Capitalist Theory and the Modern Workplace

A detailed Summary of Capitalist Theory and the Modern Workplace


In the book Myth America: Democracy v. Capitalism William H. Boyer (2003) writes of the fallacy of capitalist economic theory that asserts that the free market has an infinite capacity to correct all of the excesses of capitalism without government intervention. In fact, Boyer contends, Adam Smith, author of The Wealth of Nations and a man who is often called the intellectual father of capitalism, contended that humbling and monotonous routines often grind down the spirit of the common worker, rather than enrich his or her mind. However, Boyer includes a quote from The Wealth of Nations where Smith seems to be critiquing, not capitalism per se, but routine work in general. Grinding and monotonous routines could be characteristic of a rural or agrarian economy, where a farmer makes all of his or her own goods, as well as capitalist factories.

Furthermore, capitalist life has changed a great deal


Adam Smith might critique Boyer's central contention by saying that in today's free market, it is in the interest of today's employer to employ a worker who is educated, interested, and literate about world around him or herself. It is in the employer's interest to educate a worker who can add to a business' technical capabilities. It is in the employer's own self interests, in succeeding in a free market economy that is so dependant upon knowledge of new technology to ensure that employees are kept abreast of such new developments, and that they travel around the country and around the world to learn about what is going on in an increasingly global marketplace. Financing every worker's continuing education and even employing such 'perks' at the workplace as gyms and yoga classes, ensures that a business will attract the highest-quality employees and will make employees more loyal to organizatio

Some common words found in the essay are:
Adam Smith, Nations Smith, William Boyer, Wealth Nations, adam smith, free market, knowledge technology, wealth nations, monotonous routines, ,

Approximate Word count = 607
Approximate Pages = 2 (250 words per page double spaced)

Category: History

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