Notably, the founding of the history of business can be accredited to Wallace Don ham (Eibe, 2012). Business education originated since the Second World War and it can be accredited to the United States. Many of the business schools in the United States enrolled in business history in their academic programs. Europe has been accredited for producing the first work on company history. Additionally, in India, business education can be referred back in the 1960s where the Indian Institute of management was among the first to implement business history in their curriculum. This study discusses the contributions of business history and the emergence of globalization on the way of performing business in the current society. With that in mind, the implication of the understanding of business and globalization will be enlisted.To begin with, the history of business is such an important aspect for a greater achievement in business today, through the study of the company business history the company becomes informed on the mistakes of the previous business, which allows the management to employ suitable and more efficient strategies which are quite different from the previous ones. In the same regard, understanding of business history helps managers to regain managerial and managerial techniques. As noted, the history of business has been in the limelight for quite a long time, however, it is only until recently (the late 1990s) that more effective work towards the value of business history was recognized. More importantly, an understanding of business history helps in the development of the business and the economy especially in the formulation ofstrategies in the current rapidly changing business environment. In 1996, a survey carried out by the management history division of the management Academy established, adoption of business history courses yielded a variety of benefits. Their research, formed as a basis for continued research in the contributions made by business history in today’s business. Indeed, the historical component of business on the following key points. History is an important aspect for the understanding the nature of human and his/her past endeavors, thus giving light on the present as well as future activities in a number of ways. A historical study expounds on the understanding of humanity and key lessons for human ambitions, aspirations as well as organizations. Additionally, history enhances communication skills and the ability to evaluate healthy skepticism and evidence to some opinions and propaganda (Know ells, 2008). It offers business students with an excerpt of development of a country economy and international economy, providing insights into the structure of industries as well as, the evolution of business strategies (Gibson et al, 1999).
Impact of Emerging Economies and Firms on International Business