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Industrial revolution brought a substantial change in our contemporary society. Similarly the economic order which India wants to establish, is also changing very fast with the expansion of money supply and credit. The monetary institutions are increasing and the mode of transactions is also changing very fast. In advanced countries the share of agriculture is low and that of manufacturing and services is high. With the accelerated growth of population in the ...
Modern industrial organisation is quite different from the past. In the past, there was direct, close and personal relationship between the employers and the employees. In many cases crafts men used to work at their residences engaging all the members in the work, in one way or the other. They also used to take pride in the nature of their work. There was no division of labour and also no problem of distribution or consumption. The producer himself was the ...
The new industrial set up has given birth to the capitalistic economy which divided the industrial society into groups of labour and capitalists. Capitalists own resources and have possession over means of production. On the other hand, labour sells services which cannot be stored. The interests of the two groups are not common. One strive for higher wages and congenial working conditions whereas the other takes advantage of workers' poor bargaining power and ...