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Economic Progress and Organization in Capitalist Economies

In: Globalization and National Economic Welfare

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  • M. Panić

    (University of Cambridge)

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.

Suggested Citation

  • M. Panić, 2003. "Economic Progress and Organization in Capitalist Economies," Palgrave Macmillan Books, in: Globalization and National Economic Welfare, chapter 2, pages 53-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51248-1_2
    DOI: 10.1057/9780230512481_2
    as

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