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In the first article “Reaganomics: A Midterm View”, the author John Kenneth Galbraith says that in recent times the overall economic development of a nation is no longer instrumental due to capitalism but it is dependent on the rise of larger and more mature organizations. He indicates this as the development “from the age of capitalism to the age of organization” (Galbraith, Ke,nneth, and W McCracken, 28). Thus, we have to accept that our social and economic life is constantly changing, however, most of us deny those changes. The political, so, and economic policies that are constantly being made are taking us backward instead of planning our future, i.e. “a return to fundamentals” (Galbraith, 28). Organization is a mastery of an individual forming a highly planned union and can be considered “general phenomenon”.
The writer further emphasizes on the fact that a modern corporation has three significant manifestations – a modern state, a modern trade union, and a modern corporation. Today, huge organizational structures form the “free enterprise system” (Galbraith, 29) of our world and are present in almost all industrial areas. The writer says that when an organization expands, the corporate management becomes very powerful and as a result, an integral part of modern industry is its bureaucracy and trade union. The power of the latter, even if it is not physically present in the organization, is enough “in setting wages and benefits” (Galbraith, 30) for workers. Thus, the author says, “The great management-controlled corporation, the bureaucratically powerful state, and the trade union constitute the basic triad of modern economic society” (Galbraith, 30). However, this era consisting of massive organizations also involves many economic and social market ethics. This means that normally the market adjudicates its economy, but due to organizations, the negotiation ethics replaces the difference in market arbitrations.
In addition, to survive in this era of mature organizations, we have to recognize the internal features of the organization and support numerous inter-organizational relations. The author further says that to make our present organizations even better, responsible and young people have to take important positions in modern corporations and not those who are nearing their retirement age. This allows long-term plans. An organization will grow old increasing in its wisdom and excellence and expands in terms of people and prestige. However, sometimes due to recessions corporations have to lay off some of their labor to accommodate the expenses. However, this strengthens the organization as we realize that most of the people laid off were simply part of its bureaucratic growth and not necessary for the organization. However, another reason for such a high rate of business failures may also be that some organizations are committed to “astringent monetarism” (Galbraith, 38) in an era of organization.
In the second article “Change and the Industrial System”, John Kenneth Galbraith discusses the role played by the change in our economic life, which cannot be ignored due to the creative innovations of our modern life in the past decades. The most dominant and visible change has been the increase in the application of complex yet stylish technology for production purposes. Machines have already replaced raw labor and in the future will further replace “cruder forms of human intelligence” (Galbraith, 13). Currently, in a modern economy, a nation regulates the total amount made available for purchasing items, which the labor force produces.
This enables it to increase employments and keep the prices low. This also accounts for the reliability of the goods produced. There have also been some other notable changes, like a huge growth in the means of influencing the sales of goods and services, a decline in the number of union members and associates of labor movements, and lastly, an expansion in the economic behaviors of the common people. In the later stages of the article, the author talks about the industrial system and the technical structure of a mature organization. The author says that a market transmits consumer-related instructions to its customers through the language of products. He says that a mature organization will not deploy its resources nor will it purchase political power with incentives. It is highly dependent on the nation for its skilled labor, consistency in prices and wages of workers, and regulation of collective demand.
These are all important for its planning in overtaking the market. The technical structure of a mature organization also requires “stability in demand for its planning” (Galbraith, 24) which brings about growth required for its status and promotion. An individual is also important for the technical structure of an organization as it forms a complex system, which motivates the organization, required for its adaptation and recognition. Thus, the author says that the influence of the mature corporation is one “which makes purely pecuniary relationships pallid by comparison” (Galbraith, 26). The author provides us with a reason why the technical structure of a mature organization is highly powerful and important. He says that it is because a modern corporation can only call for new products with the help of its sales executives, engineers, market researchers, designers, scientists, and production experts.
Works Cited
Galbraith, John Kenneth. Change and the Industrial System. New York: Houghton Mifflin Company, 1967
Galbraith, John Kenneth, and Paul W McCracken. Reaganomics: Meaning, Means, and Ends. New York: THE FREE PRESS, 1971.
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