Chinese Philosophy Impact And Influence On Global Economic Or In Management

Abstract

Confucianism, Daoism, and Legalism the three main principles of Chinese philosophy have, over the years, had an immense influence on economic theory and practice worldwide. The ideals of Confucianism, who puts the common good before personal gains, have influenced business practices. Confucianism is noted for its emphasis on ethical principles, social harmony, and observance of hierarchy. China, Taiwan, and Hong Kong corporate governance, HR practices, and organizational behavior are defined by Confucian values of honesty, integrity, obedience to authority. Instead of focusing on short-term gains, businesses that follow the principles of Daoism, namely harmony, flexibility, and balance, stand a greater chance of enjoying long-term success. This concept motivates innovation towards examples such as renewable energy and technology while also underlining the sustainability needs of society and the environment. It defines modern management approaches. Though 'legalism' has a negative image, it provides much-needed orderliness and clearness to the risk management frameworks as well as organizational structures of governments and other large-scale corporations. These philosophies lead to a unique method of leadership and decision-making on a global level. Leadership styles that stress collective decision-making, strategic caution, and the big picture have their roots in Chinese thought. Greater influence on cross-cultural management, investment strategies, as well as international trade relations is likely to accompany China's growing economic prowess in the years to come. Business leaders from all over the globe need to understand intersections between economic management and Chinese philosophy if they want to be successful in the Chinese market and form global relationships in the current day.