Science and Technology as the Engine of Economic Growth and Essay

Science and Technology as the Engine of Economic Growth and Development - Essay Example The creation of factories and new mills heralded increased opportunities for employment of ordinary working people and hence was largely, responsible for the rise of modern cities. Manchester was arguably the world’s first industrial city. In spite of the fact that Industrialization led to the population rise due to unprecedented reduction in the infant mortality rate the childhood surviving conditions did not improve (Mabel,1926).There was limited scope of education, and many children were forced to work at very low wages and harsh conditions. Eventually, being opposed to the child labor, many reform acts were framed by the government to stop exploitation of the working class. B. The period of Industrial Revolution witnessed the victory of middle class industrialists and businessman over the feudalists. Moreover, the scientific Revolution of 17th century resulted in development of international trade and creation of financial markets enhancing accumulation of capital. People started thinking to raise income and earn profits by entering into new privately owned business and professions. The advancements in mechanization of agriculture, factory system of manufacturing with powerful machines characterized by division of labor marked a global acceptance to the capitalist mode of production commonly known as Capitalism. (Burnham, 2003). C. The advent of industrial capitalism especially in the 19th century widened the socioeconomic gap between the working class and the industrialists. Unfair distribution of wealth and power, entrepreneurs’ tendency toward market monopoly; economic instability, unemployment and various forms of cultural exploitation were other connected issues that eventually led to the transformation of capitalism to communism (skilling, 435-451). 1. Capitalism is an economic system where the means of production and profit earned remained in the hands of private owners.

Racial Diversity Essay Example | Topics and Well Written Essays - 1250 words

Racial Diversity - Essay Example The main aim of this report is to understand using a real life company, the different kinds of discriminations that employees face at work, the make up of the group i.e. the racial make up of the group, the existing problems and issues and the solutions used by management to resolve the issues. The company chosen for this research is Wal Mart. The next section will deal with a brief about Wal Mart and a little about the employees. Wal Mart is the biggest retailers in the world. Wal – Mart has wide operations spread across 14 markets, 7390 Wal – Mart stores. They company employees over 2 million associates. It is the largest employer in America. The company claims to give importance to the employee’s growth and careers. The company’s website claims to provide the employees with a competitive pay, skills development and health benefits for the employee and family. Articles and studies have shown that the company pays employees a salary which is way below the poverty line and employees have confessed that they cannot live out of the pay received from Wal – Mart alone. The average hours worked by employees is around 40 hours a week. However the pay received is very low and for some of the employees it is just enough to live out of a Dodge truck (Greenhouse, 2005). A study showed that even though employees were given hikes in salary they did not really benefit from the hikes. Wal – Mart has instituted a new payment method. The company has placed a range for every job level and once an employee reaches the top of the pay range, the salary freezes and chances of pay increase is completely eliminated. The promotion system is also very poor and employees working for almost 13-14 years in the company and have not been promoted (Gogoi, 2006). Wal Mart’s main vision for the company is to become leading retailers in the world. The