MNGT365_1

MNGT365_1 - Max Haubold MNGT 365 Paper 1 The system of...

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Max Haubold MNGT 365 Paper 1 The system of Capitalism can be defined by a freedom of economic activity in which people hold assets and utilize these assets in conjunction with labor to produce goods and services on the open, competitive market. Through an economist’s eye, this is a very simple equation of capital and labor to produce goods, wherein the minimization of costs would be standard practice to maximize profits. So, to maximize profits a business should lower capital input or lower labor costs. With the introduction of a flooded labor market and the critical need for work to survive, the temptation to pay workers near nothing for higher profits seems to be irresistible. This was the case in the early nineteenth century, inducing a labor market where all jobs, foul conditions, and low pay rates were acceptable. This economic condition of a flooded labor market and the absolute survival-based need of laborers to find work are the base causes of American worker strife in the nineteenth century. This is why it took a long, drawn out, gradual series of changes to finally arrive at the 8 hour work day. To analyze the influence of this economic condition, it is important to first see how this market was created. Prior to the nineteenth century there was a migration toward cities and away from the traditional yeoman farmer. America was moving away from the Jefferson ideal and into the Hamilton. This new America found thousands of new working class people needing to work for a wage, rather than being self reliant farmers and barterers. This is the first great surge in the
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This note was uploaded on 11/18/2011 for the course MNGT 365 taught by Professor Staff during the Fall '10 term at UNC.

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MNGT365_1 - Max Haubold MNGT 365 Paper 1 The system of...

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