Economics of Labor What Is Term Paper

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How do the theories of Marable and Reich argue that racism is helpful (Reich) and even essential (Marable) to capitalism?

According to Manning Marable the society that we live in is divided according to social, ethnic, political and religious groups. This division is further dramatized due to the economic facets and needs of society. Racism thus furthers the divide of economy and capitalists structures in a competitive society require racism to ensure high profits. [Marable, 2003] Racism allows low wages to be paid and hence promotes growth for less capital.

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According to Michael Reich's Segmentation Theory or the Divide and Rule, the ultimate goal for any firm in the society is to increase profits by any means whether exploiting a certain class, weakening the bargaining powe or promoting prejudice. As a result there is a difference in wages that creates a 'corporate ladder' which allows a disunity to grow and breeds competition so that employers see workers working harder and being more productive. [Reich, 1981].....

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