Personal Statement: Labor, Markets, Growth, Wealth, And Instability

Your Name
Your Subject and Section
Your Professor’s name
January 28, 2018
Personal Statement
Provide answers to the following questions. The statement should be no longer than 5 pages. There are no right or wrong answers. There are only thoughtful or less thoughtful answers.
Questions related to Part One – Labor, Markets, Growth, Wealth, and Instability
1. What is “the market” and what purpose does it currently serve? If you could improve “the market”, how would you improve it? If you do not think that it should be improved, explain the reason.
A market is a place or a network where different parties (individuals, businesses, state institutions, etc.) exchange commodities and goods. In relation to its ideal purpose, it could be seen that the market is “inherently neutral” that is, that its main purpose is for exchange. This was even exemplified by its earlier forms, such as barter between indigenous communities, which was solely aimed for sustenance. However, as time goes the market became increasingly “competitive”. It prioritized the need for accumulating wealth rather than simply providing a means for exchange that would help society supply its citizens with what is only enough. As competition continuously increases, greed has then characterized the market that we live now. It then translated into a zero-sum game, where some could gain a lot, while some could only get a little. Adding to the fact that it has now endangered our ecosystem, it is apparent how the ‘competitiveness’ of our market leads to a lot of negative consequences.
In line with this, I believe that the market should be improved by having the “people” acquire a monopoly of certain parts of the market. By people, I’m referring to the state controlled by democracy, rather than the corporations today owned by the few. A good example of this would be the Chaebols in South Korea (e.g. Samsung). Even if some of them are owned by some families, the government backs it up and thus receives a hefty return in exchange for the innovation that it creates. The government also mitigates the competition and lets these companies focus on innovation. These Chaebols are the reason why South Korea is not only wealthy but is also superior in terms of environmental and social friendliness.
2. What is “labor” and what relationship does “labor” currently have with “the market”? If you could improve the relationship between “labor” and “the market”, how would you do it?
Labor, is essential for the market to run, without it commodities would not be manufactured, marketed, nor sold. However, as the market becomes more and more competitive labor becomes synonymous to “exploitation”. In the thoughts of Karl Marx, the market has created has alienated these proletariat/laborers from what their own work. Nonetheless, despite the continuing increase in the market’s focus on competition, it must be noted that our use of technology could now solve this problem of alienation. Particularly, previous laborers today could now find, jobs that they really want, rather than work on “assembly shops&rdqu...