I have developed a theoretical framework which I call ‘an Aristotelian approach to business’. As Aristotle is famous largely as the enemy of business, some justification of this approach would seem to be in order. True, he was the first economist. He had much to say about the ethics of exchange and so might well be called the first (known) business ethicist as well. But Aristotle distinguished two different senses of what we call economics: oeconomicus or household trading, which he approved of and thought essential to the working of any even modestly complex society, and chrematisike, which is trade for profit.
The term Global Economy refers to an integrated world economy with unrestricted and free movement of goods, services and labour transnationally. It projects the picture of an increasingly inter-connected world with free movement of capital across countries, also. The concept of a global economy cannot be understood in isolation. For this, globalization nees to be