ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cottage Industry
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Fordism
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Post-Fordism
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Commodity Chain
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Detailed explanation-1: -Proponents of the flexible specialization approach (also known as the neo-Smithian approach) to post-Fordism believe that fundamental changes in the international economy, especially in the early 1970s, forced firms to switch from mass production to a new tactic known as flexible specialization.
Detailed explanation-2: -A system of production organization involving the relocation of certain tasks in the labor process, often of a labor-intensive nature, to other production sites for assembly and reimportation into the original market.
Detailed explanation-3: -To further intensify the productivity of factory workers, Fordist production relied on the separation of workers to perform specialized tasks, each broken down to its constituent parts. This division of labor was seen to increase efficiency, as a worker needed to concentrate on only one aspect of production.