Leadership takes on added importance in the global economy. All the established theories of leadership continue to provide understanding and a foundation for the practice of leadership in today’s organizations.
Leadership is not a modern day concept. But globalization has changed the traditional view of a leader. Leadership has been discussed from the ancient era. Lots of philosophers lived in western and eastern countries talked about leadership in different perspectives. Leadership is probably the most frequently studied topic in organizational sciences. Despite this, the precise nature of leadership and its relationship to key criterion variables such as subordinate satisfaction, communication, motivation, commitment, organizational citizenship and performance is still uncertain, to the point where Fred Luthans (2008), in his book said that “it (leadership) does remain petty much of a ‘black box’ or unexplainable concept.”
All over the history strong leaders such as Load Buddha, Napoleon, Mao, Gandhi, Churchill, Roosevelt, Thatcher, and Reagan have all been highly discussed because of their leadership characteristics. When Margaret Thatcher was prime minister of Great Britain, She was regularly explained as a confident, iron willed, determined and decisive woman and finally called as ‘Iron Lady’.
Indian philosopher Kautiliya wrote a book named ‘Arthashatra’ years ago. It carries a number of principles and implications for leaders. Main theme of the ‘Arthashatra’ was the economic wellbeing of people. He stressed the kind of role the leaders should follow in this endeavour. He pointed out three factors for the wellbeing of the people whose responsibility lies on the hand of the rulers of the country. The three factors are wealth of the people – ‘Artha’, Prosperity in moral and religious regard – ‘Dharma’, Satisfaction for the people – ‘Kama’. It is up to the leaders of the country to provide the people with these factors as claimed by