The Impact Of Globalization:socio-Economic Programs In Federal Government

The Impact of Globalization:Socio-economic Programs in Federal Government Procurement: Challenges Associated with their ImplementationName:Institution:AbstractThe society shapes the mindset of its members and economic activities shape the society, causing it to progress, stagnate, or regress as the result of economic activities. Socioeconomic factors include level of education, profession, culture, gender balance; age and ethnic background of a particular group affect their consumption goods and services. Some policy makers have argued that the Federal Government should use its purchasing power to influence socioeconomics, while others have opposed in equal measure. In 1984, Senator Roger W. Jepsen presented a research to the Members of the Joint Economic Committee, arguing that “to leverage Federal Government purchasing power to achieve social goals is largely ineffective and counterproductive.” He cited higher cost of procurement and prevention of new firms from entering the procurement market as the basis for his argument.This research analyzed 50 business organizations benefiting from the Federal Government’s socioeconomic programs. Among the challenges identified, include lack of capacity to supply the required quality and quantity of supplies leading to shortage of essential supplies, lack of managerial skills among small firms and high cost of training new suppliers