Analyzing Business Relationships: Pre and Post-Industrial Revolution

1049 Words4 Pages
In the world today, the meaning of business and its relations to society has evolved greatly from the industrial revolution and before. Before the industrial revolution, most business was conducted on a micro scale, with the relationship between demand and supply being much closer and more integrated than it is today. During and directly after the industrial revolution era, business became more focused on profitability, and more often than not, the benefits to society were more or less equal to the harm created in terms of labor relations and environmental harm. Today, however, consumers have become sufficiently informed to care about the way in which business conduct their affairs. To maintain good customer relations and profitability, businesses have been obliged to adopt actions that adhere to the concept of corporate responsibility. This means that they must adhere to a certain set of business ethics and customer relations in order to gain the benefit of profitability from these. According to Svenskt Naringsliv (2004, p. 4), the main objective of business is to "develop, produce, and supply goods and services to customers." The objective of this, in turn is to make a profit. To do this, a company must have a much deeper understanding of its environment than simply suggested by supply and demand. The company must also have an understanding of the social environment and the values of the area within which it operates. The values the company operates under must then be
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