Commodification, Poor Laws, and Polanyi’s Critique
The Commodification of Labor and Poor Law Reform
The full commodification of labor came after land and money. Key historical points include:
- Tudors and the Stuarts
- Speenhamland, 1795
- 1834 Poor Law Amendment
The Poor Law Amendment represents the starting point of modern capitalism.
Societal Effects of Commodification Policies
The commodification of land, labor, and money caused severe hardships for large groups of people. Polanyi argues that extreme degrees of deregulation and privatization will always
Read MoreBanco de España: History and Central Bank Functions
History and Functions of the Banco de España
In all modern nations, the central bank is an institution of notable importance for a country’s economic and social life. However, its functions are not widely known by the public.
There is a set of functions currently common to all central banks. A central bank is a public institution that issues and administers a country’s currency with the fundamental aim of maintaining economic stability and controlling inflation. Furthermore, it is the Treasury’s
Read MoreFundamentals of Business Entities
Understanding the Business Entity
A company is an arduous and difficult undertaking, an entity composed of capital and labor as factors of production and business devoted to industrial activities and services for profit and with accountability.
Features of a Company
- Is a set of production factors.
- Has goals and objectives.
- The various factors that comprise the company are coordinated to achieve their ends.
- This coordination is done by other business factors: management.
- The company is a system.
Elements
Read MoreCastells’ Network Society: Shaping Modern Economies
Castells’ Post-Industrial Economy Definition
Manuel Castells defines the “post-industrial” economy as synonymous with the Information/Technology Age. With the rise of new technologies, we find ourselves in a new economy characterized by three fundamental features:
- Informational: Based on information generation, processing, and transmission.
- Global: Activities are organized on a planetary scale.
- Networked: Productivity and competition occur within a global network of interaction.
When combined, Castells
Read MoreStrategies for Business Success
Product Development
- Higher Profit Margins
- Focus on Technology Companies
- Monopoly Advantage through Unique Products
- Industry Disruption
- Product Line Extension
Meeting Customer Needs
Branding and Marketing
Economies of Scale
- Low-Cost Provider Strategy
Strategic Planning
- Enhancing Performance through Core Competencies
- Outsourcing and Offshoring
Mergers and Acquisitions
Effective Management and Incentives
Management and Leadership
The role of managers has evolved from simply giving orders to focusing on team building
Read MoreUnderstanding Organizational Models & Structure
Organizational Development Theories
This section examines key approaches to organizing work and structuring companies, focusing on the Taylor system and the Japanese model associated with Ouchi.
Taylor’s Scientific Management
The Taylor-style system features the organization of work based on the division of labor, control of time for each task, and work structured around the assembly line (division of labor, time control, line work).
This company structure is characterized by the following:
- Workers typically