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Managerial Economics: Welfare Corporate Social Responsibility

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criminal law
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USIU

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case study
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  1. Introduction
  2. Discussion
  3. Multinational corporates
  4. Conclusion

Free market theory was a dominant theme of the 1780s propagated by economists such as Adam Smith. Amongst other things was its exclusive resolve that there should be minimal government involvement in the business of the economy if any at all. It was the era of the industrialization concerned with maintaining of internal advantages for the succession of competition within local markets therein maximizing profits for its shareholders (as its sole and ultimate objective) (Bakan, 2004). Proponents of this model argued that the market, in the absence of government control, would naturally adjust itself into a state of equilibrium by matching the aggregate demand to the aggregate supply for demanded commodities; the prevailing prices for commodities would be a reflection of the expectations of buyers versus the willingness to pay by consumers for consumer goods (Hoetzlein, 2010).

This thought was advanced by economists of the free market school of thought into the neo-liberalism economics. This new school of thought emerged a century later following the burst of free market ideals, growing out of the existing liberalism economics theory. What therefore was this old liberalism theory all about? Economic liberalism prevailed in America in the 1800 and early 1900 granting individuals the right to make profit in an increasingly unregulated market. Profit was therefore pursuable at no restrictions; an anything goes analogy that would soon plunge the world into unfathomed crisis a few decades later.

[...] These early debates still linger till now striking strong and ferocious debates and reactions both within the government and amongst corporate bodies. The subsidence of this World crisis and the decline in profitability in industries prompted the elite to revive economic liberalism leading to the development of neo-liberalism economics (Roberts, 2010). The neo- liberalism economics propagated for the exclusive rule of the markets within the economy; deregulation of government role on any aspect that would cut back on enterprise profitability (including workers' safety, environment safety and workers' unionization); privatization of public amenities and resources and reduced public welfare expenditure such as healthcare and education. [...]


[...] Finally, neo-liberalism has led to a change in the nature of politics both domestically and globally. Countries are now more than ever keen to protect their natural resources and ideologies even at the expense of developmental concerns that will actually develop more welfare to the citizens of the country. It is therefore possible to envision the eruptions of both civil and external conflicts and wars in response to this concerns. Reference Boyes, W Managerial Economics: Markets and the Firm. Arizona: Cengage Learning. [...]


[...] In most cases such privations were done on state created natural monopolies. However in the United States where such monopolies are not present and are mainly characterized by oligopolies; such monopoly are usually acquired by private individuals or cooperates who in turn begin to act like monopolies and exerting higher prices on the consumers and further lowering their welfare (Boyes, 2011). In a bid to increase the delivery of welfare services like sanitation, garbage and heating or lighting, the private sector is actually condemning the society to harder conditions due to non- payment. [...]


[...] However, in effect this is not the case as it is [practiced. The neo-liberalism market has led to the emergence of a new ideal focused on the take-over of public life by large multinationals. The theatrics of modern day conflicts between government and multinationals in most societies is engineered to conceal beyond the public's scrutiny this naked truth (Crouch, 2011). Most importantly is that neo-colonialism has refused to die; it has resurfaced much stronger and more aggressive than before. Unlike other theories that collapsed when exposed through crisis, the neo-liberalism theory seems to persist. [...]


[...] Secondly, most of the world's largest economic bodies or agencies are also clouded with much secrecy i.e. World Bank, International Monetary Fund and World trade organization. Additionally, the United Sates through its larger composition within these groups can veto decisions and elections into such bodies such that the management can easily be aligned or if need be-arm twisted- to do the bidding of the top-level influencers and the apply selective practices especially through the use of bans and advisories (Kotler & Lee, 2006). [...]

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