IRE240H1 Lecture Notes - Lecture 2: Industrial Unionism, Precarious Work, Precarity
10 Oct 2018
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Document Summary
Capital (see adam smith, the wealth of nations) The part of a person"s wealth and/or stock that results in revenue generation. Capitalists are those who invest this stock (i. e. , money, other capital assets) into trade and industry for the purposes of generating a return on their investment (profit) Primary owners of the means of production. Don"t own labor, but have the means to purchase labor services. When capitalists start to build businesses and organizations, they can"t be at all places at once (for large companies) All working people who exercise substantial authority over others in the workplace, but also authority with regard to organizational decisions in general. Managerial authority is derived from legal rights attached to the ownership of work organizations (i. e. , property rights) Capitalists have laws in place that protect their property rights. Managers are also employees (agents) of capitalists (principals), but they exercise substantial authority over employees on behalf of those who legally own or control the employer.
