What is business government and society

what is business government and society

Business, Government and Society

Business, government, and society interact and influence each others' specific objectives and goals. In this lesson, you will learn the three different models that can impact how they influence. The Business, Government, & Society department focuses on research and teaching on the regulatory, political, legal and ethical environment of business. Today's global marketplace is more competitive, more transparent, more culturally and politically diverse, and more fluid than ever before. Future business leaders will need to be able to navigate the legal, ethical and cultural demands of .

Busniess global marketplace is more competitive, more transparent, more culturally and politically diverse, and more fluid than ever before. Future business leaders will need to be able to navigate the legal, ethical and cultural demands of government and society. The BGS department helps students cultivate the skills needed to successfully manage the dynamic business environment of the future.

BGS faculty are experts in their respective fields and are regularly featured in a variety of publications. Learn more about our instructors, their work, and what their findings might mean in years to come. Learn More See Faculty Governmennt. Understanding today's complicated external environment is a core skill for tomorrow's business leaders, and promoting that understanding is the BGS Department's mission.

The programs in this department expose undergraduate students to courses in areas what is business government and society public what happened to eva marie, regulation, ethics, law, business - government relations, corporate social responsibility, sustainability, and international business.

BGS gives students how to prevent crevice corrosion opportunity to major and minor in International Business and to gain a minor or a certificate in Business and Public Policy. The minors are available to undergraduate students from all over the campus. Learn More. These are available to all undergraduate students at UT.

If you have not already fulfilled your GOV L requirement, consider registering for a special section that involves and educational experience with the Washington Campus Program WCP in our nation's capital. The concentrations in this department expose MBAs to courses in areas like public policy, regulation, ethics, law, business - government relations, corporate social responsibility, and sustainability. The courses within this concentration are designed to provide students with the tools and knowledge they need to manage the ethical and social responsibility aspects of business in today's global economy.

See Curriculum Requirements. The coursework within this concentration will provide students with the tools and knowledge they need to manage the regulatory, political and legal environment of business better. Ethics Unwrapped offers diverse and engaging video series for instructors and students what is business government and society behavioral ethics, values, and ethical leadership.

See Events Calendar for upcoming events. Our Programs. Undergraduate Graduate. Governmdnt Undergraduate Understanding today's complicated external environment is a core skill for tomorrow's business leaders, and promoting that understanding is the BGS Department's mission. Graduate Graduate Understanding today's complicated external environment is osciety core skill for tomorrow's business leaders, and promoting that understanding is the BGS Department's mission.

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What is the business-government-society (BGS) field and what is its importance? The field is explained as the study of interrelationships among its three elements, each of which is defined. These interrelationships change over time. Business encompasses a broad range of actions, institutions. Jun 03, The businessgovernmentsociety (BGS) field is the study of this environment and its importance for managers. To begin, we define the basic terms. Business is a broad term encompassing a range of actions and institutions. It covers management, manufacturing, finance, trade, service, investment, and other activities. Entities as different as. The thirteenth edition of Business, Government and Society by John F. Steiner and George A. Steiner continues a long effort to tell the story of how forces in business, government, and society shape our world. In addition, an emphasis on management issues and processes allows students to apply the principles they learn to real-world situations/5().

Monday, June 3, In the universe of human endeavor, we can distinguish subdivisions of economic, political, and social activitythat is, business, government, and societyin every civilization throughout time. Interplay among these activities creates an environment in which businesses operate.

The businessgovernmentsociety BGS field is the study of this environment and its importance for managers. To begin, we define the basic terms. Business is a broad term encompassing a range of actions and institutions. It covers management, manufacturing, finance, trade, service, investment, and other activities.

Entities as different as a hamburger stand and a giant corporation are businesses. The fundamental purpose of every business is to make a profit by providing products and services that satisfy human needs. Government refers to structures and processes in societies that authoritatively make and apply policies and rules. Like business, it encompasses a wide range of activities and institutions at many levels, from international to local. The focus of this book is on the economic and regulatory powers of government as they affect business.

A society is a network of human relations that includes three interacting elements:. Ideas: or intangible objects of thought include values and ideologies. Values are enduring beliefs about which fundamental choices in personal and social life are correct. Cultural habits and norms are based on values. Ideologies for example democracy and capitalismare bundles of values that create a certain world view.

They establish the broad goals of life by defining what is considered good, true, right, beautiful, and acceptable. Ideas shape every institution in a society. Institutions are formal patterns of relations that link people together to accomplish a goal.

They are essential to coordinate the work of individuals who have no personal relationship with each other. In modern societies, economic, political, cultural, legal, religious, military, educational, media, and familial institutions are salient.

There are multiple economic institutions including financial institutions, the corporate form, and markets. Collectively, we call this business. Figure 1. Capitalism as an economic system shows wide variation in the nations where it exists because supporting institutions grow from unique historical and cultural roots. In developed nations these institutions are highly evolved and mutually supportive. Where they are weak, markets work in dysfunctional ways.

An example is Russia, which introduced a market economy after the fall of communism. Institutions that had evolved under Soviet political repression and state planning were ill-suited to support a free market.

The story of labor is an example. In the old system workers spent lifetimes in secure jobs at state-owned firms. There was no unemployment insurance and, since few workers ever moved, housing markets were undeveloped.

A free market economy requires a strong labor market, so workers can switch from jobs in declining firms to jobs in expanding ones. But in Russia the development of a labor market was arrested. The government did not yet provide unemployment benefits to idled workers, so there was no safety net. And housing markets were anemic. Company managers, out of basic humanity, were unwilling to lay off workers who got no benefits and who would find it difficult to move elsewhere.

As a result, restructuring in the new Russian economy was torpid. The lesson is that institutions are vital to markets. Each institution has a specific purpose in society. The function of business is to make a profit by producing goods and services at prices attractive to consumers. A business uses the resources of society to create new wealth. This justifies its existence and is its priority task.

All other social tasksraising an army, advancing knowledge, healing the sick, or raising childrendepend on it. Businesses must, therefore, be managed to make a profit. The third element in society is material things, including land, natural resources, infrastructure, and manufactured goods. These shape and, in the case of fabricated objects, are partly products of ideas and institutions.

Economic institutions, together with the extent of resources, largely determine the type and quantity of society's material goods. The BGS field is the study of interactions among the three broad areas defined above. The primary focus is on the interaction of business with the other two elements. The basic subject matter, therefore, is how business shapes and changes government and society, and how it, in turn, is molded by political and social pressures.

Of special interest is how forces in the BGS nexus affect the manager's task. To succeed in meeting its objectives a business must be responsive to both its economic and its noneconomic environment. ExxonMobil, for example, must efficiently discover, refine, transport, and market energy. Yet swift response to market forces is not always enough. There are powerful nonmarket forces to which many businesses, especially large ones, are exposed.

Their importance is clear in the two dramatic episodes that punctuate ExxonMobil's historythe court-ordered breakup and the Exxon Valdez oil spill. In the Supreme Court, in a decision that reflected public opinion as well as interpretation of the law, forced Standard Oil to conform to social values favoring open, competitive markets. With unparalleled managerial genius, courage, and perspicacity, John D.

Rockefeller and his lieutenants had built a wonder of efficiency that spread fuel and light throughout America at lower cost than otherwise would have prevailed. They never understood why this remarkable commercial performance was not the full measure of Standard Oil. But beyond efficiency, the public demanded fair play. Thus, the great company was dismembered.

Today ExxonMobil operates its tanker fleet with extreme care. It has new environmental safeguards and randomly tests crew members for drugs and alcohol. Remarkably, it is now so disciplined that it measures oil spills from its fleet of tankers in teaspoons per million gallons shipped.

In it reported losing less than one teaspoon per million gallons. Recognizing that a company operates not only within markets but within a society is critical. A basic agreement or social contract exists between the business institution and society.

This contract defines the broad duties that business must perform to retain society's support. It is partly expressed in law, but it also resides in social values.

Unfortunately for managers, the social contract is not as clear-cut as are the economic forces a business faces, as complex and ambiguous as the latter often are. For example, the public believes that business has social responsibilities beyond making profits and obeying regulations.

If business does not meet them, it may suffer. But precisely what are they? How is corporate performance measured? To what extent must a business comply with ethical values not written into law? When meeting social expectations conflicts with maximizing profits, what is the priority? Despite these questions, the social contract contains the expectations of society, and managers who ignore or violate it are courting disaster.

Social contract. An underlying agreement between business and society on basic duties and responsibilities business must carry out to retain public support.

It may be reflected in laws and regulations. Interactions among business, government, and society are infinite and their meaning is open to interpretation. Faced with this complexity, many people use simple mental models to impose order and meaning on what they observe.

These models are like prisms, each having a different refractive quality, each giving the holder a different view of the world. Depending on the model or prism used, a person will think differently about the scope of business power in society, criteria for managerial decisions, the extent of corporate responsibility, the ethical duties of managers, and the need for regulation.

The following four models are basic alternatives for seeing the BGS relationship. As abstractions they oversimplify reality and magnify central issues. Each model can be both descriptive and prescriptive; that is, it can be both an explanation of how the BGS relationship does work and, in addition, an ideal about how it should work. The Market Capitalism Model. The market capitalism model, shown in Figure 1. There, it is substantially sheltered from direct impact by social and political forces.

The market acts as a buffer between business and non market forces. To appreciate this model, it is important to understand the history and nature of markets and the classic explanation of how they work.

Markets are as old as humanity, but for most of recorded history they were a minor institution. People produced mainly for subsistence, not to trade. Then, in the s, some economies began to expand and industrialize, division of labor developed within them, and people started to produce more for trade. As trade grew, the market, through its price signals, took on a more central role in directing the creation and distribution of goods.

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