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Political economic organization and the production of generalized market relations - Essay Example

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Name: University: Course: Tutor: Date: Political Economic Organization and the Production of Generalized Market Relations Question 1 a) Explain at least two ways that increasing productivity has been achieved, using the ideas of Adam Smith and Karl Marx. As an example, Smith introduces that 10 workers can only produce 200 pins per day, which equals that a worker can produce 20 pins per day if they work alone…
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Political economic organization and the production of generalized market relations
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Download file to see previous pages Marx introduces absolute and relative surplus value. Absolute surplus value is obtained through lengthening their work hours; on the other hand, relative surplus value is obtained by increasing labor productivity through mechanization. Marx criticizes such mechanization depersonalizes the production process and accelerates over-accumulation for capitalists (Marx 221). As new technology increases productivity, the necessary labor time is supposed to be shortened. In reality, however, shorter necessary labor time turned out more surplus labor time which is extra time over the necessary labor time to generate capitalists’ profits. It is attributed to the idea that capitalists purchased fixed-working hours. b) Explain how ever-increasing productivity can be a problem for capitalists, using the concepts of socially necessary labor time and the organic composition of capital. In order to pursue higher surplus labor time, capitalists keep re-investing its capital being generated through surplus labor time in inventing new technology. It spurs more surplus labor time and less socially necessary labor time, which in turn accelerates larger over-accumulation and lower organic composition of capital. ...
such competitions pursuing cheapening products, larger capitalists beat smaller capitalists since such price competition depends largely on the productivity of labor, hence dependence on the scale of production (Marx 777). Smaller capitalists are unable to update machineries as frequently as large capitalists are able to. It generates monopolistic market, and smaller capitalists beaten by larger capitalists turn into working-class. Considering these facts, no one can absorb a large amount of production that winner capitalists generated. c) Using specific historical examples from lecture and/or readings, describe how time-space compression and mass consumption have been mobilized to mitigate the problems described in (b) It is apparent that increased production has to go hand in hand with increased consumption in order to avoid problems associated with over production. It is believed that rapid deployment of new organizational forms and technologies was part of the contributing factors of overproduction. In this regard, such measures were needed in order to have speedy consumption. Improved systems of communication and information flow made it easier and possible to circulate commodities within a greater speed. For example, the growth in the US in the 19th century saw new techniques of for moving products. International marketing for US manufacturers started. This did not only help lower the unit cost and efficient return on investment, but also helped to reduce cost of working and fixed capital. By integrating mass production with mass distribution, a single enterprise involved in many transactions and processes involved in making and selling products. This was in line with mobilization of fashion in mass as opposed to elite markets. In addition, there was continued ...Download file to see next pages Read More
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