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| Author: | Lovett, S. Simmons, L. C. Raja, K. |
| Title: | Guanxi versus the market: Ethics and efficiency |
| Journal: | Journal of International Business Studies
1999 : SECOND QUARTER, VOL. 30:2, p. 231-248 |
| Index terms: | Markets Ethics Efficiency Culture |
| Freeterms: | Business practices |
| Language: | eng |
| Abstract: | Guanxi refers to a Chinese system of doing business on the basis of personal relationships, and it is representative of the way that business is done throughout much of the non-western world. In this paper, guanxi is evaluated from an ethical perspective. Then, an attempt is made to shed light on the sources of its economic advantages and disadvantages through the use of a simple mathematical model. Finally, it is pointed out how eastern and western business practices may already be converging toward systems based on more complete models of trust to deal with the conditions of progress coupled with uncertainty that form the new economic reality. |
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