysis explained |
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53 | (2) |
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55 | (1) |
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The three degrees of price elasticity of demand |
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56 | (2) |
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Income elasticity of demand |
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58 | (1) |
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When do markets not work? Market failures and the case for government intervention |
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58 | (1) |
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58 | (1) |
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59 | (2) |
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59 | (1) |
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59 | (1) |
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60 | (1) |
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Microeconomic instability |
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60 | (1) |
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60 | (1) |
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Macroeconomic instability |
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61 | (1) |
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Competing perspectives--social reform and socialism |
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61 | (3) |
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64 | (1) |
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64 | (1) |
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Case Study: The global financial system: efficient markets or a fatally flawed system? |
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65 | (1) |
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Review and discussion questions |
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66 | (1) |
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66 | (1) |
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67 | (1) |
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67 | (1) |
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67 | (2) |
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3 The technological environment |
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69 | (25) |
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69 | (1) |
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70 | (1) |
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The impact of technology on business and the implications for business strategy |
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71 | (2) |
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Technology strategy: private or public? |
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73 | (1) |
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The evolution of technological change and its role in promoting growth and improving living standards |
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74 | (4) |
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Perspectives on the creation of favourable technological environments |
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78 | (4) |
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Is the world becoming `flat'? |
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82 | (1) |
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Sources of technological change |
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83 | (2) |
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Evolution of ideas and team work |
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83 | (1) |
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Private enterprise--head or tail? |
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84 | (1) |
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84 | (1) |
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The great innovation debate: the effect of technological change on productivity, employment, inequality, and market power |
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85 | (3) |
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85 | (2) |
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Employment and inequality |
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87 | (1) |
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87 | (1) |
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88 | (1) |
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89 | (1) |
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Case Study: Automation, robots, and Al: is this time different or will it be both `dazzling and disappointing'? |
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89 | (2) |
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Review and discussion questions |
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91 | (1) |
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91 | (1) |
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91 | (1) |
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92 | (1) |
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92 | (2) |
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4 The political environment |
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94 | (28) |
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95 | (1) |
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What is politics? What has politics got to do with business? |
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95 | (4) |
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The `agenda' of government |
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96 | (3) |
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The interdependence of business and government |
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99 | (3) |
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100 | (1) |
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100 | (1) |
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101 | (1) |
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101 | (1) |
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101 | (1) |
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The international dimension |
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102 | (1) |
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102 | (3) |
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The `fit' between liberal democracy and capitalism |
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103 | (2) |
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105 | (3) |
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Economic and political differences in a globalizing world |
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108 | (4) |
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112 | (3) |
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Scotland: in or out of the UK? |
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113 | (1) |
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Supranational governance--the EU |
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113 | (1) |
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From reluctant Europeans to Leavers? |
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114 | (1) |
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115 | (1) |
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116 | (1) |
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Case Study: Taxing questions for business |
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117 | (2) |
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Review and discussion questions |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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119 | (1) |
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120 | (2) |
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122 | (32) |
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123 | (1) |
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123 | (1) |
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124 | (4) |
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125 | (1) |
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125 | (1) |
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125 | (1) |
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126 | (1) |
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126 | (1) |
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127 | (1) |
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127 | (1) |
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The European Court of Justice |
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127 | (1) |
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Tribunals and alternative dispute resolution |
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127 | (1) |
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Comparison of court systems |
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128 | (1) |
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128 | (4) |
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128 | (1) |
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128 | (1) |
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129 | (1) |
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129 | (1) |
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Who enforces European law? |
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130 | (2) |
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132 | (4) |
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132 | (1) |
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132 | (2) |
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Limited liability partnerships |
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134 | (1) |
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134 | (1) |
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Public versus private companies |
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134 | (1) |
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Separate legal personality |
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135 | (1) |
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Effect of separate legal personality |
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136 | (1) |
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136 | (6) |
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137 | (1) |
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138 | (1) |
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Company secretary/auditor |
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138 | (1) |
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Genera/meetings and written resolutions |
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139 | (1) |
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Legal action by shareholders |
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140 | (1) |
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140 | (2) |
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How far should the law intervene--regulation vs. deregulation |
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142 | (3) |
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142 | (1) |
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143 | (2) |
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Alternatives to regulation? |
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145 | (1) |
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145 | (2) |
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147 | (1) |
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Case Study: Investor-state dispute systems (ISDS) and the Transatlantic Trade and Investment Partnership (TTIP) |
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147 | (2) |
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Review and discussion questions |
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149 | (1) |
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149 | (1) |
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149 | (1) |
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150 | (1) |
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151 | (2) |
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153 | (1) |
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6 The social and cultural environment |
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154 | (30) |
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Introduction: what is the social and cultural environment? |
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155 | (1) |
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Demographic trends--a growing and ageing population |
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155 | (9) |
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158 | (4) |
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Implications of ageing for business and society |
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162 | (2) |
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Immigration and cultural diversity |
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164 | (7) |
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Implications of immigration for business and society |
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169 | (2) |
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171 | (7) |
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171 | (2) |
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173 | (1) |
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174 | (3) |
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Relevance of the class structure to business |
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177 | (1) |
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178 | (1) |
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178 | (1) |
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Case Study: Does living longer mean we should retire later? |
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179 | (1) |
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Review and discussion questions |
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180 | (1) |
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180 | (1) |
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181 | (1) |
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181 | (1) |
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181 | (3) |
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7 The ethical environment: corporate responsibility |
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184 | (87) |
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185 | (1) |
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The emergence of the CR agenda |
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186 | (2) |
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Key terms in the discussion of CR |
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188 | (2) |
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188 | (1) |
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188 | (1) |
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189 | (1) |
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190 | (2) |
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The free market view of CR |
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191 | (1) |
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Stakeholder theory and CR |
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192 | (3) |
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The nature of responsibility and motivations for pursuing a CR policy |
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195 | (2) |
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196 | (1) |
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196 | (1) |
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196 | (1) |
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An overview of CR policy and process using Unilever as a case study |
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197 | (1) |
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The process and practice of CR |
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197 | (7) |
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197 | (3) |
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Value clarification and management |
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200 | (2) |
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Responsibility negotiation and planning |
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202 | (1) |
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203 | (1) |
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Looking ahead--beyond the triple bottom line |
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204 | (2) |
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206 | (1) |
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206 | (2) |
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Review and discussion questions |
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208 | (1) |
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208 | (1) |
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208 | (1) |
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209 | (1) |
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209 | (62) |
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8 The natural environment: global warming, pollution, resource depletion, and sustainable development |
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211 | (1) |
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Introduction: the natural environment of business |
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212 | (5) |
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212 | (1) |
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Moving from history to the present day |
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212 | (1) |
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The current global environmental problem and business, and the international response |
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213 | (1) |
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213 | (1) |
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Pollution and resource depletion |
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214 | (3) |
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International responses: the `Earth Summit' and after |
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217 | (4) |
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217 | (1) |
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Agenda 21--Global programme of action on sustainable development |
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218 | (1) |
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UN Framework Convention on Climate Change |
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218 | (1) |
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From Rio 1992 to Doha 2012 |
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219 | (2) |
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The application of SD frameworks to environmental issues |
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221 | (1) |
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Conventional frameworks for dealing with environmental issues |
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221 | (1) |
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The concept of sustainable development (SD) |
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222 | (3) |
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222 | (1) |
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Development of SD initiatives |
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223 | (1) |
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Types of approaches for dealing with environmental problems |
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224 | (1) |
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`Market based' policy measures |
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224 | (1) |
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`Non-market based' policy measures |
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224 | (1) |
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224 | (1) |
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225 | (5) |
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Defining sustainability in relation to business |
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225 | (1) |
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226 | (1) |
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226 | (1) |
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Product and communications |
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227 | (1) |
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228 | (2) |
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The significance of SD for business |
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230 | (4) |
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232 | (2) |
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234 | (1) |
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235 | (1) |
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Case Study: SD strategies in a large business: the case of Leeds Beckett University |
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236 | (3) |
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Review and discussion questions |
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239 | (1) |
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239 | (1) |
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240 | (1) |
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240 | (1) |
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241 | (2) |
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243 | (233) |
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9 How has macroeconomic policy changed in an era of uncertainty? |
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245 | (30) |
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Introduction: the economy macroeconomic policy, and globalization |
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245 | (1) |
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The objectives of macroeconomic policy |
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246 | (12) |
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Macroeconomic objective 1: a stable and satisfactory rate of economic growth |
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247 | (2) |
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249 | (3) |
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252 | (1) |
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Macroeconomic objective 2: a high and stable level of employment, and a consistently low level of unemployment |
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253 | (4) |
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Macroeconomic objective 3: a low and stable rate of inflation |
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257 | (1) |
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The Case for stabilizing the economy |
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258 | (4) |
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Questioning the need to stabilize output and employment |
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262 | (4) |
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From stabilization policy to controlling inflation |
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266 | (1) |
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Macroeconomic policy in the UK: six years of austerity |
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267 | (1) |
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Looking ahead--Brexit: a shock to the system |
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268 | (2) |
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270 | (1) |
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Case Study: Austerity in and out of the euro area: a necessity or a choice? |
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270 | (2) |
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Review and discussion questions |
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272 | (1) |
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273 | (1) |
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273 | (1) |
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273 | (1) |
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273 | (1) |
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274 | (1) |
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10 Globalization of business: good or bad? |
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275 | (25) |
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Introduction: the impact of globalization on the business environment |
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276 | (1) |
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277 | (2) |
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International trade and the creation of the global marketplace |
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277 | (1) |
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Globally organized production and investment flows |
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277 | (1) |
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278 | (1) |
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278 | (1) |
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278 | (1) |
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Rapid technological change |
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278 | (1) |
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The growth of globalization |
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279 | (1) |
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Perspectives on globalization |
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279 | (5) |
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Neoclassical/neoliberal views |
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280 | (1) |
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Ricardo and comparative advantage |
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280 | (2) |
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Socialist/Marxist views; globalization is bad-the dependency tradition |
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282 | (1) |
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Structuralist writers-globalization could be good if |
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283 | (1) |
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Globalization and the newly industrialized countries |
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284 | (3) |
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The 2008 global crisis and the end of the Washington Consensus |
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287 | (5) |
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Global ethics for the global business? |
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292 | (3) |
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293 | (1) |
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293 | (1) |
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293 | (1) |
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294 | (1) |
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Attitudes to graft and corruption |
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294 | (1) |
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294 | (1) |
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Global responses to these ethical challenges |
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294 | (1) |
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295 | (1) |
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295 | (1) |
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Case Study: Is trade the engine of growth? |
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296 | (1) |
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Review and discussion questions |
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297 | (1) |
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297 | (1) |
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298 | (1) |
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298 | (1) |
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298 | (2) |
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11 Does business have too much power? |
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300 | (27) |
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301 | (1) |
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What is power? What's it got to do with business? |
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301 | (2) |
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303 | (1) |
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Political power and corporate power |
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304 | (2) |
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Stakeholders and the `play of power' |
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306 | (7) |
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307 | (1) |
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307 | (2) |
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309 | (3) |
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Buyer power in the supply chain |
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312 | (1) |
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312 | (1) |
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Business in the political arena |
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313 | (4) |
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Does business enjoy a `privileged' position in the political process? |
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314 | (2) |
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316 | (1) |
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The consequences of globalization |
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317 | (1) |
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The ups and downs of business influence over policymaking |
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318 | (1) |
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Business influence--'nothing special' or `unique'? |
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319 | (1) |
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Is business influence in the political process a good thing? |
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319 | (1) |
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320 | (1) |
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321 | (1) |
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Case Study: Under the influence? Lobbying and `cabs for hire' |
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321 | (2) |
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Review and discussion questions |
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323 | (1) |
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323 | (1) |
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324 | (1) |
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324 | (1) |
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324 | (3) |
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12 Is inequality bad for business? |
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327 | (31) |
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328 | (1) |
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328 | (1) |
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Equality of opportunity versus equality of outcome |
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328 | (1) |
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329 | (1) |
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Why has equality of opportunity moved up the agenda? |
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330 | (2) |
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Do women have equal opportunities in business? |
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332 | (5) |
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333 | (1) |
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334 | (1) |
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Flexibility and parenthood |
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334 | (1) |
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335 | (2) |
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337 | (4) |
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Social mobility--is Britain a mobile society? |
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341 | (1) |
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What has inequality got to do with business? |
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341 | (2) |
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341 | (1) |
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342 | (1) |
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342 | (1) |
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342 | (1) |
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343 | (1) |
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Greed and social responsibility |
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343 | (1) |
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343 | (1) |
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343 | (5) |
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343 | (5) |
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348 | (2) |
|
Why has inequality increased? |
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350 | (3) |
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Changes in labour markets--flexibility' for the 99 per cent, protected markets for the 7 per cent |
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350 | (1) |
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The global financial crisis |
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351 | (1) |
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351 | (1) |
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351 | (1) |
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351 | (1) |
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Capital in the twenty-first century |
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351 | (6) |
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351 | (2) |
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353 | (1) |
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353 | (1) |
|
Case Study: Breaking open the closed-shop society? |
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354 | (1) |
|
Review and discussion questions |
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355 | (1) |
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355 | (1) |
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355 | (1) |
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356 | (1) |
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356 | (2) |
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13 Creating effective trading blocs: what lessons does the European Union provide? |
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358 | (28) |
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359 | (1) |
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Forms of integration and trade in theory |
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360 | (3) |
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363 | (2) |
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The EU: a deepening, widening, fragmenting union? |
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365 | (6) |
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367 | (2) |
|
Institutions and decision-making in the EU |
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369 | (1) |
|
Council of Ministers of the European Union |
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369 | (1) |
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369 | (1) |
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369 | (1) |
|
Decision-making in the EU |
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369 | (2) |
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Cultural diversity and business implications |
|
|
371 | (1) |
|
The euro and business--one step too far or one step short of a full ladder? |
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|
371 | (4) |
|
The performance of the euro |
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375 | (1) |
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376 | (4) |
|
Stakeholder management in the EU |
|
|
377 | (1) |
|
Competition and industry policy |
|
|
377 | (1) |
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378 | (2) |
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380 | (1) |
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381 | (1) |
|
Case Study: The development of the ASEAN trading bloc |
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|
382 | (1) |
|
Review and discussion questions |
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383 | (1) |
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383 | (1) |
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384 | (1) |
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384 | (1) |
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384 | (2) |
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14 What role for the public sector? |
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386 | (35) |
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387 | (1) |
|
What is the public sector? |
|
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388 | (1) |
|
Getting the measure of the public sector--size and functions |
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|
389 | (9) |
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389 | (1) |
|
Composition of the public sector workforce |
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|
390 | (1) |
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|
391 | (1) |
|
Composition of public spending |
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|
391 | (4) |
|
The UK in an international context |
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|
395 | (3) |
|
Contesting the role of the public sector--for and against the stale |
|
|
398 | (7) |
|
The market versus the state: the ideological contest |
|
|
399 | (2) |
|
Nationalization, denationalization, renationalization? Arguments over the mixed economy |
|
|
401 | (1) |
|
Reasons for nationalization |
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|
401 | (2) |
|
The turn to privatization |
|
|
403 | (2) |
|
Social justice and the welfare state |
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|
405 | (10) |
|
Neoliberalism and the critique of the welfare state |
|
|
411 | (2) |
|
Is the welfare state bad for business? |
|
|
413 | (2) |
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|
415 | (1) |
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|
416 | (1) |
|
Case Study: Austerity and the future of the welfare state |
|
|
416 | (2) |
|
Review and discussion questions |
|
|
418 | (1) |
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|
418 | (1) |
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|
418 | (1) |
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|
419 | (1) |
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419 | (2) |
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15 From starting to scaling and beyond: how do entrepreneurs and SMEs innovate and grow? |
|
|
421 | (35) |
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422 | (1) |
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|
422 | (11) |
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422 | (1) |
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423 | (4) |
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427 | (2) |
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429 | (3) |
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|
432 | (1) |
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|
433 | (11) |
|
Defining entrepreneurship |
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|
434 | (2) |
|
Are small business owners also entrepreneurs? |
|
|
436 | (2) |
|
Domains of entrepreneurship |
|
|
438 | (2) |
|
Entrepreneurship and new ventures |
|
|
440 | (1) |
|
|
|
440 | (1) |
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|
|
441 | (1) |
|
|
|
442 | (1) |
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|
442 | (1) |
|
Refining the value proposition |
|
|
443 | (1) |
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|
443 | (1) |
|
Assessing financial feasibility |
|
|
443 | (1) |
|
Summarizing new venture formation |
|
|
443 | (1) |
|
Financing the new venture |
|
|
444 | (1) |
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|
|
444 | (1) |
|
|
|
444 | (1) |
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|
|
445 | (3) |
|
How will the global marketplace change the way entrepreneurs create and grow their businesses? |
|
|
445 | (3) |
|
How will policymakers respond to the changing needs of entrepreneurs, and SMEs? |
|
|
448 | (1) |
|
|
|
448 | (1) |
|
Case study: Diving deep into entrepreneurship: how an entrepreneur is building a business in aquaponics |
|
|
449 | (1) |
|
Review and discussion questions |
|
|
450 | (1) |
|
|
|
451 | (1) |
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|
451 | (1) |
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|
|
452 | (1) |
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|
452 | (4) |
|
16 Conclusion: Looking ahead--managing in a dynamic environment |
|
|
456 | (20) |
|
|
|
|
|
|
|
457 | (1) |
|
Looking ahead: the global political environment |
|
|
458 | (3) |
|
Challenges for the future global political and economic environment |
|
|
461 | (6) |
|
Global and national economic governance |
|
|
461 | (3) |
|
Global power of big business |
|
|
464 | (1) |
|
|
|
465 | (1) |
|
Global inequality and political instability |
|
|
466 | (1) |
|
Looking ahead: the social environment |
|
|
467 | (2) |
|
Social inequality and relative affluence |
|
|
467 | (1) |
|
|
|
468 | (1) |
|
|
|
468 | (1) |
|
Looking ahead: the technological environment |
|
|
469 | (2) |
|
|
|
471 | (1) |
|
Case Study: The football business-the state of play in 2017 |
|
|
472 | (1) |
|
Review and discussion questions |
|
|
473 | (1) |
|
|
|
473 | (1) |
|
|
|
474 | (1) |
|
|
|
474 | (2) |
| Glossary |
|
476 | (15) |
| Index |
|
491 | |
