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GLOBAL ECONOMIC - Essay Example

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The later notes that major industries are being dominated by a couple of players who have managed to build a great business model that can take advantage of economies of scale. Oligopolization undermines the…
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GLOBAL ECONOMIC
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GLOBAL ECONOMIC

Download file to see previous pages... Mark and Wolff address the expansion of the proletariat. The former states that the fall of an economic system would force workers to set up structures to facilitate self-government (Heilbroner 156). The latter attributes the recent financial meltdown to a failure in the global economic system. In addition, he reveals how the American working class has been able to grow as individuals from around the world seek opportunity and a better life in the United States of America. Moreover, the workers are finding a voice and leveraging their skills to negotiate for a fair settlement with their financial institutions.
Marx looks at machines as instruments that increase production at the expense of human beings (Heilbroner 156). Although the adoption of labor saving practices such as the use of machines in factories increases efficiency while lowering the cost of production, it has a net negative effect on the economy. The move results in the loss of employment for employees. The loss of income means that the people have less purchasing power. The decrease in purchasing power leads to a reduction in economic activities as the demand for goods decreases. A decrease in demand would lead to a decrease in economic activities. For his part, Wolff embraces the argument that has been advanced by Marx. He notes that the increasing use of machines in factories has contributed to high unemployment rates in the country.
Productivity in the world has often depended on the employees who work tirelessly to deliver on the objectives of the country. However, this valuable resource in economic activities can be undermined in some instances. Firstly, employees are the ones who lose their jobs when the organization fails to perform well or when the economy of the country must be Secondly, they are forced to compete with machines. Moreover, American employees have been forced to compete for work with the Chinese workers. In addition, the workers have been left ...Download file to see next pagesRead More
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