Topic 1: The Roots of Contemporary Capitalism Contemporary capitalism entails production objectives, creation of goods and services and the ownership of such. This includes creation of markets, management of competitive markets and construction of a pricing system (Hall and Soskice, 2001:5)…
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This will indeed reflect on the performance of the firm as growing, startling or diminishing. Managerial capitalism as Chandler suggests, is a structure where an enterprise is controlled with managerial skills (Chandler and Alfred, 1984:476). This is a system that has been used by a number of organisations and firms since the nineteenth century, especially in the United States and Great Britain. As a fact, the stakeholders and owners are not in control of their enterprise. Therefore, the performance of an enterprise will solely depend on the managers. The administration of all activities in an enterprise is the work of the managers, which is reflected on the end results. Managers that have apt managerial skills are on the forefront of recording success in an enterprise. As such, they will give adorable results in each financial year. However, managers that do not have the required skills are likely to reflect negative results. On the other hand, Taylorism is a form of management where main objectives of an enterprise or firm are stipulated for economic efficiency (Dunning and Boyd, 2003:129). In this type of management, labour productivity is instilled by using scientific forms which have analysed ways of flowing activities. In such a manner, most of the activities of a firm are done according to the laid out criterion. Similarly, some organisations chose to use Fordism and bureaucracy in management. Fordism involves industrialised forms of production, which are geared towards making a massive production. These forms are mostly industrialised to make work easier. However, bureaucracy in management involves an administration that executes legal rules and enforces them to make an achievement in the organisation. These administration rules are socially organised by the administration. All these managerial administrations are core concepts in controlling and managing an enterprise, which reflects on the performance. These are historical concepts that have been used by many organisations. Some organisations encompass several managerial concepts depending on how they work and the success of each one of them. Therefore, it is in the best interests of a firm to choose on the best concept to use, especially when they need to amass resources for their development (Ryrvik, 2011:62). For instance, in managerial capitalism, all the managers have the right to make decisions in a firm. The stakeholders do not have to change such decisions as they do not have a right. On the other hand, in bureaucracy management, all the stakeholders and mangers have to settle down for a unanimous decision. As such, all the people that are in the firm have to make decisions for the firm. On the other hand, Taylorism and Fordism involves scientific ways of management. These are structured ways that ensure a firm is developing accordingly. Changes are only made with reference to these scientific ways. As Hall and Soskice state, each of these methods is fundamental in making a firm or enterprise progress. As much as firms continue to conduct their business, some problems may occur. In such instances, there should be generations of solutions. For instance, when there is a problem in a firm that embraces Fordism and Taylorism, they have to look for structured ways that will help avert the situation. However, in a firm that embraces bureaucracy and managerial capitalism, the management is the core subject to structure the solution. Topic
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