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Political Economy (Theories of Late Capitalism) - Essay Example

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Political Economy (Theories of Late Capitalism)

Resultantly, this era also witnessed a transition from traditional culture to Western culture that prevailed in OECD Countries. Frieden also mention the failure of countries from Sub-Sahara Region to catch up the economic progress that took place.
Frieden’s ideas on economic progress that took place during last three decades of 20th Century therefore indicate a radical transition to globalization and emergence of new economic changes that took place mostly in East Asia and OECD countries.
Rifkin on the other hand however, is of the view that the last three decades of 20th century witnessed a radical shift into the production process as economic evolution took place during the period. Most importantly, Rifkin defined the relationship between the production process and the firms by arguing that the current period was dominated by the control of ideas and concepts of the employees. The production process which historically dependent on the control of raw materials wherein modern production processes depended on the knowledge based workers.
The creation of knowledge based societies therefore were the most instrumental objects which brought the necessary change into the production process. As the labor force became more skilled and knowledgeable, the essential relationship between the labor and production process change fundamentally to accommodate the basic changes that emerge as a result of this shift into the production processes. Thus Rifkin view last three decades as periods of history in which production process and its relationship with other objects changed radically.
Harvey, however, views post modernity not as a unique case and consider it as a constant aspect of capitalism and relate it to the phenomenon which is cultural specific. This view is relatively contradictory as compared to the views of Frieden or even Rifikin. Frieden view the last three decades of previous ...Show more


Frieden’s attempt to explain three decades between 1970-1990s is based on the continuous evolution of the global capitalist system that took place specially after the end of World War II. Friden’s analysis of this period is mostly based on arguing for the increased…
Author : bernieframi
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