A. Literature Review
BRIC is an acronym denoting the five major economic giants that have defied tradition to astonish everyone in the commercial sector. Investment has been moving towards these regions in a favorable pattern that has led to increased business growth at an unprecedented rate. In terms of economic performance, the global pattern in recent times has seen the rise of previously developing countries into a higher level marked by great growth opportunity. Essvale Corporation (2007) documents a clear origin of the common kitty established to facilitate the steady growth of these emerging economies for development purposes. In light of the intentions of the investment funds, investors intending to venture into commercial activities in these regions of high growth and opportunities are facilitated through the fund. However lucrative these areas might be attractive to everyone, Essvale Corporation (2007, p59) gives some risk indicators to be considered before rushing to fit in the trend.
Jackson and Schuler (2007) explain in different perspectives the various winning economic positions that have facilitated realized growth in BRIC countries. Some of these important principles as identified by the authors include the appropriate competitive positioning with regard to the international scope of business. A snap analysis of the various commercial fronts that have enabled an international business readjustment in as much time shows appropriate restructuring at the national business policy level.
Various BRIC countries have been undergoing a series of discovering events that have paid off with regard to business and management policy formulation. Marketing the countries as a global business hub follow the initial redefining stages where international business must be facilitated. This has happened in nearly all emerging economies, while the world economic giants were serious looking for complex business strategies that cannot even stand imminent recession risks.
In the support of views of doing business right to keep up with the pace and even exceed the rest of the world, Estrin and Prevezer (2011) point at serious technological advancements that have occurred in BRIC world. Despite the general notion that only the traditional economic powerhouse can make the obvious great innovations in the market, BRIC nations have stolen the show. A quick recovery from inefficient business technology systems flanked by an efficient research strategy has facilitated the might with which technology has taken over the business in BRIC regions. In the modern business world, information and communication technologies are almost synonymous with commercial gigantism and realizing this has rapidly elevated previously small countries into unmatched world business players (Langley, 2008).
Operations in the information age can no longer be skilfully performed without the appropriate back up from technology which has been tremendously embraced across BRIC. Further advancements as those discussed by Reddy (2010) illustrate why major research and development in pharmaceutical and medicine have found ground in these BRIC countries. As a development agenda, almost every one of the four countries has a pharmaceutical drug proliferation plan to tap into the international markets that are currently underserved. Technologies that offer the basic realities on the developing world can only be addressed by one of their own. Similar sentiments are held by Tseng (2009) who reckons that despite the general financial incapacitation that the BRIC countries had before their economic redefinition, technological advancements have proved to be the reason for sustained growth and development. In recent trends, technology backed portion of revenues in the BRIC countries forms a significant and fundamental element of the entire economy.
Operation shift that has also characterized improved business fortunes in the BRIC regions cannot leave behind management reorganization. In general terms, the most important realignment of the business world needed to be approached from a manager’s point of view. However, it is not enough to have management skills in the modern world without discovering the nature of the treasure that is human resource Briscoe, Claus & Schuler, (2009). Until the discovery of the acceptance of irrelevance of personnel management and the subsequent replaced with human resource management in the BRIC region, the business was not positive. It can be said with a considerable level of confidence that realignment in dealing with issues of handling employees, such as welfare, motivation and commitment management has facilitated growth in BRIC.
Advances in the working environment in nearly all sectors of commercial activities must have contributed to the appropriate realignment. In Davilla and Elvira 2006, it is clarified that the Brazilian management of the human resource can be put under all lenses for scrutiny and come up with one finding; that human resource management made the necessary adjustment for the economy. In terms of the sector-wide approach to human resource management, it can be said that the Brazilian commercial sector gets the appropriate support from the employees. Labor market redesigning and operationalization supported by an efficient human resource is the key to becoming an emerging global economy.
With a specific analysis of the support that the commercial and industrial wings of the BRIC countries, the economies if the four countries have been greatly influenced by changes in corporate operations (Langley, 2008). Despite there being a chance of some capitalist waves into countries such as China which are predominantly communist, it is clear that commercial operations of private corporate bodies and organizations have changed over the years to facilitate the realization of the appropriate environment for conducting business. Setting the stage for various business operations by all sectors must have found a great deal of reorganization and orientation from the corporate world in the four economies. This is because, in order for investors to spot the local market due to its potential, the corporate operations in the regions must have particularly changed the way of doing business to be productive.
Another incidental commercial trend that has propelled the BRIC countries into the level they have reached today is the warm embrace that international trade has obtained in recent past. According to Jain (2006), despite the mixed reactions in international trade due to market volatility in the recent past, BRIC countries have benefited greatly from this pattern. It is important for a globalizing pattern to take effect in all corners of the globe and this reality has tremendously found favor in BRIC. By conducting sufficient participation in the international arena, the countries making up BRIC send a fundamental signal to world business players to the effect that they are willing and ready to share in the global resources.
In line with the trends that facilitate international trade and globalization, commercial hindrances and restrictions against strategic business partners have been reduced significantly. Perhaps what formed the basic foundation on which the BRIC emerging economic force can be a translation of previous activities of foreign firms that later found ground in the safe economies. However small the contribution of the foreign investment at that time, it is a clear illustration of how international commercial interaction has impacted on BRIC (Marr and Reynard, 2010).
In Lenne and Wood (2010) great connectivity is created between food production enhancement and the BRIC regions. In a world facing unprecedented food security threats, it is an important development to facilitate practices that will raise confidence against hunger. Dealing in research and development programs for the food security front seems a lucrative strategy that the rest of the world cannot support. Nearly all activities of research and development were concentrated in the four countries despite the continuing threats of food security and sustenance. It is not by chance that the same countries whose economies are projected to be the strongest and emerging in the uncertain world have been accredited for such developments. It is through protracted and well-timed strategies that the programs worked well for BRIC.
The above literature review can further be deliberated on to reveal suitability measure in terms of relevance. In light of the actual global impacts on commercial operations, it is only authentic facts that can sustain the debate on which realignment strategies are potent enough to withstand adverse impact. The presentation of the above literature review observed the positive impacts of the business environment and practices that continue to occasion the apparent desirable trends of growth. However, to have a critical perspective of the available literature, it is important to screen the accuracy and applicability of the text in drawing inferences on the admissibility of the literature. The order of presentation in the literature review will be followed to perform the critiquing exercise.
There is a general agreement on the application and importance of the BRIC Investment Fund, which facilitates investments into the BRIC countries. According to Essvale Corporation (2007), there are several investment and growth opportunities that are facilitated by the fund. This is certainly one of the driving forces for the continued business enhancement in the BRIC countries. It is only through capital capacitation that serious business advancements issues can be addressed in the developing world.
However, growth could still be possible to thrive in BRIC countries without much financial assistance, which only came in after indications of growth had started being observed. Besides, the financial capacitation of trade needed in business is just one factor among several others. A note of the role played by the authorities and the friendly people in these countries could perhaps add the missing link to the versatility of the investments fund. In addition, too much concentration of monetary investment by bigger economies could be detrimental in the long run.
As observed in Jackson and Schuler (2007), launching a competitive front against the world’s major market players must have made a great positioning with regard to the global market strategies. It is certainly one of the best approaches to find a competitive advantage and launch and an attack on the weaker points of the competitor. By capitalizing on the market weaknesses of the competitors, it is possible to find a good operational perspective to sustain market presence and profitability. Market research and strategy setting as discussed by the authors (Jackson and Schuler, 2007) compliment the improved investment focus ideas launched by the countries. It follows that the best rewards are paid off by worthwhile risks that might scare away commercial jokers.
However, the information formulated by the author lacks in market reality explanations such as those detailed on the level of risk involved and if the appropriate considerations are made in case of adverse impact. At the international arena, the business cannot be said to be fair particularly when the developed world increasingly takes advantage of the developing world. Reliance on this explanation to be one of the most potent enabling factors needs a better back up and assistance must be sought from other factors. Unfair business practices at the international market, for instance, the international business agencies implies that international business is not favorable for developing countries to graduate to emerging economies.
According to Estrin and Prevezer (2011), technological backup is perhaps the most important factor that supports and contributes to unparalleled growth in recent times. This is reliable to a greater level of confidence bearing in mind that the technological age at which the global business is conducted under must be met. Similar sentiments are also highlighted by Langley, (2008), Reddy (2010) and Tseng (2009) who separately find important links on technological advancements critical to the economic realignment of a modern country. It perhaps portrays the applicability of modernized practices that can facilitate competition against bigger competitors.
However, the solution to the challenge posed by the huge technological capacity of the developed competitors remains elusive. When a few players control the business of the market as tightly as enabled by their technical and academic capacity, it becomes harder for a weaker competitor to match the success of the bigger competitor. In a developing world, there are teething challenges that make it further remote to realize the comfort of doing business as a developed competitor does. It, therefore, needs to be clarified beyond the doubt of capacity that is held by the established commercial powerhouses.
Perhaps the most convincing opportunity that BRIC nations have been able to tap into particularly well is the human resource management aspect explained by Briscoe, Claus & Schuler, (2009). In the explanation forwarded by the authors, it is clear that the most valuable asset that the modern world business is an efficient and competent human resource practice backed up by informed human resource management. Despite the many challenges that faced industrial relations in many parts of the world in the past century, human resource management is a major breakthrough that can be enjoyed by nearly all economies. In an efficient human resource-backed economy, there are opportunities beyond any technology or capital level.
Improved labor relations and availability of appropriate industrial environment can be translated to higher motivation and employee commitment measures as reported in Brazil (Davilla and Elvira 2006). With a favorable employment environment, the economy, as well as various corporate levels of operation, is sufficiently served. It is therefore very important to note the economy versatility aspect contributed by a good human resource. Modern business at the national and international levels cannot escape from the reality of industrial relations. With the appropriate corrections and readjustments, the BRIC nations have found their strength which cannot be perceived as a temporary asset.
Langley’s (2008) observation that unmatched economic success among the BRIC nations comes from realignments in corporate and organizational practices may hold some truth in it. An important aspect of the observations is that in order for a business to thrive within the countries, the business environment must be perceived by the best indicators of economic performance. Among the most important economic performance indicators are corporate bodies whose performance can be relied upon by investors to track business opportunities. However, the opportunities of the entire country perhaps require a greater involvement of economic and commercial realignments including policy formulation realignment that would facilitate the establishment of an international business-friendly environment.
The obvious positive impact created to the BRIC economic performance is that emanating from intensified participation in international trade (Jain, 2006). It follows that becoming a global business partaker enables a country to be gauged on the basis of global economic performance. Without taking part in international trade, it would be difficult for any of the BRIC nations to enjoy the benefits of economic grading.
In terms of the exposure that the international perspective on economic performance grading brings to investor awareness, it is clear that the benefits of attracting investors to BRIC countries translate to economic improvement. Similar observations by Marr & Reynard (2010) provide further evidence on the invaluable contribution of global trade to development opportunities created to BRIC. However, with evidence that the origin of the recent recession and economic crisis must have originated from outside BRIC countries, it leaves a worrying risk exposure to manipulation by a few people.
The observation by Lenne and Wood (2010) that dealing with food security research and development must bear a significant proportion of the success experienced in BRIC. One of the most definitive factors across these countries is the large population whose productivity is directly affected by food security. In light of the economic needs that a growing economy requires to establish a balance, participating in intensive food security provides BRIC with the necessary mechanism to stabilize its resources for development.
Briscoe, R.D., Claus, L.M., & Schuler, R.S., (2009) International human resource management. New York, NY: Routledge
Davilla, A., & Elvira, M, M., (2006) Managing human resources in Latin America: an agenda for international leaders. NY: Routledge.
Essvale Corporation Limited (2007). Business Knowledge for IT Investment management. London. Essvale Corporation.
Estrin, S., & Prevezer, M., (2011). The role of informal institutions in corporate governance: Brazil, Russia, India, and China compared. Asia Pacific Journal of Management, 28(1):41-67
Jackson, S.E., & Schuler, S. R. (2007) Strategic human resource management. MA: Blackwell Publishing Ltd
Jain, S.C., (2006) Emerging economies and the transformation of international business: BRICs. MA: Edward Edgar Publishing.
Langley, J., (2008) Supply Chain management a logistics perspective. OH: Cengage Learning.
Lenne, J.M., & Wood, D., (2010). Agrobiodiversity management for food security: a critical review. MA: CAB international.
Marr, J., & Reynard, C., (2010) Investing in emerging markets: the BRIC economies and beyond. Chichester: Wiley& Sons.
Reddy, P., (2010) Global Innovation in Emerging Economies. NY: Routledge.
Tseng, C. Y., (2009). Technological innovation in the BRIC economies. Research-Technology Management. 52(2), 29-35.
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