Adam Smith’s writing is structured around his economic metaphor of the ‘invisible hand’ which perceives the marketplace to be self-regulated. He dismisses the mercantile system that existed at the time of his writing and contends that self-interested individuals will benefit society, even if unintentionally, because they have the motive to produce better products and at lower costs. Smith wrote The Wealth of Nations in 1776, conveying the inextricable link between the ‘invisible’ force of the market competition which feeds individual greed and the promotion of the national interests in improving society. He gives the example of the
Explain and critically evaluate the main claims of postmodernism. Within sociology there is much debate surrounding the era that society has now entered. Some social theorists argue that we should abandon theories of modernity, since society has progressed forward from the times of Marx, Durkheim and Weber, and that theories of modernity are no longer valid. Sociologists have come to the conclusion that we now live in a postmodern society, a distinct separation from modernity rather than merely a continuation. Throughout the duration of this essay, I will begin with exploring the idea and concept of postmodernism, and then move on to depict and evaluate these claims made by post-modernists in more depth.
When Blair became prime minister in 1997 he brought a new set of ideas and policies that would change the face of the labour party. His new ideas involved a complete free market economy whereby competition will be encouraged which will improve the levels of service offered to the country, but as long as there is no harm to other people in the process. Leading on from the free-market economy policies was the abolition of clause 4, which was in favour of the collective ownership of industries such as coal, steel. Instead he promoted the ideas communitarianism which gave new importance to decisions in the community rather than at a governmental level. New labour introduced the idea of the third way, a political theory between Thatcherism and social democracy which is a mixture between capitalism and socialism where individual enterprise goes hand in hand with social responsibility, meaning that the government has reduced their evolvement in people’s lives, going back to a more macro style of politics.
Running head: Advantages and disadvantages of Collective Bargaining Advantages and disadvantages of Collective Bargaining Embry Riddle Aeronautical University 14 November 2012 Abstract This paper will briefly examine the origin of unionized labor; the advantages and disadvantages of unions and its impact on the Resource Management function in relation to the collective bargaining process. Introduction The issue of unionization is vitally important to the tradition of American labor. Unions first appeared in the 19th century, during periods of rapid industrialization wherein workers were often subjected to exploitation at the hands of ambitious capitalists who minimized wages and spent as little as possible on improving labor conditions in order to maximize profits. The workers in these cases needed their wages to support their families and prevent homelessness, so they had comparatively little to bargain with next to the materially wealthy capitalists. With the formation of labor unions, though, workers were able to use the very commodity of their own productive labor as a bargaining tool to secure fairer wages and working conditions from the capitalists.
The reason why this role is taken away from governments is that they are obstacles to a nation’s development because they are inefficient and corrupt systems. A trend towards Neoliberalism began as early as the 1970s as a direct attack on the Keynesian ideology. The ideology came to the forefront of politics when both Prime Minister of England, Margaret Thatcher and President of the United States, Ronald Reagan implemented Neo-Liberal policies. While the practice of Neoliberalism can be seen in many countries, like other ideologies it is not without flaws; however, these flaws greatly outweigh the positives that occur through its practice. Therefore, Neoliberalism is an ineffective Pro-Market approach to development that contributes to inequality and causes more harm than good for both the global south and north.
Hickel and Khan on capitalism Criticism of the shift in the Leftist arena: What it aims to do: the Left in America today promotes a depoliticized politics as it attempts to distance itself from socialism, reclaim the center, and establish a “modern” identity. Why it is flawed: This model reduces structural violence to questions of individual sentiment, and places capitalism firmly in the non-moral realm of “science” where it remains insulated from serious political scrutiny Where it is coming from: The idea multiculturalism. Aims to dissolve all fundamentalism and orients towards an ‘Other’ which has more traits of a generic, egalitarian human nature (read: Other devoid of otherness) What has happened consequently: The right is constructing grand narratives of antagonism, polarizing the voting population, and staking out fundamentalist frontiers and the left is left with nothing to defend itself. Neoliberalism critique: It has dissolved all class, ethnic divisions etc and created a culture of its own. It is not just a manipulative ploy to appropriate surplus value, but a regime in the truest sense of the term..
You would think that it was the Reformation or the Renaissance that did all of this but it simply is not true. By embracing science from the trammels of theological tradition the Enlightenment rendered possible the autonomous evolution of modern culture. I want to go over some of the key values that the Enlightenment Age gave us. First it believes in capitalism which is an economic system in which wealth, and the means of producing wealth, are privately owned and controlled rather than commonly, publicly, or state-owned and controlled. Second it believes in democracy and individualism which is the moral stance, political philosophy, or social outlook that stresses independence and self-reliance.
Indeed it is impossible to completely separate the analysis of one event from the other as their instigation and consequences are self-perpetuating and intertwined. As such the discussion of their individual importance in history is irrelevant, whether viewed economically, socially or through hindsight, it is only as a whole that true rise of global inequality can be ascertained. Industrialisation and Imperialism play a particularly circular role in the creation of global inequality, as the success or failure of one event is reliant upon the success or failure of the other. However, what can be clearly determined by historical accounts today is that Industrial Revolution was the most significant contributor to the rise of global economic inequality. Prior to 1757, India held the monopoly on global textile trade, but as Britain became capable of mass-producing and selling textiles cheaper than their Asian counterparts, India faced severe economic and developmental decline.
Marxists argue that religion promises us happiness, but this is an illusion hiding the truth; true happiness can only be found in a revolution. Finally, early capitalists used religion as a means of keeping their workers sober and willing to work. However, Marxism can be criticised as religion is no longer used to justify the status of powerful leaders, for example PMs and Monarchs. Also, Marxism ignores secularisation and it can be argued that religion is not a conservative force as it can cause social change. A
This theory was the first school of thought for economists and one of the major theorists and founders of Classical Economics was Adam Smith. Smith stated, “By pursuing his own interest, he (man) frequently promotes that (good) of the society more effectually than when he really intends to promote it. I (Adam Smith) have never known much good done by those who affected to trade for the public good.”(Patil) Classical Economic theory assumes three basic ideas: Flexible Prices, Shay’s Law, and Savings-Investment equality. Flexible prices in Classical theory suggests prices will rise and fall as needed but is not always true, due to, the interference of government agencies including unions and laws. Smith stated in the Wealth of the Nation (1776), “Civil government, so far it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.” (Patil) Shay’s Law implies supply creates its own demand and demand is not based on production or supply.