Economic Progress and Organization in Capitalist Economies

M. Panić
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M. Panić: University of Cambridge

Chapter 2 in Globalization and National Economic Welfare, 2003, pp 53-71 from Palgrave Macmillan

Abstract: Abstract As economic processes become more and more specialized and divided, people become increasingly separated, both geographically and in their understanding of each other’s problems, aspirations and skills. It is, therefore, in the very nature of the continuous specialization and segmentation of production and distribution processes that they increase the problem of communication and, thus, the risk of failure. The ability to achieve a particular economic objective depends increasingly on the compatibility and timing of a vast number of seemingly unrelated actions carried out by a large number of people. Yet most of these people frequently have no idea that they are working towards the same goal for the very simple reason that they are not even aware of each other’s existence! To complicate matters further, in the absence of coercion no objective can be attained unless it is, first of all, accepted by those whose participation is essential for its realization.

Keywords: Economic Progress; Political Union; Bretton Wood System; Oligopolistic Industry; National Economic Welfare (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51248-1_2

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DOI: 10.1057/9780230512481_2

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