Discuss the conflicts and tensions between the expectations of Essay

Discuss the conflicts and tensions between the expectations of society, the aims of business and the roles of government as exemplified by the pharmaceutical in - Essay Example There are several areas upon which impact of these conflicting interest are greatly observable. In our case scenario, we take the pharmaceutical industry as our case model. However, our discussions will only be limited on the interrelations between outside factors namely government regulations and the expectations of society vis-Ã  -vis the internal management systems and responses of the company, especially in terms of labour and production. We will deal mostly on the aspects of labour and how it is affected by the business cycles and trends. Hence, we will focus more on the management aspects and less on the activities and developments of the pharmaceutical industries. Economic cycles can be viewed in terms of predictable long-term1 pattern of changes in the national income of a given country. Based on established patterns, we have a traditional business cycles which involves four stages namely expansion2, prosperity3, contraction4 and recession5. This is a cycle whereby at the end of the recession period, the expansion stage kicks-up again. During these economic stages, we can observe chain reactions in the different aspects of the business sector. Common characteristics in these cycle of events in the impact it has on the labour in terms of changing employments, the productivity where there may be more of less production depending on the cycle and the rise and fall of interest rates depending on the cycle involved.6 To illustrate this scenario, let us look back into our economic history. In the 1970s up to the 1980s, a steady rise of unemployment rates in Europe can be observed. This steady rise was then attributed to mostly to the demand and supply of labour force where it was perceived that supplied skills and expertise of labour did not match with the demand. Not only was there a mismatch in the supply and demand of labour, there was also a perceived discrepancy between wages