Economic Factor, Socialism, and Communism - Essay Example

? Market and Society Market and Society Broadly, economic systems are always ified as either communism or capitalist, whereby, in capitalist economy, the system is based on absolute private ownership regarding the production means in which people are employed to give services. In the capitalist economy, all the factors that takes place are geared towards profit making. There are particular issues that are unique to capitalism and they entail the aspect of accumulating capital, the pricing system, and the competition in the market. As such, there are various forms of capitalism, which includes state capitalism, welfare capitalism and laissez-faire (Bowles 2007, p. 41). Through the historical accounts, it is said that capitalism came into existence following the fall of feudal system and this explains its dominance in the western world in the earlier times, and now. Capitalism in this regard has been applied over a period in different geographical areas that embrace different cultures with varied political approaches (Ingham 2008, p. 34). Work in the Category of Economy in the Capitalist World In this case, work also referred to as labor, should be of significance purpose to the economy; it should be able to have a positive effect on the economic status of the society. This also explains why in the capitalist countries, there have been many endeavors to manage the labor so that the efficiency of their input can be maximized in the total output that is achieved. As explained above, capitalism is driven by the amount of profit, which interprets that in capitalism, work should be such that it maximizes profit for the company and should be exploited as possible for making profit be realized in the maximum possible way (Merino 2010, p. 63). Labor therefore play a major role in the capitalism economy; their purpose, and viability has to be established, as this will help in quantifying the output from every department and comparing it with the cost of hiring the labor and decide whether it is economically sound. To further explain the importance of work in capitalism, reference is made to the industrial revolution when there were many people involved in the production sector. During the industrial revolution, there were several raw materials for industrial productions that were obtained from agrarian revolution that was characterized by increased production from the farms. The western countries particularly wanted to maximize the opportunity by increasing the volume of work force and the hours in which the employees would work in a day (Silk and Mark 1996, p. 53). It will also be remembered that there were rampant child labor that was incorporated into the system to supplement labor requirement. The extent with which work was considered in the industrial revolution, which happened to have been facilitated by the capitalist, explains the rationale behind the consideration of work in capitalist system. There is a strong belief that work and economy goes together and in most cases, economy is considered a function of work and this provides adequate explanation for the situation that was presented during industrial revolution in the western countries. Work Categorized as a Moral in Capitalism With the view of capitalism considering work as a fundamental part of production for the economy to be driven, there are several ways through which work has been considered. The issue of management is geared towards the satisfaction the human resource such that they can be motivated and be enthusiastic to work for more production to be realized (Reich 1991, p. 66). In the management, several incentives are availed to the employees to enhance their efficiencies in performance and the relationship between the employee and the employer is expected to be symbiotic. This can be construed from the principal goal of the management of the human resource; a complete maximum prosperity from the employer and the employee is expected to exist. The use of ‘maximum prosperity’ in this case is not only limited to the dividend share that the employer will accrue, but also entails the exponential growth of the organization and it braches in the most efficient, reliable, progressive, and cohesive manner. There are needs to have a better understanding of the employees, so that there can be efficiency in production (Pollard 1965, p. 173). Maximum prosperity not only means maximum wages that they are given but also the self-satisfaction and moral satisfaction that they acquire by working for the company. It also means much more to developing the employees to acquire skills that will enable them to give services in the highest possible efficiency and being possible to do the highest grade of work available in the organization (Taylor 1967, p. 60). This explains then that in the capitalism, work is also about the morals, the needs to satisfy the employee’s needs and psychological needs as it is not just skewed to making money as has been believed by several groups of people. The false belief that the fundamental interest of the employees and the employer are very antagonistic has led to the misplaced perception on the association between the two people. According to the scientific management, the proposal is untrue and it reiterates that the core interest of the employees and the employer are typically the same (Smith and Edwin 1937, p. 177). This is because the prosperity of the employer depends on that of the employee; there is no way the two can be seen in isolation, and prosperity of the either sides holds. In conclusion, work is a very important aspect not only in the capitalism world but also in the communism and socialism world. The extent to which work is regarded is what differs in the different economic systems that we have. Away from capitalism that categories work both as a moral and an economic factor, socialism, and communism have their own peculiar way of considering work. It is thus important to appreciate the economic policy that one is confronted with for prosperity in the business. Without conformity to the factors that relates to work, one cannot be sure of taking the right direction or not in terms of worthy competition in the market. Reference list Bowles, Paul. Capitalism. Harlow, England: Pearson/Longman, 2007. Ingham, Geoffrey K.. Capitalism. Cambridge, UK: Polity Press, 2008. Merino, NoeI?l. Capitalism. Detroit, MI: Greenhaven Press, 2010. Pollard, Sidney. The genesis of modern management; a study of the industrial revolution in Great Britain.. Cambridge: Harvard University Press, 1965. Reich, Robert B.. The work of nations: preparing ourselves for 21st-century capitalism. New York: A.A. Knopf, 1991. Silk, Leonard Solomon, and Mark Silk. Making capitalism work. New York: New York University Press, 1996. Smith, Adam, and Edwin Cannan. An inquiry into the nature and cause of the wealth of nations. New York: Modern Library, 1937. Taylor, Frederick Winslow. The principles of scientific management. New York: Norton, 1967. Read More