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Political Economy As Viewed Through Theories of Late Capitalism - Essay Example

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The essay "Political Economy As Viewed Through Theories of Late Capitalism" discusses how Frieden also mention the failure of countries from the Sub-Sahara Region to catch up on the economic progress that took place…
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Political Economy As Viewed Through Theories of Late Capitalism
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Download file to see previous pages Resultantly, this era also witnessed a transition from traditional culture to Western culture that prevailed in OECD Countries. Frieden also mentions the failure of countries from the Sub-Sahara Region to catch up with the economic progress that took place.
Frieden’s ideas on economic progress that took place during the last three decades of the 20th Century, therefore, indicate a radical transition to globalization and the emergence of new economic changes that took place mostly in East Asia and OECD countries.
Rifkin on the other hand, however, is of the view that the last three decades of the 20th century witnessed a radical shift into the production process as economic evolution took place during the period. Most importantly, Rifkin defined the relationship between the production process and the firms by arguing that the current period was dominated by the control of ideas and concepts of the employees. The production process which historically dependent on the control of raw materials wherein modern production processes depended on the knowledge-based workers.
The creation of knowledge-based societies, therefore, was the most instrumental object which brought the necessary change into the production process. As the labor force became more skilled and knowledgeable, the essential relationship between the labor and production process change fundamentally to accommodate the basic changes that emerge as a result of this shift into the production processes. Thus Rifkin views the last three decades as periods of history in which the production process and its relationship with other objects changed radically.
Harvey, however, views postmodernity, not as a unique case, and considers it as a constant aspect of capitalism and relates it to the phenomenon which is culturally specific. This view is relatively contradictory as compared to the views of Frieden or even Rifkin. ...Download file to see next pagesRead More
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