MANG2057 Philosophy Of Management And Organisations

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MANG2057 Philosophy Of Management And Organisations

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MANG2057 Philosophy Of Management And Organisations

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Course Code: MANG2057
University: University Of Southampton

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Country: United Kingdom

Question: 
Burrows T. Lundy, the namesake of the Lundy-Fetterman School of Business, once said, ” The free enterprise system is…the most productive and rewarding…it is also the most moral since it assumes as rights of the individual to possess the products of his labor, to exchange them for what he wants, to determine his own standard of living, and to consume what is his.
Answer:

Brief history:
Capitalism:
For long periods of time, the catholic churches had shunned money lending activities in the church premises, as they considered it sin, back then. With the growth of wealth and its uses, as trade centers began to grow, the seeds of capitalism were laid. Back in the Middle Ages, Italy, Florence, Naples were the ones, who had started the trend of earning profits as they had large number of merchants back in those days. With the Protestant Reformation arrived, northern protestant countries like Netherlands and France had initiated capitalism, because the churches had removed the restrictions on the money lending activities (Mauro, 2015). Later on the creation of the joint stock companies, development of factories during the industrial revolution of the 16th and the 17th centuries had consolidated the growth of capitalism. The role of Adam Smith, the father of Economics, with his book ‘On the Wealth of Nations’, had been of paramount importance. His idea of division of labour and wealth creation, led to the growth of the capitalism theory and practices, to a large extent and has continued till today (Kaufmann, 2013). With the growth of the companies, share markets also came into the existence and capitalism continued to grow into the mainstay of the society.
Socialism:
The advent of Socialism, had originally had its origin, only after the initial success of Capitalism. They believed that the plight of the workers would be improved, only when the control of the production would move from the capitalists to the state. In other words, a top down control based model, was something, which they aspired for. The sociologists were in awe of the system of capitalism, all they wanted was to ensure that the distribution of the profits would be done in a fair manner. They had observed that the workers earning profits for the rich business owners were being unfairly exploited. In 1791, in France, Talleyrand compared the ideal society to a national workshop and in the 1820s, Henri de Saint-Simon, envisioned the ideal society as one big factory (Bunce, 2014). After his death, his followers, devised a system, where the entire society would be organised into a single factory and had coined the word, ‘socialism’ for this. It was the origin of socialism. Throughout its history, all the writers, primarily used to endorse the top down view, which was accepted as the model for a socialistic society. Whether it is Thomas More, Etienne Cabet, Louis Blanc, Robert Owen or Karl Marx, the socialist theme has been recurring. At the very heart of the subject, ensuring equitable distribution of income and preventing the exploitation of the workers, which had bolstered this system.
Comparison between the two:
The political and economic systems exhibit similarities in various levels. Although, both of them have different approaches, while performing each other’s functions, each of them still exercise significant amount of similarity in their functioning. Some of the similarities are as follows:

Democracy: One of the biggest similarities between the two is the type of governance, where democracy is followed. In a capitalist system, democracy is followed by allowing people to own the factors of production and produce wealth and in case of socialism, democracy is followed in the form, of ensuring equitable distribution of income and wealth (Lee, 2016).  
Reward: In the case of capitalism, reward is accumulated where wealth and property is earned in accordance with their respective efforts and in the case of socialism, every person, receives a fair share of wealth on the basis of their ability and contribution.
Scarcity: in both the forms of economic system, there exists a limited supply of goods and services and a scarcity of the factors of production. As a result of which, the government ensures that plays a vital role in ensuring that wealth is evenly distributed specially in the socialist systems.

Contrasting between the two:

Principle:Capitalism is based on the principle of individual rights. In this regard, all the participants of the free market economy, work on the basis of the individual rights. Whereas, in the case of socialism, the economy runs on the basis of the principle of equality. The government wants to ensure the equality and fairness in the distribution of its economic resources.
Driving mechanism:For both the cases, different mechanism help in driving their respective economic and political systems. In the case of capitalism, the economy runs on the dual drivers of innovation and individual goals. On the other hand, in a socialistic system, the main drivers of the economic system are the dual concept of equality and fairness in the society (Scully, 2014).
Interference of the government:Interference of the government is one of the important factors, which decides the functioning of the economy. The government decides and controls each and every economic activity of the socialistic system and plans the economic activities of the economy. Here the interference of the government is maximum. It is based on the assumption that the private players, would only cater to their own profits. In the case of the capitalistic system, the economy functions on the concept of laissez faire. Here the private players are free to function in any way, subject to minimalistic government interference.
Level of competition:There exists a stark amount of difference between the two economic systems, in terms of the level of difference between the two. In the case of the socialistic system, there is complete absence of any kind of competition, because the government controls everything (Coyle, Rindermann & Hancock, 2016). Whereas, in the capitalistic system, there exists a high level of competition, as it is based on the concept of free economy.

Conclusion:
Be it the capitalistic system or the socialistic system of running the economy, both the systems are indispensable for the working of any particular economy. In today’s age of globalisation, one cannot exist without the other. The free market is needed for ensuring a healthy amount competition in the economy. At the same time, the government must be ensure that there is a fair and equitable amount of distribution of the economic resources. For any economy to prosper, there is a need to adopt both the ideas of a free market economy and equitable and fair amount of resources.  Thus, in this case, the mixed economy is one of the most viable options. Nevertheless, many countries have been successful in adopting both the capitalistic as well as the socialistic economies. In today’s world, it is necessary to bring in the positive aspects of both the economic systems.
References:
Bunce, V. (2014). Do new leaders make a difference?: executive succession and public policy under capitalism and socialism. Princeton University Press.
Coyle, T. R., Rindermann, H., & Hancock, D. (2016). Cognitive capitalism: Economic freedom moderates the effects of intellectual and average classes on economic productivity. Psychological reports, 119(2), 411-427.
Di Mauro, S. E. (2015). Capitalism Nature Socialism. Ecología política, (50), 66-69.
Hefner, R. W. (2018). Introduction: society and morality in the new Asian capitalisms. In Market Cultures (pp. 1-38). Routledge.
Kaufmann, F. X. (2013). Variations of the welfare state: Great Britain, Sweden, France and Germany between capitalism and socialism. In Variations of the Welfare State (pp. 23-239). Springer, Berlin, Heidelberg.
Lee, L. X. H. (2016). New East Asian Economic Development: The Interaction of Capitalism and Socialism: The Interaction of Capitalism and Socialism. Routledge.
Marx, K. (2013). Manifesto of the communist party. Simon and Schuster.
Resnick, S. A., & Wolff, R. D. (2013). Class theory and history: Capitalism and communism in the USSR. Routledge.
Scully, G. W. (2014). Constitutional environments and economic growth (Vol. 209). Princeton University Press.

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