"Economic
depression cannot be cured by legislative action or executive
pronouncement. Economic wounds must be healed by the action of the
cells of economic body - the producers and consumers
themselves".
What
Herbert Hoover had said during the depression of 1929 is aptly
true even today. The following economic downturn has reflected
that the world is becoming flatter and governments are no more in
a position to tackle with the complexities of business cycles.
However, the same dark clouds of economic downturn can be
dissipated into blue skies of opportunities by undertaking a
strategic, innovative outlook towards business
decisions.
It
is a known fact that recession hits some industries harder than
others and therefore, staying alert matters. In the globalized,
interdependent economic environment, the variations in downturn
will get amplified. This adds to the complexity as well as the
opportunities. Complexity arises from the uncertainties about the
long-term implications of business decisions. While opportunities
result from new markets, products, services, approaches and
attitudinal factors. A strategic approach towards downturn may
result into dramatic difference in the performance of a firm when
the leaders steer out of the curve.
It
is against this backdrop that this International Conference
endeavors to address some of the conceptual and practical
dimensions of the strategic issues involved in the economic
downturn.
