A 4-5pages final essay

What is Business, and why does Studying it Matter? Student Name University Course Professor Name Date What is Business, and why does Studying it Matter? Following the class business courses, business is defined as a system of efforts and activities put in place by humans to receive value (through profit) for providing goods or services. Business is as important a subject for study as it has been the ruling factor in the origin of the political and socio-cultural systems of the U.S. The analysis of what business is, is not simply the huge number of profit margins and market trends alone; rather, it is the learning of how a society works. Besides, business is the one that is driving the era of the nation’s economic prosperity, social development, and progress in the cultural field. From the meager start of colony trade to the power of corporations and multinational companies, which made the future of business in America, the American business story is as complicated as the course of the country’s history. Labor and Manufacturing The birth of the economic system in America is found in the colonial period when people used labor and resource exploitation as the fundamentals of future capitalism. The “An Argument for Colonization” by Richard Hakluyt does a fantastic job of capturing the scheme of the mercantilist thinking that embodied this Victorian age. Hakluyt argued that the newly discovered American colonies were destined to become the sources of wealth and labor that would benefit the mother country, England (Coronet Instructional Films, 1948). This viewpoint became the first step in a process that started with the pursuit of profit in the spirit of ethical considerations and ended up with the emergence of capitalism, which was to be realized in the United States later. When the colony transformed into an industrializing nation with urbanization and territorial expansion, it was obvious that there was a need for economic policy for it to be stable. An important document in the general scheme of Alexander Hamilton’s “Report on Manufactures” was a blueprint for implementing policies that mounted pressure on creating industry within the country. The annual report tested the market revolution that carried forward to the era of industrialization and the transformation of economies. Hamilton's intention crushed the way industrial tenders used the force of motoring and mass production techniques to meet the higher needs of an expanding country. On the contrary, the ascent of the industrial and manufacturing sector had challenges and, sometimes, clashes. As factories multiplied and the industrial tycoons became mega-rich, this social imbalance between capital and workers set the stage for economic degradation (Coronet Instructional Films, 1948). Workers from poor conditions and low wages fought, urging the authorities to reinstate the profit-driven times against their well-being. This 15-month duration of the strike, which happened in the beginning, received a lot of attention since it emphasized the contradicting interests between employers and employees. The labor exploitation and the quest for profit that were characteristic elements of the Industrial Revolution during American business history took up too much attention. Although manufacturing was a motor to economic growth and helped the country prepare for the modern age ...