Richard Sennetts account of the new capitalism in relation to current organizations

There have been many economic systems in the history of the world, all formed out of various ideologies but the most prevalent one has been capitalism. Capitalism is a system whereby the means of production are in the hands of private owners and its main aim is making profits and more profits. Supply, demand, price, distribution, and investments decisions are determined by a liberated market and governments have little or no authority over the market.Advertising We will write a custom essay sample on Richard Sennett’s account of the ‘new capitalism’ in relation to current organizations specifically for you for only $16.05 $11/page Learn More The revenues from the entities are mainly for the owners and little is used to pay wages to workers. However, there is a new economic system that is developing in the world known as the new capitalism. New capitalism is a sociological phenomenon that has to do with the new economy effect on the hu man relationships. Sennett describes a scenario whereby corporations have changed from the bureaucracy organizations described by Weber (2006, p. 203). Organizations today are not centered, they are unstable and diffuse; unlike the former pyramid-like corporate structures whereby people would know their status and therefore they could plan for the future because there were assured long-term stability, benefits, social capital, and interpersonal trust. Employees have to now prove themselves as valuable assets to the entity for them to secure their future by showing their potentiality rather than specialty and experience. People demand services rather than goods. Capital, labor potential and innovations are the driving forces for the economic development. The system is generally characterized by: Globalization and automation, blue-collar jobs, unionized work, reduced manual work and an increase in value of professional workers. The system thrives on economics, information architecture , cybernetics, game theory and information theory among other sciences and technologies. The ideology has been mainly developed by a sociologist Richard Sennett and a professor at the London School of Economics. He is very popular for his contribution and study of social relationships in cities, and the effects of urbanization on individuals in the modern world among other ideologies such as the liquid society. New capitalism has led to the formation of a very liquid society due to the rapid changes in technology and society. People’s life’s now change at the same rate: nomadism has become a routine in all aspects of the modern man: people change their lives like a tourists, change places, jobs, spouses, values and sometimes political or sexual orientation (Sennett 2006, 203). Modernity has evolved from solid to liquid creating unexpected situations for man; therefore making individuals face many new challenges that have not been there before. Institutions do not matur e and solidify so a create foundation for human activities; they break before that happens hence man is prompted to find other ways to organize life.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More An individual must be prepared before engaging in any activity by analyzing its gains and losses first. The global economy has also shifted from being industrial to service oriented enterprise. Socially the modernity is characterized by movements fighting for civil rights and equality in the female gender and also multi-culturalism. Sennett (1998, p. 221) argues that â€Å"the former political sphere was comprised of numerous arenas and possibilities of citizenship and political action concerning various forms of struggle against oppression or alienation (in collectives defined by sex or ethnicity) while the modernist political arena remains restricted to class struggle.† Organizations in the private sector the social-welfare programs in collaboration with the government and agree to and execute general wage levels and also ensure the administration’s spends across the economy in favor of workers so as to avoid strikes and labor unrest. The above explanations of new capitalism are evident in our societies therefore the changes are really happening. Recently the ANC banking group of Australia CEO gave a report citing that the banking sector globally is facing huge risks and uncertainties hence making operations to be very expensive. This depicts the new capitalism type of organizations that operate with no stability and hence cannot also offer their employees reliable benefits because the entities themselves can collapse anytime. He said that the sector and specifically the bank need to concentrate on productivity and new innovations so as to stay relevant in the market; therefore changes have to be implemented. New capitalism, according Sennet (1998, p. 87), i s all about innovations and competition to stay relevant. He also said that the bank is intending to expand more globally and also engage in investment strategies worldwide hence the bank will be responding to the new capitalism requirements of globalization for the sake of its shareholders. In another article the Labor Party in Australia is advocating for the increase in the SG (the compulsory contribution paid into a worker’s super account by their employer) from 9 per cent of gross pay to 12 per cent by 2019 (Fraser 2010, np). This will enable the employees to accumulate substantial savings that will guarantee them a good retirement.Advertising We will write a custom essay sample on Richard Sennett’s account of the ‘new capitalism’ in relation to current organizations specifically for you for only $16.05 $11/page Learn More This is an example of new capitalism ideologies where governments make policies that protect citizens from their employer’s meanness so that they can secure themselves a good future and also boosts the welfare of the entire country. Companies are also buying other organizations leading to mergers a phenomena that characterizes new capitalism ideologies.BHP Billitons a mining company in Australia ha s made a bid to the Potash Corp. of Saskatchewan Inc that manufactures potassium for farm use. BHP wants to expand the company and make it a worldwide business because it has the potential since the commodity is essential the globally. This again is a globalization strategy; companies are seeking more revenues worldwide for Potash that is another reason as to why organizations today cannot be considered stable because they can undergo both management and economic changes anytime. Some people consider BHP’s move a risk, analysts have cited that the purchase of Potash by it will lower its credit ratings. However, the management says â€Å"that company would not be facing a s teep downgrade, because Potash Corporation would increase its geographic diversity and has solid medium and long-term prospects† (Bain 2010, np). This is a display of uncertainty in decisions being made by organizations in the new economy. Some are risky ventures but they choose to continue in the hope that the venture will be successful and will therefore keep the entity relevant in the market. The prime media group has also been doing well, advertising spending has doubled and especially no w that there are election campaigns. â€Å"The group plans to pick up Seven Group Holdings Ltd’s newest digital channel, 7mate, due to launch on September 25† (Smith 2010, np). Westfield chains of stores have also been doing well in their business and the director says the market is now not volatile but there are still uncertainties in the business’s environment. He says the stores have survived the recession and are now trying venture into new strategies so as to bui ld a strong base for economic development. However not all business in Australia are doing well the Direct Factory Outlets (DFO) retail chain has evaded receivership after its owners the Developer Austexx, made agreements with banks from which the chain has their loans. The banks have agreed to extend the loans for the chain for it to recover. The management has mentioned that the crisis has been due to bad decisions about expansion of the chain. Another company under crisis is the Downer EDI, an engineering company whose profits have declined by 90% from last year, s. The company has blamed the global recession for this saying that it led to loss of investors both private and public. The company has also admitted to quality issues of their trains and also it says that it has not been able to meet deadlines of the requisitions made by customers. The management has said that the company is making changes both operational and organizational so as to improve its services and performanc e.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Australian timber company Gunn’s is also in crisis, it is trying to get out of the crisis by selling some of its non-core assets. Recently it has sold the Tasmanian pulp mill and its Tamar Ridge winery to enable reorganization by downsizing. The management says that it has â€Å"a lot of work to do over the coming 12 months to continue to develop our asset base and the next stage of development which will be the closure of the pulp mill project† (Griffiths 2010, np) Sennett portrays the new capitalism as short-termism because it concentrates on insists on flexibility and the relocation of workers from on job to another. This means that there is no need for people to specialize in a particular field all they need is the potential and skill because the economy is moving very fast and so is employers interests. Workers should therefore not dwell on past experience to deliver services any more instead they should be eager to learn the new task. Sennett points out that â€Å"most people need a sustaining life narrative; take pride in being good at something specific; and value the experiences they accrue, and the new capitalism is a source of misery for many people† (2006, p. 256). The new capitalism is as a result of various forces put together hence generating the changes. The first was the change of authority from the management to the shareholders; and the investors are out to make quick profits not long-term gains. The concept of quick money is not new to the globe but capital combined with pressure for profits is the reason for the changes. The current era views stability as a weak point and a disadvantage; the favored option is innovation, new opportunities and total enterprise. Development of new information technologies is also another major force that has mainly created changes in the way that managed. Communication and transport is now very fast than before; managers can send orders electronically and expect results at the same s peed. This speed is actually not good for business because very many bad decisions are made due to speed and they end up working against the entity. The casualisation of labor and the formation of unions have made it more difficult to get labor and to manage it too hence organizations ought to be careful when hiring, managing and firing because strikes can be very ruinous for their operations both in reputation and production (Hyam and Janda 2010, np) The above core changes and their reasons are very visible in the Australians organizations mentioned earlier, they are all geared towards quick profits through investors capital. The organizations drop enterprises that are not making profits and change to develop the viable ventures, the ones that are doing well keep looking for new innovations so as to maintain their positions. All of these changes also involve the employees hence the need for potential rather than specialty in a particular field because the organizations will be requ iring different kind of labor at different times. The changes could be good for revenues but still they got their weaknesses that they bring in an organization. Sennett argues, â€Å"there are three deficits that follow on from the structural changes; low institutional loyalty, the loss of informal channels of trust among employees and the weakening of institutional knowledge† (1998, p. 102). The New capitalism therefore has its advantages and disadvantages but one thing that is obvious is that it is overtaking capitalism worldwide. References Bain, D 2010, ‘BHP ratings under threat in Potash bid’, ABCNews, viewed on https://abcnews.go.com/ Fraser, A 2010, ‘Retail softness dries up Billabong sales’, The Australian, viewed on https://www.theaustralian.com.au/ Griffiths, M 2010, ‘Greens play down chances of pulp mill deal’, ABCNews, viewed on https://abcnews.go.com/ Hyam, R Janda, M, ‘Banks agree to DFO lifeline’, ABCNews, vi ewed on https://abcnews.go.com/ Sennett, R 1998, The Corrosion of Character: The personal consequences of work, in the new capitalism, Norton, New York. Sennett, R 2006, The Culture of the New Capitalism, Yale University Press, London. Smith, J 2010, ‘Seven Network announces merger’, ABCNews, . https://abcnews.go.com/ This essay on Richard Sennett’s account of the ‘new capitalism’ in relation to current organizations was written and submitted by user Camilla Rodgers to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

buy custom Securing the Crime Scene essay

buy custom Securing the Crime Scene essay Cross-contamination of forensic science evidence refers to the presence of trace evidence on a significant item (Brown Davenport, 2011). Trace evidence, such as hair, blood, paint, and fibers, is readily transferable from one item to another. This fact raises the issue of the forensic science evidence cross-contamination (Brown Davenport, 2011). A significant evidence can mix with a trace evidence during the investigation process.. Many forensic investigators have arrived at wrongful conclusions because of the cross-contamination of significant evidence. It is possible to avoid cross-contamination by following well-controlled forensic procedures during the investigation. Forensic investigators perform strictly controlled procedures in order to make it certain that cross-contamination has happened during the crime and not during the investigation (Brown Davenport, 2011). This discussion will consider the effectiveness of the procedures that help protect forensic science evidence fr om the cross-contamination. Securing the crime scene, proper packaging during collection, and secure transportation of the significant evidence, are the crucial steps that forensic officers should observe (Brown Davenport, 2011). Forensic officers should observe maximum care during each step in order to avoid the possibility of the cross-contamination after the discovery of the crime. Securing the crime scene avoids the cross-contamination effectively because the sources of trace evidence do not cross to the significant evidence. While securing the crime scene, the forensic officers should then collect, handle, and pack with care the significant evidence. They should pack each piece of evidence separately in the clean containers and label them correctly. Secure transportation ensures that the packages of significant evidence arrive to the forensic laboratories for the examination (Brown Davenport, 2011). Therefore, because of the possibility of the cross-contamination, forensic officers should be extremely careful while handling the forensic science evidence. Securing the crime scene, proper packages, and secure transportation of the significant evidence, effectively avoid the cross-contamination. The presence of trace evidence may lead to the wrongful conclusion after the analysis. Buy custom Securing the Crime Scene essay

Business Cycle in Theory

The business cycle is a nonrepeating cycle of expansion from commercial activity to economic recession, which shows various upward trends. As part of the business cycle, the recession starts as the investment increases, and the economic recession expands as investment increases. From 1929 to 1933, GDP declined by 30% and the economy entered the Great Depression which continued until the Second World War. There have been ten recessions since 1945. To some extent, the 1990s like the 1920s included rapid economic growth and unprecedented prosperity (). From a conceptual point of view, linking innovation-based growth to business cycle theory is not new. The history of this idea can be traced back to at least Schumpeter (1934). Aghion and Howitt (1991) reviewed several attempts to unify growth and business cycle. Implementation cycle theory of Shleifer (1986) is an example of the conceptual relationship between (endogenous) business cycle and innovation-based growth theory. Cycle of repea ted innovation in enterprises due to externality of demand. Because we are looking forward to prosperity, prosperity will be self-fulfilling. However, to our knowledge, this is the first study to integrate diversity-based endogenous growth base and elements of the RBC method (note the attention to exogenous total productivity as the only uncertain factor Including). Because many people believe that there is an economic cycle, the economic cycle theory is important. This is not a permanent belief. In the 19th century, the economic cycle was not regarded as an economic cycle at all, but it was regarded as a spell of crisis that hampers the steady development of the economy. In the next few years economists and non economists began to believe in the regularity of these crises and analyzed how they relate to the segregated and changing economic structure. In society, it is said that history is constantly repeated. This is a business cycle that repeats the cycle that has been going on fo r many years, from the economic downturn to recovery and expansion. It will never end, it will not stop repeating Business Cycle in Theory The business cycle is a nonrepeating cycle of expansion from commercial activity to economic recession, which shows various upward trends. As part of the business cycle, the recession starts as the investment increases, and the economic recession expands as investment increases. From 1929 to 1933, GDP declined by 30% and the economy entered the Great Depression which continued until the Second World War. There have been ten recessions since 1945. To some extent, the 1990s like the 1920s included rapid economic growth and unprecedented prosperity (). From a conceptual point of view, linking innovation-based growth to business cycle theory is not new. The history of this idea can be traced back to at least Schumpeter (1934). Aghion and Howitt (1991) reviewed several attempts to unify growth and business cycle. Implementation cycle theory of Shleifer (1986) is an example of the conceptual relationship between (endogenous) business cycle and innovation-based growth theory. Cycle of repea ted innovation in enterprises due to externality of demand. Because we are looking forward to prosperity, prosperity will be self-fulfilling. However, to our knowledge, this is the first study to integrate diversity-based endogenous growth base and elements of the RBC method (note the attention to exogenous total productivity as the only uncertain factor Including). Because many people believe that there is an economic cycle, the economic cycle theory is important. This is not a permanent belief. In the 19th century, the economic cycle was not regarded as an economic cycle at all, but it was regarded as a spell of crisis that hampers the steady development of the economy. In the next few years economists and non economists began to believe in the regularity of these crises and analyzed how they relate to the segregated and changing economic structure. In society, it is said that history is constantly repeated. This is a business cycle that repeats the cycle that has been going on fo r many years, from the economic downturn to recovery and expansion. It will never end, it will not stop repeating

How did the United States justify and achieve Manifest Destiny Research Paper

How did the United States justify and achieve Manifest Destiny - Research Paper Example Because of their cultural, political, and racial superiority, they believed their destiny was to escalate their and rules to enlighten other nations that were not exposed. The pride and superiority of possessed American settlers forced them to acquire its neighboring territories by force and compulsion leading to the Mexican War in 1840. They had the notion that God would give them land from Pacific to Atlantic Ocean. The Americans had diverse justifications of the components leading to achievement of their Manifest Destiny. The ideology of manifest destiny had many components treating an individual in various ways reflecting the pride and superiority by Americans in Mid 19th century. Justification of the idealistic vision of social excellence through God and church created separate opinions to conquer new land. The American Unified ideology was to dominate the whole world from pole to pole. The following factors and occurrences were imperative in justification of United States to achieve manifest destiny. According to many people, Manifest Destiny depended on the notion of American having a divine Providence. They believed that America had a future controlled by God to expand its borders without any limit to country or area. All the activities involving traveling and expansion were also a factor of the Manifest Destiny. It compounded with the notion that it was Gods will for Americans to spread over the whole continent controlling and populating the country, as they required. Since many expansionists believed that God had explicit power to sustain and guide human destiny, they concentrated in conquering and Christianizing the land. The Manifest Destiny was the mass settlers move across the land in advance to replace darkness with light and ignorance with civilization. The Manifest Destiny increased by the inclusion of strong Gods will in the individual’s ideology while others

Linear programming model Essay Example | Topics and Well Written Essays - 1000 words

Linear programming model - Essay Example These points represent the maximum and minimum values for each situation when they are injected into the equation that needs to be optimized. The total range of solutions lies within the bound region alone. 2. Discuss the importance of inventory control with respect to supply and demand. Inventory control is critical to any business for a number of reasons but majorly because it affects operating costs and output production levels directly. For any business it is essential to keep an optimized level of the inventory such that things are available when needed but are not overstocked or under stocked. In case that inventory items are overstocked the business is pushing its finances into warehouses that could have been used elsewhere while if items are under stocked there is the possibility that business operations will be negatively affected. In order to optimize the supply demand requirements of an organization inventory control is essential. 3. What benefit can tools such as ABC anal ysis and just-in-time controls provide for an organization? ABC analysis allows a set of selective inventory controls to be placed in order to optimize inventory levels. ... On the other hand the JIT inventory control philosophy tends to source materials just before they are required for operation. This ensures a healthy supply and demand cycle such that large warehousing efforts are not required while a constant and adequate supply of parts is available just when required. The lack of large warehousing and the absence of large inventories reduce the overall operational costs significantly. 4. How can an enterprise resource planning system assist a firm with improving its business operations? The purpose behind an ERP system is to integrate the aspects of internal and external information management. The aspects of communication throughout the entire organization are integrated into one platform so that manufacturing, retailing, finance, sales and service etc. all communicate together and are well aware of each other’s demands. These channels of internal communication are superimposed by external channels of communication though the external chann els may not be as large in number and may not necessarily interact with all the internal channels. The utilization of a pervasive ERP system provides all members of the organization with an overall outlook of demands and constraints that ought to be met for business operations to proceed as planned. The constraints put in place by communication are resolved through the use of effective ERP systems and this in turn tends to improve upon the overall business environment of the organization. 5. What benefit would be gained by utilizing linear programming (LP) for marketing research? Linear programming is about optimizing any set of problems using input in the form of equations and inequalities derived from word problems. Real world marketing problems are composed of word problems and

College Admissions Essay: My Father Died a Drunk :: College Admissions Essays

My Father Died a Drunk    At 4, I came to the breakfast table and saw that my father had a horribly swollen eye and adhesive tape forming a shell on his nose. I didn't know that he got those injuries in a barroom fight; I only know that I was deeply frightened and sorry that my father was hurt. This was the first of many bad memories.    At 6, I awakened to the sound of a violent argument between my father and mother. I didn't know the reason for the quarrel; I just wanted the shouting, cursing and threats to stop. I could even hear them when buried under the pillows and blankets on my bed. My father had lost his job because of his drinking.    At 10, I never knew whether my father would be sober, reasonable, even pleasant - or drunk, argumentative and abusive. On one February day with four inches of snow on the ground and a freezing rain falling, I was walking home from my cousin's house in the early evening and saw my father lying on the soggy, snow-covered sidewalk. I didn't know what my father would do if I roused him, and I was afraid to find out. Perhaps, subconsciously, I hoped my father wouldn't waken at all. I continued on, did nothing, said nothing. This I will remember with guilt for the rest of my life.    At 13, I came to hate Thursday because it was payday and I had to walk up to the shop where my father worked as a janitor, get the paycheck and take it to my mother so that it would not be spent on drink. I sensed this was demeaning to my father and I felt embarrassed.    At 15, I was at the YMCA one Saturday when my father stopped by. He was drunk. He tried to play a game of pool with me and ripped the table covering with his cue stick. Many of my friends were watching. I didn't return to the Y for a month.    At 16, the high school crowd I ran with had a party each month at a different house. How could I have that party when I never knew what condition my father would be in? Fortunately, my mother solved the problem by inviting my father out to dinner and a movie, leaving my older sister as a chaperone.

Stanley Milgram

Megan Randolph RC 250 Marcia Clay 11/3/09 A Summary of Stanley Milgram’s Obedience Study Stanley Milgram, a professor of social psychology, conducted a research study beginning in July of 1961. This research measured the willingness of participants to either obey or disobey an authority figuring giving them on a conflict between obedience to authority and personal conscience. Milgram set up this experiment at Yale University to test how much pain an ordinary citizen would inflict on another person just because an experimental scientist ordered him to.Virtually one thousand adults were observed in this experiment, and several different conditions were launched to find a limit to which the candidate would continue the order from the experimenter or refuse the order and end the experiment. This experiment consisted of a triangle, beginning with the experimenter, which was the authority, the executant, which was the participant, and the victim, which was the learner. Both learner and teacher were given a sample 45-volt electric shock from an apparatus attached to a chair into which the â€Å"actor-learner† was to be strapped.The fictitious story given to the â€Å"teachers† was that the experiment was intended to explore the effects of punishment for incorrect responses on learning behavior. The participants were first paid to participate in the experiment making it feel more real. A progression of unrevealed subjects in their roles as teacher were given simple memory tasks in the form of reading lists of two word pairs. The teacher then asked the â€Å"learner† to read them back and was instructed to administer a shock by pressing a button each time the learner made a mistake.It was understood that the electric shocks were to be of increased by 15 volts in intensity for each mistake the â€Å"learner† made during the experiment, while the actor/learner screamed and yelled louder every time. The participant believed that for every wrong answer, the learner was receiving actual shocks. In Fact, there was a pre-determined script that the teacher had no idea about. The idea that the subject thought these shocks were actually taking place, and they continued to follow the orders, is where the experiment became disturbing.This experiment, testing the willingness of normal people to carry out unethical acts, was life changing in how Milgram viewed the larger culture, for the worse. Milgram stated after completing the experiment, â€Å"†¦ the most fundamental lesson of our study: ordinary people, simply doing their jobs, and without any particular hostility on their part, can become agents in a terrible destructive process. † â€Å"This is scary, this is the definition of our greater public, and it’s all shown through this Behavioral Study of Obedience,† states Milgram.Sixty five percent of participants made it to the final 450-volt shock in Mailgrams first study. Milgram tested the experi ment in four different ways of the immediacy of the victim. Beginning with the first condition, the victim was placed in another room and could not be seen or heard by the participant, only pounding on the wall when volts reached over 300. This condition was titled remote feedback, and was revealed to be easier for the participant to continue the experiment without remorse.The second condition is where the voice protests were commenced and the teacher could hear the victim’s complaints titled voice feedback. Although they could hear the learner, the victims were still easily put out of mind because they could not be seen. The third experimental condition, Milgram placed the victim in the same room as the participant, being both visible and audible, the proximity. When the victim was close it was more difficult to exclude him, making it more difficult for the participants to obey the experimenter.Lastly, the fourth condition was the touch proximity, where the victim received a shock only when his hand rested on the shock plate. When the victim would refused to place his hand on the plate, the experimenter would order the participant to come in physical contact with the victim and force his hand onto the plate. â€Å" The Mechanism of denial can no longer be brought into play† in the proximity conditions. It’s not as easy to harm a person when you can visually see the pain one is inflicting. Forty adult subjects were studies in each condition.The data revealed â€Å"that obedience was significantly reduced as the victim was rendered more immediate to the subject†. According to Stanley Milgram’s report Some Conditions of Obedience and Disobedience to Authority, there are many different factors they may affect the end result of a subjects obedience to a dominating figure. These factors include, the immediacy of the victim, closeness of authority, tensions, and background authority. The locality of each situation showed difference s in the responses of the participant and their willingness to obey or disobey the experimenter.