The insights from the first session of the Business as Unusual course, as described, offer a strong and expansive framework for thinking about economics that goes beyond traditional techno-economic approaches. This includes three essential dimensions that intriguingly “denaturalise” economics, presenting it not as a fixed system but as an amalgamation of various cultural, historical, and political processes.
The historical development of economic ideas highlights that economic concepts are not immutable but evolve in response to societal, technological, and political changes. This perspective encourages a critical examination of current economic ideologies with an awareness that past ideas, while they may seem outdated, can still be relevant as context or as reminders of certain limitations.
The diversity of economic ideas and practices broadens economics beyond a singular, universal truth by showing how different cultural contexts lead to varied economic thinking and practices. This perspective underscores that economic behaviour can vary radically depending on cultural settings, opening up a space for discussions on what is considered “success” or “value” in different societies.
The variety of economic operations brings an important understanding of the “depth” of economics, where everyday interactions and so-called non-economic activities significantly impact the narrowly defined economic sector. This approach demonstrates that many commonly overlooked social or cultural activities hold essential economic value, brilliantly illustrating the interconnectedness of economic and social life.
Adding to this view the fact that economic ideas are politically and culturally conditioned gives us a multi-dimensional approach to economics, portraying it as a mirror of society and cultural symbols. This approach highlights that economics is always interwoven with power relations and is both a tool and a product of cultural meanings.
Altogether, this information suggests that economics should not be studied in isolation but as a social phenomenon with historical, cultural, and political consequences. This perspective resonates well with the overall course structure, which gives the course a critical and multidisciplinary framework that can offer students not only an understanding of economic concepts but also the ability to actively re-evaluate and creatively engage with them.
Re-evaluating the History of Economic Thought
The Business as Unusual course offers us a new perspective on economics, emphasising its cultural and political dimensions. The history of economic thought demonstrates that economic theories are not static; they reflect shifts in society and political structures, prompting us to re-examine current approaches. This perspective also highlights the importance of interdisciplinarity, as seen in the works of authors like Schumpeter and Backhouse with Fontaine, who interpret economics within a broader social context (Exploring Economics [1]).
Since economics is always in interaction with other social sciences, this opens the door to understanding how various approaches—from economic anthropology to economic geography—enhance our perspective on economics and its role in society. Economic ideas are therefore not solely about technical models; they are narratives of the human endeavour to understand social interactions and development, transforming economics into a “mirror” of social symbols and values (Exploring Economics [1]).
Business as Unusual: Humanity and Difference in the Modern Economic World
In today’s world of business and economics, global interconnection is an everyday reality. Companies operate on an international scale, and cultures meet within shared offices and on computer screens. This contact brings countless opportunities but also significant challenges. As Milton J. Bennett notes in his work on intercultural communication, we cannot rely on the “easy assumption of similarity” between cultures [2]. Cultures are, in fact, “inherently different in their languages, behaviour patterns, and values,” and business leaders who ignore this risk not only misunderstandings but also the loss of markets and failure to achieve shared goals.
The traditional approach to business has often sidelined differences, striving for what is known as the “melting pot” – the idea that everyone should adapt to the dominant culture. This mindset suggests that “if people were more like us, they would be acceptable to have around” [2]. However, modern economics and business require a new approach, one that builds on mutual enrichment rather than conformity at the expense of diversity. Increasingly, companies are embracing “business as unusual” as the new standard, where cultural diversity is a source of strength, not a hindrance. This approach sees difference not as a problem but as an opportunity for innovation and the broadening of perspectives.
When examining business where cultures intersect, there is often a focus on “major” cultural institutions (languages, economic systems, political frameworks, …) Bennett refers to this as “Big C Culture,” but he also warns that focusing solely on these objective aspects risks overlooking the true meaning of subjective culture – the psychological and everyday thought and behaviour patterns of individuals [2]. Understanding people on this subjective level can lead not only to intercultural competence but also to business success. Companies that can tune into subtle differences and the dynamics of intercultural behaviour gain an advantage.
An economic model based on diversity brings new perspectives, new ideas, and greater flexibility. Companies that successfully implement the concept of “business as unusual” often create an environment that not only tolerates but respects and even celebrates cultural differences. While this approach is not without its challenges, it has undeniable benefits. As Bennett argues, understanding subjective culture can help develop skills in cultural adaptation and intercultural communication [2]. In practice, this means that diverse teams can find creative solutions where homogeneous groups see only problems.
From Bennett’s perspective on intercultural communication, it would be a mistake to view economic diversity as merely a strategy. Companies that build deeper empathy and understanding for the subjective aspects of culture gain more than just effective teams. This empathy extends to customers, partners, and the communities where the company operates. Business with a human touch can utilise cultural differences as a foundation for building trust and respect. Empathy and the ability to grasp cultural nuances may be what transforms a company from an organisation of “Big C” to a business with the essential “little c,” built on everyday experiences and genuine relationships.
In a changing world where intercultural communication is becoming ever more significant, “business as unusual” offers a human-centred approach to business, which sees cultural differences not as obstacles but as the pillars on which it builds its practices. Companies that approach business as intercultural communication not only increase their competitiveness but also contribute to creating a world where cultural differences are respected rather than suppressed.
In this sense, “business as unusual” becomes not only a business strategy but a manifestation of humanity in business – a way to create not only economic but also cultural values with the potential to transcend traditional business boundaries and offer something truly new, enriching, and profoundly human.
The Diversity of Economic Ideas and Practices in the Context of “Business as Unusual”
A study by Marie-France B. Turcotte, Juliane Reinecke, and Frank den Hond [3] examines how the multiplicity of private social and environmental regulations is reflected in the coffee, forestry, and textile sectors. The authors find that “competition between private standards, diverse approaches, and the fragmentation of initiatives are integral parts of private regulatory regimes” [3]. This diversity mirrors the variability of economic ideas and operations across different cultural communities.
In the context of business as unusual, this multiplicity represents both a challenge and an opportunity. Businesses must navigate a complex environment of varying standards and regulations, which differ according to cultural and economic contexts. The authors argue that “there is no single dominant trajectory in the development of standards across different sectors; instead, governance spheres are shaped by a complex interplay of diverse factors” [3]. This means businesses must be flexible and adaptable to operate successfully in different environments.
In the textile sector, for example, the high degree of heterogeneity and the number of standards are related to idealistic and politico-institutional factors, with non-governmental organisations introducing new standards in response to existing ones [3]. This illustrates how cultural and social factors influence economic operations and lead to a plurality of approaches.
In the forestry sector, stronger players, such as governments and large logging companies, have contributed to a reduction in the number of standards and the establishment of a quasi-duopoly [3]. This illustrates how political and economic power structures can influence regulation and practice in the sector.
The coffee sector represents a middle ground, where efforts to harmonise standards reflect the need to balance the interests of small farmers with the demands of the global market [3]. This highlights the importance of considering different economic ideas and cultural contexts in the creation and implementation of standards.
The authors emphasise that all three institutional perspectives on standard-setting—economic-institutional, idealistic-institutional, and politico-institutional—are “relevant to understanding the dynamics surrounding the multiplicity of standards” [3]. These perspectives reflect diverse economic ideas and values that influence how standards are created and implemented across different sectors and cultural contexts.
Within business as unusual, it is essential for companies to understand and respect this variability of economic ideas across cultural communities. By adopting this approach, they can better respond to the challenges of the global market and seize the opportunities presented by the diversity of economic ideas and practices.
In conclusion, the study suggests that the multiplicity of economic ideas and operations is not an obstacle but rather a necessity in today’s complex business environment. Companies that can adapt their strategies and operations in line with this diversity may achieve lasting success in the global marketplace.
Economic Diversity and the Complexity of Capitalism: What Economic Interactions Depend on
In his book The Diversity, Complexity, and Evolution of High Tech Capitalism, Sten Thore provides a fascinating view of capitalism as a system inseparable from rapid changes, technological advances, and evolving market structures. Thore discusses the diversity and complexity inherent in the capitalist system and the ways in which it affects the functioning of the economy, often focusing on the technological domain and high-tech products [4]. Against this theoretical backdrop, it is relevant to consider how diverse non-economic activities impact the diversity of economic operations and the depth of economic interactions.
The diversity of economic operations extends beyond the variety of products and services available on the market; it also encompasses the intricate relationship between economic and non-economic activities that frequently underpin economic interactions. These non-economic activities can include cultural, social, and environmental factors, which shape how the economy develops and provide essential support to the economic system itself.
In his book, Thore highlights the development of diversity within the economic environment as a key factor driving technological advancement and societal change. Product diversity and quality, such as seen with new technologies, are directly tied to the market’s ability to satisfy varied consumer needs and preferences [4]. However, this diversification does not occur in isolation from other societal elements; it relies on less visible non-economic factors often taken for granted.
Economic operations within the capitalist system are supported by a broad range of activities, which, though they may not seem economic at first glance, are vital to the successful functioning of markets. Social relationships and cultural values, for instance, can influence demand for products and consumer preferences. Without these non-economic elements, it would be difficult to envision how the market responds to shifts in social norms or values.
An example of this interconnection is the development of word processing and later, electronic communication technologies. Thore describes how these technologies dramatically reshaped the labour market and the social organisation of office environments, contributing to women’s transition from manual labour roles to more sophisticated positions, where they now work with various types of software [4]. These shifts cannot be explained solely by economic factors; social aspects and changes in the status of women in society must also be considered.
A noteworthy phenomenon in the realm of economic diversity is the influence of technological infrastructures, which are created not only based on economic needs but also on social visions. The US federal highway system, built during the Eisenhower era, is a prime example of an infrastructure investment with far-reaching positive economic effects, stimulating trade and industry [4]. Similar government investments have substantial indirect benefits for the economy, significantly influencing the diversity of economic operations.
In conclusion, economic operations within today’s capitalist system are inextricably linked to a wide array of non-economic activities that provide a foundation for their functioning. Although we often focus on purely economic aspects, such as prices and production, we must be aware that the true depth of economic interactions lies in their connection with cultural, social, and other non-economic factors, which are integral to these interactions.
Reflection on the Business as Unusual Course: Economics as a Cultural and Social Phenomenon
After studying Module 1 of the Business as Unusual course, it becomes evident that the objective is to provide students with a multidisciplinary perspective on economics, which goes far beyond technical concepts and traditional models. The module effectively highlights that economics is not merely a technical discipline but rather a living phenomenon, shaped by historical, cultural, and political processes. This approach to viewing economics as a cultural phenomenon – essentially “denaturalising” it – offers a valuable opportunity to consider economic concepts as part of broader social changes. Such a critical perspective allows us to examine conventional approaches with the understanding that economic models and ideologies are not immutable. The historical viewpoint in the module also illustrates that economics responds to the shifting needs of society, technology, and politics. This is especially significant for us as students, as this outlook provides the freedom to explore innovative ideas and re-evaluate established practices.
Another key benefit is the emphasis on the diversity of economic ideas and practices, which shows that there is no “single truth” in economics. In a globalised world where markets intersect, it is essential to understand how different cultural contexts shape economic behaviour and values. This perspective reveals that cultural influences cannot be underestimated and that economic thinking and values vary according to cultural settings. Here, we find space for a discussion on cultural distinctions, which bring diverse interpretations of success and value into the economic realm.
The above chapters also underscores the need for interdisciplinarity, which enables economics to be connected with other social sciences. Mentioning the works of scholars such as Schumpeter or Backhouse with Fontaine shows that economics can be understood within a broader social context and encourages critical thinking that helps comprehend the complexity of economic relationships. This interdisciplinary approach enriches our understanding of economics as a dynamic field closely linked with history, culture, and politics.
An important element is also the section dedicated to intercultural communication in business. Bennett’s view on cultural differences as a potential advantage offers a crucial insight into how cultural diversity can be used as a positive force in business. This notion is fully aligned with the concept of “business as unusual” and underscores that respect for diversity can be a fundamental pillar of success.
Lastly, the article draws on Thore’s theory of diversity and the evolution of capitalism, which examines how economic models evolve under the influence of technological and societal changes. This approach demonstrates that economic operations are shaped by cultural factors and non-economic activities, opening up new avenues for thinking about economics.
Overall, Module 1 of the Business as Unusual course, along with the article above, presents strong arguments for viewing economics and business as socially conditioned phenomena with cultural and political dimensions. This perspective broadens our horizons and supports a critical approach to current economic challenges, while also inspiring the search for innovative approaches in business.
Resources:
- [1] https://www.exploring-economics.org/fr/decouvrir/rethinking-the-history-of-economic-thought/
- [2] https://www.researchgate.net/publication/246501677_Intercultural_Communication_A_Current_Perspective
- [3] Turcotte, M.-F. B., Reinecke, J., & den Hond, F. (2012). Explaining variation in the multiplicity of private social and environmental regulation: A multi-case integration across the coffee, forestry, and textile sectors. Business and Politics
- [4] Sten Thore, „The Diversity, Complexity, and Evolution of High Tech Capitalism,“ IC2 Institute, The University of Texas at Austin, Kluwer Academic Publishers, Boston/Dordrecht/London