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The problem to what Adam Smith claims regarding advocating a market solution to distribute the scarce resource, was that it will create a system that would misallocate the scarce resource only to a monopoly of those who can afford to buy the organ living those less capable to pay at a disadvantage. By observing and analyzing the existing trend, even with other commodities, if there are limited supply of a product available in the market the tendency is to make the product very pricey. If this ever happens to human organs which are generally needed by patients—rich and poor alike, it will become a scarce resource that will be following the principles of demand and supply. In the case of the poor but in need, they will not have the capacity to participate in the market system because they would not have the financial capacity to avail of a scarce resource that is being given to the highest buyer. This was primarily the contention that Karl Polanyi tries to reiterate in his counter-argument of Smith’s proposal. Nevertheless, the gift relationships created by voluntary donation offers an opportunity of creating a state of equilibrium in which every consumer have the equal capacity as well as opportunity to be awarded the commodity that they deserve. In the gift relationship system, every consumer has an equal capacity because their ability to pay for the item is not an issue in this system. Rather, it is the urgency and the need of the consumer which becomes an imperative reason why he or she is awarded of the commodity. The concept of demand and supply should never apply to commodities that are scarce and that are immensely important for the survival of humanity. According to Polanyi, while Smith’s logical analysis that people should not depend on the benevolence of their fellowmen is reasonable and just, there are certain things that warrants exception. The issue about organ donation is not so much on the price that is to be a wager for the “organ” that is considered here as a commodity. It should be remembered that the principle of organ donation is still on the usefulness of the item to the consumer as pointed out by Polanyi.

Free trade areas (FTAs) are arrangements among two or more countries under which they agree to eliminate tariffs and nontariff barriers on trade in goods among themselves. However, each country maintains its own policies, including tariffs, on trade outside the region. In the last few years, the United States has engaged or has proposed to engage in negotiations to establish bilateral and regional free trade arrangements with a number of trading partners. Such arrangements are not new in U.S. trade policy. The United States has had a free trade arrangement with Israel since 1985 and with Canada since 1989, which was expanded to include Mexico and became the North American Free Trade Agreement (NAFTA) effective in January 1994.

In the article entitled Selling Genes, Selling Gender: A Comparison of Egg and Sperm Donation written by Rene Almeling, the author talks about the comparison of sperm and egg donation (Almeling). The author here uses the concept of co modification in the discipline of economics. Marx defined co modification as the transformation of goods and services, as well as ideas or other entities that normally may not be considered goods, into a commodity (Appadurai). Again, in this article and discussion, the aspect of demand and supply and the principle of commodification offer the best analogy. A woman can only produce one egg during fertilization. Given this condition, this is considered a valuable commodity that cannot be displaced because of the important feature of the object. While a woman’s egg cell may appear without economic value, it is rationalized that it becomes pricey when there is a market that establish the need and necessity for the said commodity. This is the circumstance by which the egg cell which happens to be without economic value will be converted to a commodity of value. This displaces the social value that motherhood is becoming a commodity that is subject for distribution in exchange for a particular denomination or monetary value. In addition, the process necessary for harvesting a woman’s egg cell involves an intricate process that makes the economic value of the commodity. On the other hand, men’s sperm cell are not as pricey as a woman’s egg cell because prior to having its economic value through the process of co modification, the social value that is placed on the sperm cell is not as high as the social value placed on the egg cell. The egg cell’s social value is associated with motherhood. This association increases the social value of the item which significantly affects the economic value of egg cells. This is the aspect that is missing in the commodification of sperm cells. Marx’s principle of commodification places value on the “social valuation of a commodity” in the process of converting the goods into a commodity.

The argument on the commodification of the egg and sperm cell can apply Karl Marx’s belief that commodification is considered “slavery.” According to Marx and as shared by Almeling, humans are being converted to products and commodities that are subject to price. It means that the social relevance and the value of life have submerged into a level of pure economic monopoly where even human beings are sold and wagered for a price. Clearly, Humans are never meant to be sold nor brought. This is the point that the opposition of the principle of commodification was trying to reach. In addition, it is also the author’s argument that commodification has severe social impact which fosters alienation. Thus, unless society can benefit from an individual’s usefulness, value or economic worth they will not also have the social value that is tantamount to its economic equivalence.

In 2007, prior to the global economic recession, economist Thomas Palley wrote about the importance of financialization. However, before one could grasp the relevance and significance of this system in the economy, it is best to offer a precise definition that would explain to whom the concept of financialization works to benefit the economy and facilitate the efficient and effective distribution of wealth and income. Palley defines financialization as a process whereby financial markets, financial institutions, and financial investors gain greater influence over economic policy and economic outcomes (Palley). With the process of financialization in the financial institutions, it creates a monopoly of elites who can at any time manipulate the financial and economic system to favors the limited stakeholders. This results to the strict but limited distribution of wealth, which could significantly create an imbalance in the social structure. This furthers the gap between the rich and the poor creating a stressed economic environment. In addition, the financialization could also result to the fall of the market system due to the aggregate distribution of resources as dictated by those who have the absolute financial capacity and financial capailities to manipulate the movement and flow of resources in major financial institutions worldwide.

In fact. It is believed that the financialization of major institutions contributed to the significant effect of the global financial economic crisis that has brought the entire global economy in much dilemma. The financialization of institutions will only create a demarcation of the rich and the poor. It will establish the division of the social classes because financialization will establish that only those who have the financial capacity will have the upper hand in influencing the formulation and implementations relating to fiscal policies.

The role that the government of Canada plays as far as international business relations is concerned especially with the United States is highly significant. Canada believes that it is, by far, the largest developing nation in the world. It also acknowledges the supremacy of the United States being this generation’s largest developed country. Canada focuses on intensifying its domestic economy, which primarily was identified as the major reason why it was able to sustain the effects of the recession. In addition, Canada also employs a strategic approach in conducting business with the US considering that both countries acknowledge each other as its strongest potential adversaries.

As mentioned earlier, the US views Canada’s economic strength as a threat. By 2030, Canada is expected to emerge as one the world’s largest economy (McFarlan, 2008). This will displace the US from its current position of being number 1. If Canadaslows down, the US can take advantage of this. The United States can pick up on the employment by hiring Canada’s labor-intensive economy. Naturally, Canada’s slowdown would significantly bring down employment rate making the value of labor comparatively cheaper than it already is. Furthermore, considering the low potential of Canada to supply raw materials, the US can take advantage of this and offer its surplus production to Canada (McFarlan, 2008).

The lower cost of fuel has facilitated for the increased the automotive industry. The sales of automobiles began picking up whenever there is a significant drop in the cost of fuel. Furthermore, trucks also begin to sell faster when the cost of fuel decreases because people are taking trips more frequently and the consumption of fuel for the truck are conventionally more feasible (Sussman & Morath, 2015).

Whenever the price of gasoline and fuel declines, there is the tendency for the price of other commodities to decline. This is primary because gasoline also serves as a fuel of the economy (McConnell, Brue, & Flynn, 2014). Since the majority of the goods sold at local convenient stores are transported from manufacturing firms to retailers, and the machinery from the big manufacturing factories are commonly powered by gasoline, the cost of production will be lesser. Therefore, a similar effect will be felt with the prices of the end product.

According to the Indian Express, the government’s plan to intensify the economy by building infrastructure is being helped by the gradual weakening of fuel cost (Singh & Mukherjee, 2015). In fact, the infrastructure projects of India thrive with the decline in Canada’s manufacturing firms as well as the drastic decrease in the cost of prime commodities in Canada. Canada has no other way but to significantly bring down their prices following the decline in the cost of fuel because of the domino effect that it creates on the price of prime commodities. Furthermore, such decline can significantly impact the labor force in Canada bringing its value at a lesser value. This impact on Canada has positive implications on other countries that do business with the country and India is one of these countries

As modern contemporary society draws its attention to labor-intensive approach to production, business analyst has become interested in determining what could constitute to increasing workforce efficiency. This was when the concept of motivation came into place and intellectual leaders in the likes of Frederick Winslow Taylor began formulating a model or framework that would suffice for economic efficiency alongside work productivity. It is not a surprise that economic institutions began extending its resources to help power the thriving and yet promising business economy. Frederick Winslow Taylor initiated the application of blending in the principles of science to the engineering of process and the principle of management. Having said this, this paper would like to discuss about scientific management being a model and framework to power industry.

There are certain pre-requisites for excellent leadership and successful management which include conventional as well as modern principles of management. In order to be a good manager, conceptual grip on management theories is strongly recommended. Comprehensive knowledge of theories of management is considered as an essential component for prosperous management and good leadership. There are numbers of challengers being faced by the organizations of the modern era. Universities, colleges and the schools are also facing the same situations as they are sort of organizations. The main challenges faced by the organizations are effective and economical usage of available resources, competition in the market and getting maximum output from the deficient resources. In order to cope up with these challenges, the perfect knowledge of theories of management are considered basic requirement. As for as importance of theories of management are concerned, the classical theories of management have significant importance. Classical theories provide basis for all the theories related to management. Apart from classical theory a scientific management theory was developed by a scholar known as Freiderick Winslow Taylor in the year 1911.

The main focus of the theory is to maximize the productivity. As per view point of Winslow, solutions of labor problems have been provided by the scientific management. He conducted various experiments to enhance the productivity of a product by reducing significant amount of labourers. It was revealed form the study that he increased the productivity of an agriculture product from 16 to 60 tons per day by reducing the number of labourers from 500 to 150. For this purpose he altered the equipment used in cutting and speed of the instrument was increased two times. Taylor in late 19th century and early 20th century used scientific techniques and increased the productivity significantly by reducing un-necessary movements during the work. He emphasized on training of the labor in their related fields. He further suggested that there should be classification between the workers who are involved in management and labor work. He suggested different groups of people are to be made as per performance, management. By this every group will perform best (Mahmood, et al., 2012).

Apart from the advantages of the Taylorism, it has also been critically evaluated. Various criticisms have been made. In this regard, it is considered that Taylorism has raised economies of scales, production and cost effectiveness. However, the narrow concentration on job and greater importance to the technology had formed mere mechanical life and machines where only the materialism succeeded. It is the fact that the working conditions were terrible within the organization due to the lack of rigidity, inflexibility and imagination. It has been revealed that the Taylorism flourished the bureaucracy and generated gap between the employees owing to the separation of the two groups. Subsequently, these two groups were unable to provide any feedback to one another. The imagination of the workers was confined just to work in the boundaries. It is also considered that the human being have significantly been deteriorated by the Taylorism through the greed, extensive race, materialism, tangible benefits, status consciousness and competition (Koumparoulis & Vlachopoulioti, 2012).

Kanigel described the concern of the Taylor regarding productivity and the efficiency of worker in factory. He stated that this can easily be viewed in workers of the present day. Taylor’s fascinations are based upon efficiency, productivity and work processes standardizations. These are based upon scientific study, training of workers, tying compensation on workers output and direction of work for the workers by the seniors or supervisors. The direction based upon principles and guided standards to the workers played vital role in productivity (Bouie, 2012).

There are three famous productive factors including land, labor and capital that are the primary assets of every firm. Marshall at the first time considered the industrial organization as 4th productive factor to-gather with land, work and capital. The industrial organization was introduced in “Principal of Economics” but developed deeply in Trade and Industry with the passage of time. The basic aim of Marshall was to know the reasons of lagging behind the Britain economy in world. In his Book 1, he described comparison of various times and places. The ways by which development were made in other countries. He described political and geographical characteristics necessary for economic development (Caldari, 2007).

Taylor made promise to use the science to enhance the profits through increased productivity. He got rid of the unions in the organization which are main threat for its growth. He raised the thrift of the labor and quality of working classes. He raised the productivity of the organization up to the point. He used various tools for this production (Anon., 2005).

References

Anon., (2005). Scientific Management. M Lab.

Bouie, E. L., (2012). The Impact of Bureaucratic Structure, Scientific Management, and Institutionalism on Standards-Based Educational Reform. Mercer Journal of Educational Leadership, 1(1).

Caldari, K., (2007). Alfred Marshall’s critical analysis of scientific management. History of Economic Thought, 14(1), pp. 55-78.

Koumparoulis, D. N. & Vlachopoulioti, A., (2012). One hundred years of taylorism: is it still relevant today? Academic Research International, 3(2), pp. 420-426.

Mahmood, Z., Basharat, M. & Bashir, Z., (2012). Review of Classical Management Theories. International Journal of Social Sciences and Education, 2(1).

McConnell, C., Brue, S., & Flynn, S. (2014). Macroeconomics. Pennsylvania Plaza, N.Y.: McGraw-Hill/Irwin.

McFarlan, W. (2008, October 14). China: Opportunity and Challenge. Retrieved from Harvard Business School Website: http://www.hbs.edu/centennial/businesssummit/global-business/china-opportunity-and-challenge.html

Roth, Al. Market Design: Misc. organ transplant commentary and news. 11 May 2010. Web. 16 December 2014.

Singh, S., & Mukherjee, S. (2015, August 26). Dipping Raw material costs: Commodity crash is infra’s gain. Retrieved from The Indian Express Website: http://indianexpress.com/article/india/india-others/dipping-raw-material-costs-commodity-crash-is-infras-gain/

Sussman, A. L., & Morath, E. (2015, September 4). Lower Gas Prices Yield Uneven Benefits. Retrieved from The Wall Street Journal Website: http://www.wsj.com/articles/lower-gas-prices-yield-uneven-benefits-1441390917