The distinctive system of a nation's business organizations. The interaction of economic factors and social institutions within different countries has evolved in different ways. Business systems acquired their distinctive characteristics at an early stage of the industrialization process and they have subsequently developed and adapted to their environment. This helps to explain why the business systems in, say, Britain, Germany, and Japan have developed in different ways, as a result of such institutional factors as the system of government, the financial system, education and training, and industrial relations.
Subjects: Business and Management.