INTRODUCTION
According to Karl Marx, (1818-1883) capitalists make and enforce laws that serve their interests and act against the interest of workers; their control over all institution enables them to create common beliefs that make workers accept their status. These economic, political and religious ideologies make the masses loyal to the very institution that is the source of their exploitation. Max Weber(1864-1920) on the other hand attempted to clarify, criticize and modify the works of Marx. Weber also analyzed three dimensions of stratification which are class, status, and party. This article shows the scientific comparison of these theorists and incorporating their theories to the current issues to show the functionalist and the conflict …show more content…
Cartels are an organization created by a group of producers to regulate supply in an effort to control or manipulate prices without competition. The article stated that The Organization of Petroleum Exporting Countries (OPEC) is the world's largest cartel; it consists of 14 oil-producing countries. Their mission is to coordinate and unify the petroleum policies of its members to ensure stabilization. Although proving the existence of a cartel is rarely easy The Organization for Economic Cooperation and Development (OECD) has made the detection and prosecution of cartels one of its priority policy objectives. It has identified four major categories that define their strategies which are: price fixing, output restrictions, market allocation and bid rigging. One famed economist Adam Smith states, "People of the same trade seldom meet for merriment and diversion but the conversation ends in a conspiracy to raise …show more content…
The bourgeoisie is the capitalist, the wealthy who owns the means of production whereas the proletariat are the ones who make up the workers and they are the ones being exploited.Social stratification developed by well- known sociologist Max Weber is viewed as the uneven distribution of privileges, material rewards, opportunities, power, prestige and wealth among individuals and groups. In today's society, one needs to distinguish between legitimate cooperations and illegitimate collusion, it is difficult to state when a cartel is a "cartel." Cartels do not abolish competition and innovation but reshape the rules of the game. There are different categories of cartels however the article focuses on the Export Cartels which shows how business work together to dominate or monopolize the importing market in today's society through the power which refers to the degree individuals or groups can impose their will onto others. Laissez-Faire Capitalism also manipulates the means of production in their favor as long as they are able to maximize their
According to Karl Marx, (1818-1883) capitalists make and enforce laws that serve their interests and act against the interest of workers; their control over all institution enables them to create common beliefs that make workers accept their status. These economic, political and religious ideologies make the masses loyal to the very institution that is the source of their exploitation. Max Weber(1864-1920) on the other hand attempted to clarify, criticize and modify the works of Marx. Weber also analyzed three dimensions of stratification which are class, status, and party. This article shows the scientific comparison of these theorists and incorporating their theories to the current issues to show the functionalist and the conflict …show more content…
Cartels are an organization created by a group of producers to regulate supply in an effort to control or manipulate prices without competition. The article stated that The Organization of Petroleum Exporting Countries (OPEC) is the world's largest cartel; it consists of 14 oil-producing countries. Their mission is to coordinate and unify the petroleum policies of its members to ensure stabilization. Although proving the existence of a cartel is rarely easy The Organization for Economic Cooperation and Development (OECD) has made the detection and prosecution of cartels one of its priority policy objectives. It has identified four major categories that define their strategies which are: price fixing, output restrictions, market allocation and bid rigging. One famed economist Adam Smith states, "People of the same trade seldom meet for merriment and diversion but the conversation ends in a conspiracy to raise …show more content…
The bourgeoisie is the capitalist, the wealthy who owns the means of production whereas the proletariat are the ones who make up the workers and they are the ones being exploited.Social stratification developed by well- known sociologist Max Weber is viewed as the uneven distribution of privileges, material rewards, opportunities, power, prestige and wealth among individuals and groups. In today's society, one needs to distinguish between legitimate cooperations and illegitimate collusion, it is difficult to state when a cartel is a "cartel." Cartels do not abolish competition and innovation but reshape the rules of the game. There are different categories of cartels however the article focuses on the Export Cartels which shows how business work together to dominate or monopolize the importing market in today's society through the power which refers to the degree individuals or groups can impose their will onto others. Laissez-Faire Capitalism also manipulates the means of production in their favor as long as they are able to maximize their