ECONOMICS

The financial crisis is a post-industrial crisis.



The financial crisis is a post-industrial crisis.

Introduction

Human society has passed through two significant and lasting change, the first is Neolithic revolution, which start at 8000BC and continues through thousands of years. The contributions of this revolution in making human settle down on the land by making original agriculture stable and relatively efficient for human species (Brondo, 2010, pp. 208-218). The second industrial revolution is moving people from countryside into rapidly growth populated area by industry manufacturing production through Machine efficiency and large capital accumulation.

Since then, industry society associated with the class of capitalists was seen as exploiting class while the exploited workers were attributed to working class. Industrialized society comprises of several interest groups such as corporations, Charity, business house, service institution. Currently, almost all developed countries have transformed themselves to post industrial countries (Carrick & Epstein, 2012, pp. 43-63).

The concept of post industry society indicates that there are tree crucial changes during the transition from industry to late industry in society developing process; First change is the service sector that generates more wealth than the manufacturing sector. Second change, which we normally referred as GDP as the primary goal was to, replaced it with systematic knowledge and pursuit it in the expression of society tends to be more dependent of science contribution.

The prominent change in the post industry consists of information technology that is widely used in various industries promoting the efficiency of product research, production, and sales (Elwell, 2010, 16-36). Otherwise, manufacturing still known as the most competitive industry but the transformation was taking place within the manufacturing structure in form of manipulating high technology patents; whereas the real manufacturing stages were, being transferred into developing countries after large capital operation can be done by capitalist(Engelen & Faulconbridge, 2009, 587-595). Finally yet importantly, the structure of social classes was gradually changing towards a new group that comprises of expertise individual belonging to different sectors.

Therefore, the inspiration come to my mind from above changes is that in post-industrial society technical ability is going to determine the possibility who will acquire social power. As a result, education is a significant access to get power through practical knowledge learning under current social environment. For instance, current scientists and experts take over property owner, entrepreneur playing key role in social change progress.

However, post- industrial period will not be the society that could be controlled by technical experts, as decision-making power will remain in the hand of politicians; however, the growing need of power control has realized politicians that being the decision makers they have to understand the technical characteristics of policy issue(Hart & Ortiz, 2008, pp.1-3).

The next section of the report will briefly explain the definition of post- industrial society including the different development stages prior to post-industrial mainly to get better understanding of postindustrial society. After understanding the concept of post-industrial society, the report will move forwards to its core issues of crises prevailing in the post-industrial society, with the help of ...