Your assignment is to prepare and submit a paper on the extent to which the understanding of the history and development of business help in the understanding of business today. The extent to which the understanding of the history and development of business helps in the understanding of business today depends on the effectiveness of economic policies instilled in the past. An examination of the history of some of the successful corporations reveals that most big companies were based on diversified groups. This is because they could take advantage of the economic scales easily because of the characteristics of the internal markets. It is also evident that authoritarian regimes helped in the development of businesses. This can help in the development of business today because it enables individuals make wise choices regarding the development of the economy (Trompenaar, and Wooliams, 2003). An understanding of the history behind the development of business helps in understanding of business today because the economic policies that were used in the past. This is because they ensured the restriction of imports and the growth of exports, which enhances the development of businesses in terms of investments. It is evident that, in the past, companies did not pay attention on light labour intensive sectors. This is likely to help in the development of business today because the cost of labor will be low, causing the company to gain extra profits. History also depicts that there are governments that intervened by supporting private companies, therefore, enhancing the development of businesses.
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