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Political Economy I
1
Political Economy
1980s - 1990s
The fracturing of the Fordist Assembly Line into a global assembly line.
Great Compromise
1. Agreement between Industry, Labor and
government.
2. Workers would have a set hours of
work, industry would provide a basic
wage, government would arbitrate
between industry and labor.
Result?
1. It created a standard of living not
seen before in human history.
2. Workers could purchase items
they helped produced, credit was
extended to workers to purchase
items/ products for consumption.
Political Economy
Flexible Production & Consumption/ Post-Fordism
National Production, Consumption, and Distribution Chains...
National Manufacturing
Fordism
-Rationality
-Predictability
-Tasks broken down to basic
components (movements)
-Made way for the Great
Compromise
Global Reality as of October 8, 2014
The Chinese economy will surpass the United States economy, for the past 150 years, the North American economy will not be ranked number one.It will be China, then followed by Hindustan.
Chinese valuation is $10.35 Trillion, with a 11.59% share of the Global Economy.
North American valuation is $17.4 Trillion, with a share of 16.28% of Global Economy.
The Chinese economy was expected to grow by 20% bigger than the U.S. Economy by 2019, according to the IMF Economic Outlook Report.
Taylorism
Production efficiency methodology that breaks every action, job, or task into small and simple segments which can be easily analyzed and taught. Introduced in the early 20th century, Taylorism: (1) aims to achieve maximum job fragmentation to minimize skill requirements and job learning time, (2) separates execution of work from work-planning, (3) separates direct labor from indirect labor (4) replaces rule of thumb productivity estimates with precise measurements, (5) introduces time and motion study for optimum job performance, cost accounting, tool and work station design, and (6) makes possible payment-by-result method of wage determination.