Three phenomena that changed the modern world in the most significant ways over the past 500 years - Essay Example

In the international market, only companies that have implemented superior strategic operation management emerge above the competition. Capitalism is an aspect, which contributes to the elimination of individualism. This is because capitalism is concerned with industrialization whereby human labor is eliminated in the production of goods and services. The machines, plant and machinery take the place of human beings in the production of goods and services. In this regard, the human aspect is eliminated hence affecting individualism.

Capitalism emanates from the innovativeness of personnel and division of labor (Getz, Hoffman & Rodriguez, 2009, p.45). This is manifested in the pin industry illustration featuring the division of labor contributions to the increase in productivity of firms. Division of labor leads to invention of plant and machinery and other equipment, which are essential in a capitalist economy. According to Smith, the welfare of the workforce ought not to be given the first priority. Capitalism also shifts relevance from the welfare of employees to the production units.

This is because the move deprives their human dignity. It is true that use of money gives satisfaction to the final consumers of commodities. This owes to the fact that consumers prefer saving as opposed to expenditure. Human labor provides utility to the consumers. The reliance on equilibrium in charging the consumers is controversial. Capitalism does not recognize the plight of the laborers within an industry. Therefore, the labor the workforce provides is not the ultimate satisfaction for the company but a means to an end.

Capitalism requires many people to work for a common goal and benefit (Getz, Hoffman & Rodriguez, 2009, p.49). The welfare of human beings in capitalism is valuable so long as it adds value in the progression of an industry’s productivity. This is because material development is usually ensured at the