Labour economics

During the period 1607s and 1800s, as transatlantic trade opened up to the English colonies in North America, the primary purpose of creating Virginia was making money not for the desire of freedom. With the introduction of marketable tobacco before 17th century, indentured servants were the early affordable/cheap labor sources for colonies tobacco plantations. They were the poor English landless peasants contracted and recruited to work on the colonies’ tobacco plantations. After they worked…

Children Labor. During the 1900s child labor had begun to rise, children had started to become more and more involved in factories, due to their smaller size allowing them to move through smaller spaces, and also they were able to pay them extremely less than adults, this forced children ages 15 and under to work for extremely low wages, and for sometimes shifts as long as 13hours per day, most child labors worked to help support their families, but by doing this they are forfeiting their…

I have researched children's rights and the abuses of children during Victorian Times. Life during Victorian England was not an easy time for those in the lower class, especially for the children of poverty. Many families were poor who lived in the cities with poor sanitation and poor working conditions. Children were also part of the working poor with little to no education. For the upper classes, money was not a problem since this was the beginning of the industrial age and the rich were…

The Flawed Labour Theory of Value “Value theory is the core of Ricardo’s economics, and consequently the core of classical economics” (Senga, 2017, p.198). Having orientated Ricardo’s writing in the context of his predecessors and contemporaries, this essay hopes to have now highlighted the extent to which Ricardian thought developed naturally in line with classical economics. We shall now move to address two divisive elements of Ricardian thought, which are claimed to constitute a detour;…

then withhold some of their pay or the papers themselves, making it very hard for the migrant to move jobs should conditions become unbearable. As migrants will often travel alone and be housed on-site by the company they work for, the risk of poor labour standards is high. The system is lucrative for local authorities as the migrants pay local taxes, but are not covered by local welfare benefits such as health care. As the official workers’ union is government controlled, it has no autonomous…

By the end of the Crusades, a major change in the economic system developed. The serfs were able to accumulate money and property through their services and products. This era marked the transition from feudal economics into an early form of capitalism. In the primitive accumulation of capital, the direct producer would sell his/her labour power, and in return, reap the profit of that labour. This entails that the direct producer would only sell his/her own products or services—meaning that the…

Following the disintegration of the Soviet Union, a massive economic contraction impacted immensely on the transitions of the newly independent Central Eastern European countries along with the difficulties of transforming a socialist economy and regime into a market economy and democracy with a party-governed system dominated by political freedom. Poland, a fast growing economy and one that is fully integrated into Western structures, and Ukraine, a developing country that is still seemingly…

and remained there until his death in 1883. Many of his theories on society, economics and politics are based around classes, in particular the bourgeoisie and the proletariat. He heavily believed in the inevitable collapse of capitalism and the importance of the working class in staging a revolt to over through the bourgeoisie. Adam Smith was born in Scotland in 1723 and was a key figure in shaping classical economics and is well known for his book, The Wealth of Nations in which he presented…

This essay will address the Labour Party’s electoral performance in the 2010 and 2015 General Election. There are several factors that have contributed towards Labours performance in the 2010 and 2015 General Elections. For example; economic performance, party identification, communication, rise in power by the SNP, support by the media, poor leadership, tactical voting, the introduction of challenger parties and political ideologies. One could argue that the Labour party performed worse in the…

Known as founder of Classical economics, regarded as starting point of classical economics. 2. Described as Father of Political economics 3. He most noted for his work ‘An Enquiry into the Nature and Causes of the Wealth of the Nations’ (1776). 4. He is first economist to deal economic problem in systemic manner , hence heis also known as first academic economist. 5. Smith gives the idea “labour is the source of wealth of the nations”, 6. Adam Smith propounded the labour theory of value…