Markets and Division of Labor Essay Example | Topics and Well Written Essays - 2500 words

Markets and Division of Labor - Essay Example This paper illustrates that social cohesion and division of labour market are the two aspects that have come under association that dates back to several decades. From the olden times to the modern times, the ideas and notion about the market and division of labor whether encourage or discourage has come under numerous discussions and various opinions. Social cohesion comes under classification when the people within a society work in collaboration with each other for a common goal that includes the people coming from cultural diversity. Besides, dedication, acquaintance, and creation of a community are the pivotal aspects that form the social cohesion. Here the people have a shared approach as a single unit surrounded by a committed system, so that the strategies and guiding principles incorporating the economic, social, health and educational assist and support to the society and its members. While the other aspect of the report exhibit the division of labour, which is no new conce pt as it has its origination back to late eighteen century. Although various thinkers and philosophers considered it as a significant principle, but history reveals the fact that Adam Smith was one of the initial people who made an effort to undertake a theory of it. However, this phenomenon in the contemporary time of today has come under vast development that everybody is very much aware of this trend. The division of the labour refers to the area of interest that defines the productive output of the labor that aids in improving the economical growth. This comes under implementation from breaking the bigger activities into smaller chunks that the labor can perform as his expertise that can increase his productivity (Zupi and Puertas, 2010). Historical and authentic substantiation indicates that the few countries of European region initiated an experiment with a core purpose to make its economy liberated from other aspects of life including the social and political control that adm inistered the economic conditions, in order to free the socially rooted markets that subsisted for a very long time. Therefore, the development of the free market came into institution by splitting up the markets that has the origins on social factors. As consequence, a new type of economy came into emergence that did not considered the impacts on society and modified and transformed value of several components including the goods price and labor (Wood, 1984). The Adam’s idea of division of labour articulates that the larger jobs must be divided and break down into small components that can come under relation to the specialized workforce. This makes each worker and labour a proficient and specialist for the areas of production, and hence the efficiency and output of the labour boosts. Nevertheless, this idea of division of labour also hoards quite a few resources including capital and time, as the labours being an expert in a particular component would not have to make excha nge tasks and responsibilities. However, this also leads to an unanticipated issue that the propensity increases that a worker may become ignorant and disappointed from the work because the technological advancements would lead and induce the individuals to perform mundane and repetitious tasks (Reisman, 1976). Smith also states that in order to have a productive labour, they must be assigned the tasks that best fit their capabilities and abilities. This is for the reason that this assignment of labour according to their expertise would lead them to produce substantial and surplus products that can come under reinvestment into the production process. Adam Smith also has a leading concern towards the origins of the value, which has come under recognition in two different forms: use value and exchange value, and concluded that labour is the primary source of value (Reisman, 1976). The data and records provide clear evidences that the division of

How Does the Legacy of Colonialism Contribute to Some of the Economic Essay

How Does the Legacy of Colonialism Contribute to Some of the Economic Issues Facing Caribbean Countries Today - Essay Example Colonialism can be defined as â€Å"the domination of people another country† (Osterhammel & Frisch, 1997, p15). This involves suppressing the inferior culture. These Caribbean countries include Jamaica, Haiti, Cuba, Dominican Republic, and Puerto Rico among others. Caribbean countries have common problems, which include financial stress and lack of sufficient investment; as a result, they face crisis in the credit markets. Nevertheless, colonialism impact on the Caribbean countries is felt up to date. Cuba and Puerto Rico gained independence in 1901 whilst Jamaica and Trinidad gained their independence in 1962 (History of the Caribbean 2012). Colonial governments were mostly undemocratic, and emphasized on divide and rule, which weakened the local power institutions. This paper will discuss the legacy of colonialism in relation to some of the economic issues facing the Caribbean countries. Legacy of colonialism and its contribution to some of the economic issues facing Caribb ean countries today The Caribbean countries struggled, but were full of courage for many years to attain their freedom and democracy as well. These countries have been a target to many developed countries due to their natural resources. However, the Caribbean countries have, over the years, tried to improve their economy to no avail; they have also tried to engage in clothes production, processing of food, and manufacturing of sugar, all of which have ended up in failure. The effects of colonialism have been felt on the Caribbean economy, which have contributed to its weakness. Though the Caribbean countries have attained their independence, some colonial policies hinder the Caribbean economy from excelling, posing as a ground for exploitation. According to The Michael Manley foundation (2006), colonizers of the Caribbean countries benefited greatly from controlling these countries; for instance, slave trade impacted positively on the industrialization of Britain, and as a result, e merging as the wealthiest nation. The colonized countries did advanced partially, as all the profits extracted from their resources benefited the mother countries of the colonizers. In addition, the Caribbean countries were not in a position to produce what they required, but they produced what the colonizers needed (The Michael Manley foundation, 2006). Today, the developed nations continue to benefit from the natural resources of the Caribbean countries with insignificant returns. For instance, Trinidad produces oil while Jamaica produces coffee, bananas, and sugar, all of which are exported to the developed countries. The developed nations use these raw materials to the benefit of their countries, and export the finished goods to the Caribbean countries; as a result, they make huge profits, while the Caribbean countries receive fewer returns. Colonialism encouraged the exportation of agricultural goods; as a result, the Caribbean countries have continued to lay more emphasis on t he exportation of such goods rather than investing in their manufacturing industries by expanding them. If the Caribbean countries would expand on their manufacturing industries, they would gain more profits through exporting finished goods, rather than raw goods, and as a result, boosting their economy. Importing more and exporting less is the trend of the Caribbean countries, this trend began in the colonialism era, where these colonized nations imported goods from the colonizing