Changing
time, changing situation and changing age especially are the main factors for
the development of management theories. Several visible factors influenced the
development of management theories. They are:-
·
Ownership
of production
-There are different economic systems.
Production under capitalistic, socialistic, islamic & mixed are different.
These differences influenced the development of management theories.
·
Political
& legal condition
-Like economic system, different political
ideology prevails everywhere. People believes in:- democracy, autocracy etc.
These political situations shape their business uniquely & these factors
escalated our management theories.
One thing is legal in one country, that
might be illegal to another country. So, these cause changes and thus influence
the management theories.
·
Socio-cultural
system
-Peoples practice and organizational
practice is depends on culture and demography. Different socio cultural expert
fosters the growth of various theories of management.
·
Educational
factor
-Some educational factors also influencing
the development of management theories. They are:- business education,
management as profession, heterogeneous thinking, & business research.
·
International
trade
-We
are in global village. For this reason:-We are entering in different culture
and becoming cultural shocked through different theories. Resource valuation
also influenced by different exchange rate. Expatriate learns different
management practices through international assignment. Moreover, international
trade influenced the development of management theories.
·
Human
Resource Development
-It
means developing people and then seeking performance. Human is tool in one
country and resource in another country. Obviously both influenced the
emergence of management
theory.
·
Technological
reshape
-Mechanical
technology replaced by the digital technology, and digital technology changed
all the theories enclosed with mechanical technology perspective. Thus it
brings new management theories.
