Banks of America banking and financial services operate in many regions worldwide with their domestic environment being the United States and the most dominant global environment being Europe. Both environments have very different cultures and economic differences. Rostow and Galbraith are two economist’s that had very different views and ideas on the development of ones economy. Rostow was an American economist that built his theory on 5 stages of growth, starting from nothing and building into a stable economy with mass consumption. Galbraith was a Canadian born economist that believed that the economy is built on big wealth; businesses and producing more will induce consumers to purchase more. “Galbraith mocked the qualities of a society
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The United States gained its independence in 1783 from the European power and began forming its own economic stability it now is the home of over 320 million people and growing. Rostow breaks up his theory into 5 stages of development the first stage being the beginning of economic growth this would be when the U.S. became independent and started to build on their own. Like most economies, it wasn’t a graceful task and they suffered the great depression and many other economic crises along the way. …show more content…
While the United States can be divided into the 5 stages of Rostow’s development it can also be defined by Galbraiths big business and large wealth. The United States started as a small group building and creating the economy and turned into a large-scale production and the consumption economic staple. Galbraith’s thoughts are that the economy’s like the US are built and stabilized because or the greater wealth of large companies and businesses. Europe massive economy can be examined using the 5 stages starting from a small economy and growing into the large mass consumption economy that it is today. Europe also fits into the Galbraiths theory that the higher level of need and want creates a higher need of production. “Improving the situation in public finances in the European Union as compared to the US is a factor which could raise GDP growth rates in European countries” (Mucha-Leszko & Twarowska, 2016). Both environments are thriving and they are economically sound at the moment. Bank of America thrives from advertising and gaining the interest from accessing the wants and needs of their consumers. As long as Bank of America continues to put their selves out there in these thriving and stable environments they will continue to
The United States gained its independence in 1783 from the European power and began forming its own economic stability it now is the home of over 320 million people and growing. Rostow breaks up his theory into 5 stages of development the first stage being the beginning of economic growth this would be when the U.S. became independent and started to build on their own. Like most economies, it wasn’t a graceful task and they suffered the great depression and many other economic crises along the way. …show more content…
While the United States can be divided into the 5 stages of Rostow’s development it can also be defined by Galbraiths big business and large wealth. The United States started as a small group building and creating the economy and turned into a large-scale production and the consumption economic staple. Galbraith’s thoughts are that the economy’s like the US are built and stabilized because or the greater wealth of large companies and businesses. Europe massive economy can be examined using the 5 stages starting from a small economy and growing into the large mass consumption economy that it is today. Europe also fits into the Galbraiths theory that the higher level of need and want creates a higher need of production. “Improving the situation in public finances in the European Union as compared to the US is a factor which could raise GDP growth rates in European countries” (Mucha-Leszko & Twarowska, 2016). Both environments are thriving and they are economically sound at the moment. Bank of America thrives from advertising and gaining the interest from accessing the wants and needs of their consumers. As long as Bank of America continues to put their selves out there in these thriving and stable environments they will continue to