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6053BUSBM – Assessment 2 (60%)
1) Why do institutional differences in the organisation of Liberal Market Economies (LME’s) &
Coordinated Market Economies (CME’s) persist? Critically analyse this question with
reference to United Kingdom and Germany
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They also have transferable skills
In LME’s, managers have different preferences than shareholders: pay without performance, perks
and run large conglomerate empires rather than small focused firms
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Managers in the UK worry about losing jobs due to
takeovers
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Coordinated Market Economies like Germany and Japan have ownership concentration where
there’s presence of a large shareholder and focus on stakeholder value, rigid labour markets
making it difficult to fire and difficult to hire and vocational and continuous firm training
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In LME’s there is no strong involvement of the state in the bargaining process yet in
CME’s there is
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In CME’s there’s a full developed
welfare state, social benefits are mainly contributed by employer or state, decommodification is
medium to high and taxes are high

In CME’s there is less pressure on managers to raise the value of the company
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Inequalities
Inequalities are usually perceived as an uneven distribution of access to resources, opportunitiy
and rights/protections
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The differences in inequalities between LME’s and CME’s are that there are more class-based
inequalities in UK/USA, there is underdevelopment of firm training, a need to obtain university
degrees and develop transferable skills

In Germany it’s more difficult for women to break into the workforce due to gender inequalities and
firm-specific skills and training that militate against women
LME’s such as the UK/USA are heavily targeted by economic migrants and Germany has become
recently attractive
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Germany and Japan however are able to issue long-term commitments with a high quality of
established product lines and can generate trust with stakeholders and make continuous
improvements and innovate incrementally
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Both LME’s (UK/USA) and CME’s (Germany/Japan)
are successful at innovation, but different types, meaning they generate different types of
inequalities
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Institutions in the UK and USA
are geared towards risk-taking and institutions in Germany and Japan are geared towards longterm investments
Both institutions affect the ability to innovate and thus, create jobs and generate growth
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UK/USA flexible
labour markets, ownership diffusion, prominence of takeovers and general skills create radical
innovation and Germany and Japan’s rigid labour markets, ownership concentration, low
prominence of takeovers and training levels means incremental innovation
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2) Critically evaluate the ways in which recent technological developments – such as the
internet and social media – have shaped other aspects of globalisation
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LO5 30% 1 hour
Key Points:
Introduction:
Technology is a broad concept made up of four elements:
Artefacts made by humans;
The systems and methods used to produce artefacts;
Ways of organising to achieve a desired outcome;
The knowledge applied to achieve all of the above
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- National generation of new technologies;
- Exploitation and diffusion of new technologies;
- International collaboration to develop technology;
- Social effects of technology

Schumpter’s theory of industrial waves is historical waves based on technical innovation, which
affects organisations and societies
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Some technologies are important enablers of globalisation, particularly,
manufacturing, transportation, ICT, media and medical
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Social effects of technology are; geography expansion, time compression, flows vs places, digital
divide and knowledge economies
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Through travelling, media, scientific and technical workshops, internet and other communication
channels, globalisation allows the transmission of knowledge at a much greater pace than in the
past
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On the contrary, this will strongly rely on the nature of this technology and of the policies
implemented in both advanced and developing countries
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Managing technology at the global level involves issues of national competitiveness, exploitation
and diffusion, international collaboration and the social effects of technology
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Technology has helped in overcoming the hurdles of globalisation and international trade such as
trade barriers, lack of common ethical standard, transportation cost and delay in information
change, thereby changing the marketplace
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MNC’s can be seen as a central actor in globalisation
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The digital era brings empowerment to individuals – communications, knowledge
and social interactions
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INTERNET

The internet has evolved as technological innovations facilitate more sophisticated user
interactions, many identify three stages: web 1
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0 and web 3
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The internet has impacted by improving existing businesses efficiency and effectiveness as well
as creating entirely new business models
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It raises key issues relating to:
- Regulation
- Taxation
- Intellectual property
- Law enforcement
- And spreading political ideas
While the internet has many positive impacts, like any other technology it is open to abuse
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The internet is seen by some socio-economic commentators as a major driving force in creating a
unified global community
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The internet and globalisation have radically changed the
business world
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Internet provides extraordinary opportunity for students to extend the research of their learning
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Access to IT is not equitably distributed around the globe so countries in the developing world are
not able to take advantage of the internet in the same way developed nations can
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SOCIAL MEDIA
Kaplan and Haenlein (2010) define social media as: “social media is a group of internet-based
applications that build on the ideological and technological foundations of web 2
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”
Kaplan and Haenlein (2010) classify social media into six types; collaborative projects, blogs,
content communities, social networking sites (SNS), virtual game worlds, virtual social worlds
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Global social media use grew 20% in 2012 (Emarketer)
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Social media is a trend that is spreading to businesses, whether it being due to digital marketing or
customer service communication channels
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The health industry is already using social media to change how it works, from public health
campaigns or virtual doctor visits via skype
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Social media is changing how we govern and are governed,



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