IJBED https://ijbed.org Centre for Business & Economic Research https://cberuk.com/ info@cberuk.com 2051-848X 2051-8498 https://doi.org/10.24052/IJBED/ English true Creative Commons Attribution style policy https://ijbed.org/copyright_policy After many years of socio-economic and political turbulences, the world economy started behaving in an orderly way following the Second World War with the establishment of UN, GATT and other world bodies. That was also the time that the distribution of world resources began to take a highly inequitable form, more in favour of the rich- the industrialised world guided by forces of capitalism and hence the private sector business. Most of the LDCs remained unresponsive. They were mostly poor and yet got bogged down to socialist principles that they thought would be invincible in their move to progress. While the world economy grew at a rapid pace during the 60s onwards, the world of the poor grew at a measly 3% or so, out of this much was eaten away by the population growth. Similarly, world trade grew at an amazing pace, yet the developing countries' share fell. For example, during the post-independence period, India had as much as 6% share in world trade, but its share has rapidly fallen over the years. But there were exceptions too - the South East Asian countries, for example, led by the magic wand of entrepreneurship and supported by the government’s policy framework.  Those countries saw this burgeoning world trade as an opportunity and benefited immensely. The response was robust, having taken the challenges head-on, benefits naturally followed. Then, of course, China appeared on the scene in the 70s when capitalism replaced socialistic principles in matters pertaining to economics, the latest to go on the show is India, when much of the economy was thrown open to competition in the 90s.  The economies in all these countries have benefited from a highly diversified business sector, more so in China than others. In the end, for development to take shape, the response from business in respect of quality is, therefore, of crucial importance. In line with the model of development put forward by Porter, moving forward, to start with, from a factor driven stage to investment driven stage, and then to the stage of innovation, is mostly a function of the quality of resources employed. The developing countries are experiencing it. Where the quality of response is high via resource quality, both at individual (entrepreneurship) and govt. level, the steeper gradient of production becomes easily visible. If we look at the DCs, the same scenario again. America is in a less advantaged shape today, we all know. It might have been more awful, had not the policy making body gone for the supply side rationalisation. Britain would have been in a much poorer shape today, had it not been for the conservative govt. to restructure the economy and increase the level of quality in business in the ‘80s, although a think tank had suggested reformulation of business strategies i.e. - move away from heavy industry bias- way back in the 60s that had gone unheeded.  All said and done, managerial practices aiming at economic development today are a product of capitalism, but it has an ugly face. True, but it needs good governance to employ the energy that it releases to the cause of the society’s welfare for the larger community and not for the few – as Scandinavian experience well demonstrates. The lessons to be learnt are several. First, hard core socialist economic principles do not work. They are palatable in theory, unworkable in practice. Soviet Russia and China are witnesses and most recently Castro’s Cuba. Democratic India tried it and experienced miserable growth rates. Businesses do not respond favourably to these initiatives. Secondly and a crucial one is that without the creation of an accommodating and friendly environment , businesses would not flourish to their full potential and that the stage would not be set for the interplay of factors central to Porter’s Diamond depicting the economic advancement of the society. Finally, the most important, there must always be a process of business restructuring – old must give way to the new and conditions must be created for this to happen if economic development is not to be undermined, for this to happen, innovation, creativity and technological advancement must always be taken forward failing which the economy would crumble under pressures of macroeconomic instability coming from inflation, unemployment and unfavourable balance of payments.   All these bring us to the point central to this journal that business, in all its facets - production, marketing, finance, human capital, organization etc. at operational level supported by a conducive policy environment - and economic development complement each other. The linkages between the two need proper focus, for the cause of ‘development’, of course, the issues of productivity, efficiency and equity have to have their respective weights.  There is scope for many controversial issues. For instance, whether there should be promotional efforts devoted to large business interests or the SMEs. Can development models be copied or should they always be country specific? What is the World Bank’s stand on this? These are just a few to mention.  Academic journals should encourage these debates that is the very basis of intellectual progression.  The mission of this journal is primarily to publish empirical research that tests, extends or builds retail business management theory and contributes to retail management practice. All empirical methods including qualitative, quantitative, field and combination methods are welcome. In addition, we also accept research that is theoretical, conceptual and case study focused. In order to be published in JBRMR, a manuscript must make strong experiential and theoretical contributions and highlight the significance of those contributions to the retail management field. Thus, preference is given to submissions that test, extend or build strong empirical and theoretical frameworks while critically examining issues with high importance for retail business management theory and practice. The aim of the journal is to disseminate knowledge; provide a learned reference in the field; and provide meaningful insights into an everchanging sector. The first objective of the Journal is to attract and publish robust theoretical, conceptual, and empirical manuscripts from international academics and professionals regarding a wide range of contemporary issues in business and retail management. Secondly, the be a means to provide meaningful insight and contribute to the body of knowledge and understanding about the theory and practice about retail business management. The readership for this journal includes academics, researchers, policy makers, executives and practitioners engaged in business and retailing. https://ijbed.org/journal_peer_review_process https://ijbed.org/epolicy https://ijbed.org/ethics_statement https://ijbed.org/complaints_procedure Statement of editorial policies The IJBED is a scholarly and refereed journal that provides an authoritative source of information for scholars, academicians and professionals in the fields of business and economic development. The journal promotes the advancement, understanding and practice of business & economic development. Manuscripts offering theoretical, conceptual and practical contributions are encouraged. Aims and Scope The International Journal of Business and Economic Development (IJBED) publishes original research papers relating to all aspects of contemporary economic ideas. The emphasis is on quantitative or analytical work, which is novel and relevant. The interaction between empirical work and economic policy is an important feature of the journal. Contributions should offer constructive ideas and analysis, and highlight the lessons to be learned from the experiences of different nations, societies, and economies. The journal plans to provide a valuable appraisal of economic policies worldwide. Therefore, the analysis should be challenging and at the forefront of current thinking, however articles are to be presented in non-technical language to make them readily accessible to readers outside of the related disciplines. The Journal is peer reviewed and international in scope. We encourage contributions from around the globe, with special emphasis on developing countries including the transition economies. IJBED’s aim is not only to serve as a link between theorists and practitioners, but also to build a bridge between economists and their colleagues in related fields. While the level of the International Journal of Business and Economic Development is academic, the materials presented are of value to policy-makers and researchers, especially those in developing countries. IJBED encourages young researchers to submit their work. The journal will also organize special issues to emphasize new research directions. The journal includes empirical, conceptual and methodological articles in the fields of economic development, economic growth, institutional economics, open economy macroeconomics and international finance, social choice and political economics, and behavioral economics Subject coverage    Economic development Behavioural Economics FDI, Free trade – theory and practice Economic History Globalisation, liberalisation and development Financial Institutions & Markets Fiscal policy Financial services Industrial Organisations International economics & trade International finance Macroeconomic parameters and growth Micro economics Microfinance and development Monetary policy Public policy economics Regional economics Inclusive growth Institutions, and economic development Mergers and acquisitions Microfinance and development Multinational enterprises and business strategy Formal condition of acceptance Papers will only be published in English. Each typescript must be accompanied by a statement that it has not been submitted for publication elsewhere in English. Previous presentation at a conference, or publication in another language, should be disclosed. All papers are refereed, and the Editor-in-Chief reserves the right to refuse any manuscript, whether on invitation or otherwise, and to make suggestions and/or modifications before publication. IJBED only accepts and publishes articles for which authors have agreed to release under the terms of the Creative Commons Attribution Licence (CCAL) version “CC BY 3.0. Please note that authors retain ownership of the copyright for their article, but authors allow anyone to download, reuse, and reprint, modify, distribute, and/or copy articles in IJBED, so long as the original authors are source are cited. No permission is required from the authors or the publishers. IJBED shall furnish authors of accepted papers with proof for the correction of printing errors. The proof shall be returned within 14 days of receiving the suggested corrections. IJBED shall not be held responsible for errors which are the result of authors' oversights IJBED is committed to publish all full text articles online for immediate open access to readers and there is no charge to download articles and editorial comments for their own scholarly use. Papers are only accepted for consideration for publication on receipt of a sign declaration by the author/authors that their paper is free of plagiarism. Peer Review Process IJBED places great emphasis on the quality of the articles it publishes; and therefore, a full double - blind reviewing process is used in which: Subject to the condition that the paper submitted is in line with the guidelines provided for authors the editor will review its suitability given the scope, aims and objectives of the journal. If the outcome is positive the paper will be sent for blind reviews to two subject specialist reviewers. Decision will be taken as to the acceptability of the paper on the basis of the recommendations of the reviewers. Should further revision be found necessary it will be communicated to the author accordingly. Based on the final outcome of above the date of publication will be decided and acceptance letter to be issued to the author(s). For papers which require changes, the same reviewers will be used to ensure that the quality of the revised article is acceptable. IJBED is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission from the publisher or the author. IJBED is committed to publish all full text articles online for immediate open access to readers and there is no charge to download articles and editorial comments for their own scholarly use. https://ijbed.org/open_access Authors are required to complete and submit the registration form with the applicable Article Processing Charges (APC) to publish the paper in the International Journal of Business and Economic Development (IJBED). There is no charge for the review process. The following Article Processing Charges (APC) must be received within 10 working days after the paper is accepted. 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