Where are the familiar words we ordinarily associate with economics. The systematic approach to restructuring involves the business portfolio, technical, financial, and organizational restructuring. 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. A significant rearrangement of a firms assets andor liabilities. 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. 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. 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. 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. 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. Geographical studies of economic restructuring seek to explain spatial variations in economic development. Retrenchment and restructuring labour and community issues. Information and translations of economic restructuring in the most comprehensive dictionary definitions resource on the web. The world economy is currently in a state of disequilibrium of a magnitude not seen since the aftermath of world war ii.
Eisner the walt disney company 500 south buena vista. 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. The term economic restructuring typically is used in a very general sense to indicate changes in the constituent parts of an economy. It is not easy to grasp the scale and urgency of the needed restructuring. Jan 10, 2018 four steps towards a more sustainable global economy 10 january 2018, new york. 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. Restructuring is a song on the lips of many nigerians. Internal comparables are transactions between any party to the controlled transaction and an. Economic restructuring is the process in which economies move from a bluecollar industrial base, especially around heavy industry and factories, into more of a whitecollar service sector. Giddy corporate financial restructuring 15 dear michael, february 11, 2004 mr. Pdf a definition of the concept of economic effectiveness. Dec, 2015 restructuring is the process of reorganizing a business. Restructuring is more likely to be successful when managers first understand the fundamental businessstrategic problem or opportunity that their company faces.
The way man attempts to get a living differs in major respects from time to time and from place. Century, the public still believes that the federal government serves critical roles, and in some areas performs them well. Traditional economies go all the way back to stone age man, and they still operate, and even thrive, across the globe today. How we can transform americas broken economic system to. Retrenchment and restructuring labour and community. Definition of economic restructuring in the dictionary. 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. The goal is to restructure the fiscal system so that the prices reflect the truth, protecting the economys natural supports. Most companies restructure either as part of a bankruptcy or as an effort to avoid it. Individual authors place stress on different elements. Restructure meaning in the cambridge english dictionary. 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. The fed decided not to raise rates for the third straight month.
The act or process of changing the terms on the assets andor liabilities of a company. The concept of economic effectiveness has often been interpreted in an ambiguous manner. There has been a huge amount written about the changes taking place in the chinese economy and much of the media. Restructure definition of restructure by merriamwebster. 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. Economic restructuring an overview sciencedirect topics. Integrating the administration, operations, technology andor products of two firms. 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. The table in annex b shows typical coverage for larger and smaller collective. As headwinds from the recent crises subside and global demand, trade and investment pick up speed, governments can. The term implies a major change as opposed to a subtle improvement. Economic restructuring is a phenomenon that has accelerated in the last part of the twentieth century and into the twentyfirst century.
In the final analysis, companies must restructure when the competition begins to get the best of them. 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. Pdf the new economy and restructuring higher education. Richebacher wrote this classique in 2006, a day after the fomc meeting.
Module 2 economy its meaning and types about economy 26 notes 4. 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. 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. It has trended for decades and seems to be an intergenerational topical issue in nigeria. Restructuring financial definition of restructuring. The real facts behind chinas economic restructuring. Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense.
The chapter analyses approaches to corporate restructuring core. Reestablishing a stable, sustainable relationship between the global economy and the earths ecosystem depends on restruc. Retrenchment and restructuring labour and community issues, a brief guide. 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. How to make restructuring work for your company harvard. Restructure definition is to change the makeup, organization, or pattern of. Restructure definition and meaning collins english dictionary. Economy is the large set of interrelated production and consumption activities that aid in determining how scarce resources are allocated. If clients operate in an eu member state that has chosen this definition of 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.
The essence of the restructuring debate in nigeria by nasir ahmad elrufai when i concluded plans to. Public sector restructuring and governance in nigeria. 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. Restructure definition of restructure by the free dictionary. The causes and consequences of economic restructuring. Restructures definition of restructures by the free dictionary. Economic contribution of the food and beverage industry.
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. Scribd is the worlds largest social reading and publishing site. 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. Changing the legal structure of a firm such as ownership structure. As there is no single definition for economic development, there is no single strategy, policy, or program for achieving successful economic development.
In a new report, the committee on international economic policy and reform examine sovereign debt crises and present procedures for restructuring the. A good definition of economics, which stresses the difference between economics and other social sciences, is the following. To restructure an organization or system means to change the way it is organized, usually. Brown, an economy is a system by which people get living. And thats if we had just kept inequality the same as it was in 1985. 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. 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. There is no clear definition of it in the literature. In certain circumstances, an employee who claims to have been. 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. Issues for congress congressional research service assembly, widely viewed as an illegitimate legislature, should be enforced. Malaysias new economic policy nep was announced in 1970 as part of a package of measures introduced after the political crisis of may 1969. Nov 05, 2015 the real facts behind chinas economic restructuring.
809 1489 1162 1451 1278 1334 1171 1163 1037 1142 602 1428 1166 286 357 49 715 613 894 1545 235 1258 141 944 261 508 989 353 294 1367 210 1261 570 1057 844 1136 162 1554 523 800 826 306 150 361 214 1067