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In the economic structures, there are various ways in which emotions affect the development and management of various operations and activities over time. Indeed, the reason behind the economic collapse can be linked to the fact that the large corporation and global business lose close touch with the people in whom they serve. As depicted by Natalie and Sora,” Due to lack of close touch between large corporation and large businesses with their customers, the economy is bound to collapse” (Natale & Sora, 309). Therefore, in the situation where the people do not have emotions for the goods and services produced by a given company or corporation, the demand tends to decline, a process which can lead to the subsequent incline in losses since there will be a low stock turn over. In regard to international relation, when there is a higher demand of a product between countries, a faster interaction between the trading partners will be enhanced. It thus influences the degree of corporation in the global space.
Also, emotions influence what people demand, what they want to produce, what they need to inquire from the neighboring countries and other trading partners and the manner in which trading activities are controlled in the free-market economies. In accordance with the study done by Sussanne Menzel,” Individuals calculate costs and benefits- usually from the self-interested perspective and chose what maximizes benefits over costs…” (Sussanne Menzel, 71). These shows that based on emotions, individuals are driven by the quest to fulfill their tastes and preferences while making economic choices. Therefore, it can be evident that in a world without emotions, economic activities cannot be induced to happen, a situation that can lead to the financial crisis as well as the collapse of the entire market economy. Just like emotions, culture also defines the level of happiness to people as it is explained on the research done by Wijers his counterpart. For instance, “Happiness is one of the most important values in life” (Weijers & Joshanloo, 717). Therefore, happiness can only be achieved when there is a good relationship between trading partners as well as that between individuals in contemporary society.
On the other hand, ethics and empathy also play a role in influencing business performance and growth. It is empathy and revenue which defines a powerful corporate presence. For instance, as stated by Natalie, “Empathy is the unique ability to comprehend the world of others and the ability to reconfigure ones’ own considerate to capture the world of other people” (Natale & Sora, 310). It is empathy which makes others feel the way others feels, hence a call for suspension of biases and walk in another person’s shoes. It is the sole reason why companies tend to provide goods of high quality which is recommended for consumption by all in the society. It is empathy which permits the corporations to operate in the market without engaging in unhealthy business practices such as price wars which could have affected the efficiency to be achieved in the market realm. It also empowers the business ethics to adhere to the laws and regulations which controls the operations of the business.
Therefore, with empathy, the business cannot devise a strategy which can aim at exploiting the consumers. It also provides an allowance to the employees; provide debt relief to the clients and disaster relief for the non-stakeholders. These thus allow the market to operate efficiently, a process which leads to the growth and development of the economy over a given period. On the other, hand, empathy can also cause a lot of negative effects on the operations of the business. In the situation where empathy is viewed as pettiness, then there could be a lack of respect among the corporation’s stakeholders, a process which can cause a lot of problem in the coordination and management of the business operations either in the short or long run. Therefore, as found by Natalie and her counterpart, “empathy which can enable people, nations, and businesses to interact to develop a healthy social life” (Natale & Sora, 11). It also helps the corporations and individuals to develop as they pass through stages of life since it reduces the degree of immoral behavior. These thus improve the profitability of the corporation either in the short or long run.
In the case of class structure, empathy and ethics can either strengthen or destroy it since when there is a chain of command, due to ethics coupled with empathy, employees, as well as the corporation’s stakeholders, will adhere to the hierarchical flow of power from top to bottom. Besides, there will be an incline interaction between the employees in different departments. These thus ensure that the needs and obligations of the business are met with precision. It is because it ensures a proper division of labor and specialization, a process which guarantees a situation which is quite relevant for the productivity level of the corporation over a given period.
When the ethics and empathy are not embraced, the problem may arise since there will be a lot of conflicts arising from the clash of duties and the inability to embrace teamwork, a process which can lower the corporation’s productivity over a given period either in the short or long run. It is emotions, empathy, and ethics play a very important role in defining the behavior and interactions of the market participants in the economy since they define the way people react and make decisions in the market. Therefore, in the situation where there is no emotion in the economy, the concept of globalization would have not been achieved. Trading activities would have been at stand still and the flow of factors of production would have not been possible (Menzel Sussanne, 74). Besides, without emotion, innovation and the product differentiation to suit the taste and preference of the consumers would have not been done. The situation would have limit consumers sovereignty and
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