GLOBAL BUSINESS ENVIRONMENT Assignment Example | Topics and Well Written Essays - 2500 words

GLOBAL BUSINESS ENVIRONMENT - Assignment Example During financialization, capitalism is often affected by the dominance of the financial sector over the productive sector(Krippner, 2011, p. 9). The essay critically analyzes some of the themes covered by Erturk et al. (2008) and their relevance to contemporary business and economy. According to (Ismail, et al., 2008, p. 239) there is no outline for a single market culture thesis. Instead, the issues discussed revolve around a variety of themes that touch on the market culture of society and politics. One of the market culture themes that have been identified covers a shift in interest among economical agents, from the inequality to difference; from the market economy of resource distribution in the economy of cultural recognition and identity. Economic actors are less concerned with issues related to the economic equality and are constantly shifting their attention to cultural differences. The dimensions of inequality in the economy have been focused on less, relative to the cultural considerations and differences that have turned to be a major problem. On a standard sociological account, the relation between economics and economies has been interpreted to be quite weak. The reason behind this prerogative ideology is that the economics provide highly abstract market models that are based on behavior and governing assumptions that have no world equivalences in reality. Along similar lines, the academic economics do not have a great deal of importance for businesses, even though it has a recognizable significance for states(Budd & Harris, 2004, p. 74). On the other hand, (Callon, 2004, p. 242)views the economy as a set of reliable technical practices rather than a bad science. He also visualizes the economy as a technology that creates phenomena and allows participation in shaping whatever it describes. The interest in the economy should be based less on the set of accurate representations of the