Where there is discord, let there be harmony by Thatcher - Essay Example of reference or itâ€™s a negotiated contractual relation aimed at satisfying the interest of all stakeholders in an interdependent group under a pluralist frame of reference (Fox, 1966, p. 1-19). However, considered that under some empirical contexts, industrial relation can also be based on radical frame of reference which considers the relation between employee and employer illegitimate because it solely aimed at satisfying the interest of the employer (Fox, 1966, p. 1-19 ) and is based on a tradition which attempts to transcend the inequalities of class-based society. It is helpless to labour within capitalism but its identifying agency role in transforming capitalism. Unitary frame of reference refers to assumptions, attitudes, values, and practices pertaining to membership and thus, workers must be considered must be loyal and the whole interest are considered (Fox, 1966, p. 1-19). The latter means that the interest of the industry and the state should also be considered. The pluralist frame of reference, on the other hand, refers to powerful subgroupings of members with their respective leaders whom theyâ€™d profess their perspectives (Fox, 1966, p. 1-19). The management in this reference must lean toward enforcing, controlling, influence, and coordination. Fox (1966) delved in to IRÂ inÂ UKÂ and the effect of Thatcherâ€™s labour reform law to collective bargaining and the industrial action or unionsâ€™ responses to established institutional prerogatives and positions (pp. 1-19). For him, the unitarist route to improve cooperation betweenÂ workersÂ andÂ management was questioned based on scientific causes rather than on normative grounds (Fox, 1966, p. 1-19). He also distinguished the structural determinants of behaviours from action-level determinants. The... For him, the unitarist route to improve cooperation between workers and management was questioned based on scientific causes rather than on normative grounds (Fox, 1966, p. 1-19). He also distinguished the structural determinants of behaviours from action-level determinants. The action-level determinants are internal which affect attitudes, socialization processes, and perceptions while others are subjective and inter-subjective means of employing the meaning to the world (p, 1-19) which affect attitudes, culture, socialisation, perceptions, definitions while others are subjective and inter-subjective means of employing meaning to the social world (p. 1-19 ). He explained that industrial behaviour and the relationships between them are shaped not only by their personhood but by the technology they used at work, the structure of authority, communications and status within which they are employed (Fox 1966, p. 1-19). Fox (1966) thought that trade unions are legal representations of employees and can be channelled to positive change if collective bargaining is appreciated a s means of dispute settlement. Workers at that epoch were demanding for more humane work conditions and greater representation in decision-making bodies in corporations, including those ran by the state (Fox, 1966, p. 1-16). They raised legitimate issues on unfair dismissal, maternity or paternity rights, leaves, protection of wages, and equal or redundancy pay (Fox, 1966, p. 1-16).
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Foreign Direct Investment - Term Paper Example The power theoryÂ explains why a firm will invest abroad, it is a classical theory developed by the work of Adam Smith who stated that as firms grow and profits increase foreign direct investment enable the firm to shift surplus capital by investing elsewhere, the firm will also invest abroad due to increased competition in the home country and therefore decides to invest abroad where there is low competition. The work of Karl Marx also explains the existence of foreign direct investment, according to Marx as the rate of consumption in the home country decreases the profits of the firm declines and for this reason, the firm will invest abroad for the reason of increasing consumption levels and profit levels.Â Therefore a firm according to this macroeconomic theory will invest abroad due to their abundance in capital and they will invest in the country which uses labor-intensive means of production in order to increase profits as the cost of production is lower, the firm will find it more advantageous to invest in a country where labor cost is lower as the cost of labor in the home country is higher than the country abroad.Â Â investing overseas, the firm which invests in other countries will experience economies of scale by investing in other countries which will be experienced due to the intangible assets that they possess, such intangible resources include skilled management and organizational know-how which aid in experiencing the economies of scale when they invest abroad. The firms, therefore, will experience economies of scale in the market abroad due to their possession of technological know-how whereby they will be in a position to reduce their cost of production.Â Location advantage theory: This theory explains the product cycle which involves the production of new products using new technology and this products are first introduced to the home market, by investing abroad therefore the firm will be in a position to easily shift the production of these new products due to the nearness to the market abroad and also low cost of factors of production.