As there is no single definition for economic development, there is no single strategy, policy, or program for achieving successful economic development. Jun 30, 2017 restructuring has become the latest buzz word in the political landscape with political and non political actors pushing forward their ideas of the word that was not too long ago, an anathema to. A firms restructuring may include discontinuing a line of business, closing several plants, and making extensive employee cutbacks. If there are underlying longterm forces at work in the economy that tend to reduce the demand for certain products or services, attempts to circumvent these forces will be misguided.
A good definition of economics, which stresses the difference between economics and other social sciences, is the following. The goal is to restructure the fiscal system so that the prices reflect the truth, protecting the economys natural supports. There has been a huge amount written about the changes taking place in the chinese economy and much of the media. Restructuring is a song on the lips of many nigerians. Restructures definition of restructures by the free dictionary. Underlining every contract of employment is the obligation on the employer to provide work and the employees corresponding duty to put in the best of his skills and competencies in the services of the employer. There is no clear definition of it in the literature.
Retrenchment and restructuring labour and community issues. Internal comparables are transactions between any party to the controlled transaction and an. The essence of the restructuring debate in nigeria by nasir ahmad elrufai when i concluded plans to. Integrating the administration, operations, technology andor products of two firms. Restructure definition is to change the makeup, organization, or pattern of. Jun 25, 2019 restructuring is a type of corporate action taken when significantly modifying the debt, operations or structure of a company as a means of potentially eliminating financial harm and improving the. The systematic approach to restructuring involves the business portfolio, technical, financial, and organizational restructuring. Changing the legal structure of a firm such as ownership structure. Nov 05, 2015 the real facts behind chinas economic restructuring. Module 2 economy its meaning and types about economy 26 notes 4.
Dec, 2015 restructuring is the process of reorganizing a business. Economic contribution of the food and beverage industry 2 about the committee for economic development the committee for economic development of the conference board ced is a nonpro. Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense. If the maduro regime stays in power and does not reorient its policies, the united states may revisit its policies and potentially pursue harsher sanctions. The term implies a major change as opposed to a subtle improvement. Richebacher wrote this classique in 2006, a day after the fomc meeting. The concept of a green economy has lately gained currency as the world has been searching for solution to multiple global changes, especially in the midst of the global economic crisis in 2008. In a new report, the committee on international economic policy and reform examine sovereign debt crises and present procedures for restructuring the. How we can transform americas broken economic system to. The way man attempts to get a living differs in major respects from time to time and from place.
Brown, an economy is a system by which people get living. The chapter analyses approaches to corporate restructuring core. Restructure definition and meaning collins english dictionary. Retrenchment and restructuring labour and community issues, a brief guide. A restructuring generally entails a onetime charge against earnings. The main goal of economic development is improving the economic well being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life.
Economic restructuring is a phenomenon that has accelerated in the last part of the twentieth century and into the twentyfirst century. Malaysias new economic policy nep was announced in 1970 as part of a package of measures introduced after the political crisis of may 1969. Economic contribution of the food and beverage industry. Consistent with this definition, the committee focuses on a comprehensive set of measuresincluding not only gdp, but also employment, income, sales, and industrial productionto analyze the trends in economic activity. Restructure meaning in the cambridge english dictionary. To restructure an organization or system means to change the way it is organized, usually. Century, the public still believes that the federal government serves critical roles, and in some areas performs them well. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. It has trended for decades and seems to be an intergenerational topical issue in nigeria. The act or process of changing the terms on the assets andor liabilities of a company. How to make restructuring work for your company harvard.
In addition, mutualholdingcompany legislation reached the federal level with a provision in the grammleachbliley act of 1999 stating that companies domiciled in states that dont allow for mutualholdingcompany structure can redomesticate to another state to create such a restructure, without any recourse against the company from its domiciled state. Economy is the large set of interrelated production and consumption activities that aid in determining how scarce resources are allocated. Restructure definition of restructure by merriamwebster. It is not easy to grasp the scale and urgency of the needed restructuring. Pdf a definition of the concept of economic effectiveness. The fed decided not to raise rates for the third straight month. Restructuring is a type of corporate action taken that involves significantly modifying the debt, operations or structure of a company as a way of limiting financial harm and. As headwinds from the recent crises subside and global demand, trade and investment pick up speed, governments can. Restructure definition of restructure by the free dictionary. Eisner the walt disney company 500 south buena vista.
It will also be of immense benefit to the government since it highlighted the public sector restructure issues which will enable the government to make appropriate adjustments and take necessary corrective actions. Scribd is the worlds largest social reading and publishing site. A significant rearrangement of a firms assets andor liabilities. In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base. Geographical studies of economic restructuring seek to explain spatial variations in economic development. Information and translations of economic restructuring in the most comprehensive dictionary definitions resource on the web. Perestroika russian for restructuring refers to a series of political and economic reforms meant to kickstart the stagnant 1980s economy of the soviet union, devised by president mikhail. Restructuring is a type of corporate action taken when significantly modifying the debt, operations or structure of a company as a means of potentially eliminating financial harm and improving the. A new methodology since there have been, to date, few systematic processes for reorganizing departments or businesses, the following description of an innovative, performancecentric approach will enhance the practice of internal and external consultants. Pdf the new economy and restructuring higher education. Giddy corporate financial restructuring 15 dear michael, february 11, 2004 mr.
The real facts behind chinas economic restructuring. The concept of economic effectiveness has often been interpreted in an ambiguous manner. Restructuring is more likely to be successful when managers first understand the fundamental businessstrategic problem or opportunity that their company faces. The term economic restructuring typically is used in a very general sense to indicate changes in the constituent parts of an economy. Definition of economic restructuring in the dictionary. In certain circumstances, an employee who claims to have been. Reestablishing a stable, sustainable relationship between the global economy and the earths ecosystem depends on restruc. The table in annex b shows typical coverage for larger and smaller collective. The employees requirement to mitigate one way in which an employers need to restructure may be relevant to a claim for constructive dismissal relates to mitigation. In the final analysis, companies must restructure when the competition begins to get the best of them. Retrenchment and restructuring labour and community. Restructuring financial definition of restructuring.
Economic restructuring an overview sciencedirect topics. Public sector restructuring and governance in nigeria. Issues for congress congressional research service assembly, widely viewed as an illegitimate legislature, should be enforced. Traditional economies go all the way back to stone age man, and they still operate, and even thrive, across the globe today. Restructuring has become the latest buzz word in the political landscape with political and non political actors pushing forward their ideas of the word that was not too long ago, an anathema to. Individual authors place stress on different elements. State that has chosen this definition of collective. If clients operate in an eu member state that has chosen this definition of collective.
The symptoms of underlying stress have been manifested over the past two years in the form of rawmaterial shortages, a food and fertilizer crisis, a dramatic rise in petroleum prices, and finally, worldwide inflation and threats of impending financial disaster. It sought to eradicate poverty and restructure society to eliminate the identification of race with economic function in order to create the conditions for national unity. The causes and consequences of economic restructuring. The world economy is currently in a state of disequilibrium of a magnitude not seen since the aftermath of world war ii. Groshen and potter 2003, for example, report that, by their metric, 79 percent of industries could be characterized as restructuring in the 2001 downturn and subsequent recovery, compared with 50 to 60. That is, a company may consolidate its debts, significantly change the size and scope of its operations, and take other measures to reduce the strain of continuing operation. And thats if we had just kept inequality the same as it was in 1985. Jan 10, 2018 four steps towards a more sustainable global economy 10 january 2018, new york.
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