Name Institution Course Instructor Date Packinghouse Daughter & finance capitalism The packinghouse daughter narrates the events that took place in 1959 in the silent town of Albert Lea in Minnesota. At the time, the author, Cheri Register was only fourteen years of age when events at the local meatpacking industry created large excitement that she only thought existed in large distant cities…
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The story is a combination of the divisive strike with a small-town America portrait in the 1950s, discovery of the history of her rich family and personal meditation on the hundreds of workers in the plant and their dignity. Register acknowledges that workers at the meatpacking plant did an essential but demeaning work that transformed cattle and pigs into the enticing meat cuts in American supermarkets, fast food outlets and convenient stores. In doing so, the subject of social class comes out using character and passion. Many Americans avoid this subject despite having been in the blue-collar level before advancing into riches (Cheri 87). Whereas events document in the packinghouse daughter took place over half a century ago, the underlying factors are still a commonplace in our modern day society. Dominant players in varied industries exert great control over the entire economy of a city and its environs. With industrialization and commerce playing the biggest part of urban economies, like was the case in Albert Lea town, entire cities and their environs depend wholly on one industry or an industrial park under a common management. In pursuit of profit maximization, entrepreneurs are increasingly focusing their efforts on cutting down on production costs. Labour is one of the major factors of production that they target in a bid to reduce production costs. For the average and low-income earner the damaging effect of dependence on these capitalist ventures, present an area of great concern. One of such ventures is the concept of finance capitalism, which refers to a stage in capitalism where financial institutions rather that industrialist and processing plant capitalist dominate the market. Banking institutions have particularly perfected the art of finance capitalism in an effort to assure their productivity and economic growth. In collusion with industrialist and large-scale traders, financial institutions including commercial banks, micro-finance companies, credit companies and mortgaging companies among other players in the finance sector, are too investing in exploitation of cheap labour, through offering mean terms for their employees. With global economic crisis and the ever-growing unemployment rates, industrialist and financial institutions have a wide pool of eligible labour to exploit. They therefore, have resulted to underpaying their workers and putting them on contracts without permanent service benefits. Today, many employees in our labour markets do not have health care and social security cover from their employers. This is because employers design the contracts in manner that frees them from any long-term legal obligation to their employees. With the huge number of college and university graduates entering the labour market every single year, competition for the limited employment opportunities is high. Financial institutions have fully exploited this situation to their advantage. Salaries are at a bear minimal and general working conditions in many industries are wanting. Further, financial institutions advance soft loans, bank overdrafts, asset financing, education support, mortgages and credit cards to worker around the country who cannot afford to gather huge amounts of money on
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