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During the old economy, the Classical Approach to Management was used to shape the assumptions held by Caribbean organizations in terms of planning of work, the technical requirements of the organization, principles of management and the rational and logical behaviour of employees. Collectively Classical Theorists viewed organization as machines and closed system which is less affected by the outside world.
Then came the new economy which is ushered in by globalization and the creation of regional trading blocs such as CSME, FTAA and WTO. This global economy is now characterized by a competitive business environment which posits several opportunities and threats including massive influx of imports, competition, rationalization, new technology, delayering of some top management and downsizing of employees...
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