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Economic history - Assignment Example

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The insatiable quest for many profits necessitated the involvement of many workers and extensive labor division. Meaning that employees could work in different locations, anonymous to each other, with the aim of producing various parts for the same commodity. This led to each producer developing a sense of isolation and loneliness, which in the end translated to producers emerging as egoistic. This state of egoism led to a natural state of war with each fighting solely against a myriad others. However, this state of war could only be controlled if there were a central party which every producer would submit to and in turn gain protection from the rest producers. This was explained by Hobbes in his writing where he stressed that it was only after submission to an absolute monarch that individuals would escape the conflict existing among them.
Economic specialization, on the other hand, explained the co-existence of different producers in the market system to help each other survive. There was complete dependence on each other for successful functioning of the market. Economic specialization was important as it provided for a relatively free functioning market where producers assisted each other produce and in turn benefit (Hunt 128). Labor and economic specialization contradict each other in that for the former, producers worked in isolation that prompted a feeling of competition among each other. For the latter, however, producers work to benefit each other. There is no single producer that can exist without the other.
In conclusion, human beings have a desire to achieve pleasure but avoid pain with his nature being competitive and egoistic. Specialization of labor is meant to maximize profits and speed up production in any market system. When producers are left to work independent, there is the development of an ...Show more
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In early days, capitalists were viewed as individuals who dominated or controlled the market but this notion later faded as there was a necessity to involve other people…
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