essay #1 - Marko Urlic Business & Society 09 -07 -2010...

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Marko Urlic 09 -07 -2010 Essay #1 BGS field, also known as Business – Government – Society field, is the study of this environment and its importance for managers. It can be divided into 4 models: - The Market Capitalism Model - The Dominance Model - The Countervailing Forces Model - The Stakeholder Model To appreciate the first one, the market capitalism model, it is important to understand the nature and history of markets and the explanation how they work. The market actually protects business and nonmarket forces, and inversely. Adam Smith, in his book “The Wealth of Nations”, describes “capitalism”, but instead capitalism he uses term “commercial society”. This book also describes how the growing differences of labor in society led more people to specialize their work, rather then exchange goods with each other. In addition, this model contains key notions: - Slight governmental interference in economic life (Laissez- faire) - Owning private properties by individuals - Well informed consumers about products and prices; rational decision making
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essay #1 - Marko Urlic Business & Society 09 -07 -2010...

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