This is to be able to keep up with the standards and the basis of the economy. A socialist economy has a different set of value than a free economy. A socialist economy is focused more on equality while a free economy is more on individuality and independence.
Business makes decisions based on a utilitarian perspective. Economics assume that humans make decisions based on their rational self-interest, which increases their individual values and utility. This is the same with businesses. Since economics studies and analyzes efficiency of using limited resources to achieve maximum satisfaction and benefits based on the economy’s wants and needs, businesses look for results that will increase their productivity and generated income. Though rational decisions may change on the given circumstances, the perspective of a business remains the same, to gain revenue and to increase productivity.
Ethics and social norms are the factors that tends to hold back businesses in greedily assuming all values and profits they can get with the limited resources that the environment has and can produce. Ethics are the guidelines by which businesses consider when taking on projects or developing projects. The accompanying changes in ethical standards and considerations of different economies can be seen on how China, U.S. and Jamaica faced economic changes.
Chinese business culture is based on the perspective of Confucianism and Maoism, which focuses on moral principles and standards. Jamaica, on the other hand, was willing to open its doors to capitalism, aiming to rise above from their colonial status. With this, Jamaica is more open to a capitalist structured norms and values, which is being open, free and independent. Thus, Jamaica shows a lower uncertainty avoidance showing that they are open to risks and challenges. U.S. being a proponent of capitalism and democracy has values set on individualism and independence. But all being part of the global