Economy of the 21st century represents an economy which has undergone a complete metamorphosis from the old techniques of doing business to a completely new dynamic ways of conducting business which has largely been influenced by the increased technological advancement among the nations and the interconnections of the global markets. The transformation of the economies have been driven by the global shifts in consumptions, investments, savings, competition, political and environmental changes and the new rules of management where new business models have been put in place. The transformation of the work place has been given priority and today's workplace represents employees who are empowered and are more responsible with more emphasis on teamwork and productivity different from the old ways where power was centralized at the top.

Globalization has contributed largely to the opening up of the global markets and the interconnection of nations has improved due to the removal...
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