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Week Four Discussion
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Check My Assignment!Liberalism has become more popular with Britian’s younger population and that is due to various reasons. This liberal ideology means a person is who is willing to tolerate the society but wants the government to handle economic issues. The younger generation embraces more social freedoms than the previous generation which is more skeptical of the new ideology. One reason classical liberalism is back is because the new generation is more focused on their individual futures than the future of their government. This new generation is more skeptical toward the government’s tax increases and sustainability and these are some of the reason the new generations of liberals has grown.
According to the discussion, the younger generation tend to grow more conservative as they grow older. This would keep in following most patterns, for example, investing. The younger a person is the more they can handle riskier investments and as they grow older more conservative portfolio would be advised. The younger generation now is more concerned with making their own path and is tired and skeptical of where they are now. They have become skeptical to how the government is running including: issues of sustainability, the abolition of the Education Maintenance Allowance. The older generation relies on the pension increases and housing allowances which gives this generation to focus on the government as they benefit from it. Part of the new liberalism also calls for more government transparency over these issues, which is a common theme in many Western societies.
The culture shift toward liberalism could have many effects on International Business Strategies. One example is tax rates. As tax rates are based on income brackets the higher the income the more the tax a person will need to pay, this could dissuade possible investors. A more liberal culture may see a lower tax which could attract entrepreneurs and also increase international business
Discussion Week 4
Britain’s youth are more liberal than their parents ever were, but what does that mean for the UK business environment? After reviewing the Economist video Sex, Drugs, and Adam Smith, consider:
Why is classical liberalism back in the United Kingdom?
What are some of the formal and informal institutional and cultural effects of this discussion?
What effect might it have on the IBS of the UK firms?
Classical liberalism is back in the UK because as mentioned by The Economist/Blighty (2013) the new younger generation of Brits require a more liberal outlook on issues stemming from government and social issues. Some of the formal and informal institutions that surround this discussion are same sex marriage, drugs, alcohol, and economic issues (informal). In contrast some of the more formal institutions include the three main political parties (Conservative Party, Labor Party, and Liberal Democrat Party) (Formal Institutions) (The Economist/Blighty, 2013).Some of the cultural affects surrounding this discussion is how you this younger generation view the issues mentioned above: Furthermore the discussion explains how this generation is more liberal as compared to their parents who were of the same age in the decades of the 60’s and 70’s. With these new liberal views, the International business strategy of UK firms is bound to change. As mentioned by IB Imperial Business School (n.d.) Generation X and Millennials are the new players in the business world, and as a result new leadership will emerge with different leadership styles. Their liberal outlook will undoubtedly shape UK firm international business strategy.
