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Other productive organizations that are not firms and which play a lesser role in a capitalist economy include family businesses, in which most or all of the people working are family members, non-profit organizations, employee-owned cooperatives, and government-owned entities such as railways and power or water companies. These are not firms, either because they do not make a profit, or because the owners are not private individuals who own the assets of the firm and employ others to work there.
Note: a firm pays wages or salaries to employees but, if it takes on unpaid student interns, it is still a firm.
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Firms existed, playing a minor role, in many economies long before they became the predominant organizations for the production of goods and services, as in a capitalist economy. The expanded role of firms created a boom in another kind of market that had played a limited role in earlier economic systems: the labour market. Firm owners or their managers offer jobs at wages or salaries that are high enough to attract people who are looking for work.
A striking characteristic of firms, distinguishing them from families and governments, is how quickly they can be born, expand, contract and die. A successful firm can grow from just a few employees to a global company with hundreds of thousands of customers, employing thousands of people, in a few years. Firms can do this because they are able to hire additional employees on the labour market, and attract funds to finance the purchase of the capital goods they need to expand production.
Firms can die in a few years too. This is because a firm that does not make profits will not have enough money and will not be able to borrow money to continue employing and producing. The firm shrinks, and some of the people who work there lose their jobs. Contrast this with a successful family farm. The family will be better off than its neighbours; but unless it turns the family farm into a firm, and employs other people to work on it, expansion will be limited. If, instead, the family is not very good at farming, then it will simply be less well off than its neighbours.
The family head cannot dismiss the children as a firm might get rid of unproductive workers. Government bodies also tend to be more limited in their capacity to expand if successful, and are usually protected from failure if they perform poorly. In the language of economics, we use the term in a precise way because that helps us to communicate: we define capitalism as an economic system combining three institutions, each of which we need in turn to define.
How the institutions of capitalism—private property, markets, and firms—combine with each other and with families, governments, and other institutions differs greatly across countries. But they differ in the extent to which the government influences economic affairs, and in many other ways. As this demonstrates, definitions in the social sciences often cannot be as precise as they are in the natural sciences.
Think of the definition of water, or of capitalism, not as capturing some true meaning—but rather as a device that is valuable because it makes it easier to communicate. Definitions in the social sciences often cannot be as precise as they are in the natural sciences.
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Unlike water, we cannot identify a capitalist economic system using easy-to-measure physical characteristics. The left-hand circle describes an economy of isolated families who own their capital goods and the goods they produce, but have little or no exchange with others. A capitalist economy adds firms to a market economy built on family-centred enterprises and private property. In a capitalist system, production takes place in firms. Markets and private property are essential parts of how firms function for two reasons:.
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Historically, economies like the left-hand circle have existed, but have been much less important than a system in which markets and private property are combined the middle circle. Private property is an essential condition for the operation of markets: buyers will not want to pay for goods unless they can have the right to own them. In the middle circle most production is done either by individuals shoemakers or blacksmiths, for example or in families for example, on a farm. Prior to a great many of the economies of the world were like this. The distinctive hallmark of the capitalist economic system is the private ownership of capital goods that are organized for use in firms.
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Other economic systems are distinctive because of the importance of privately owned land, the presence of slaves, because the government owns capital goods, or because of the limited role of firms. Capitalist economies differ, too, from earlier economies in the magnitude of the capital goods used in production.
Massive power looms have replaced spinning wheels; a tractor now pulls a plough to do a job once done by a farmer using a hoe. Capitalism is an economic system that combines centralization with decentralization. It concentrates power in the hands of owners and managers of firms who are then able to secure the cooperation of large numbers of employees in the production process.
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But it limits the powers of owners and of other individuals, because they face competition to buy and sell in markets. But when the same owner interacts with a potential customer he or she is simply another person trying to make a sale, in competition with other firms. Two major changes accompanied the emergence of capitalism, both of which enhanced the productivity of individual workers:. As we have seen, the permanent technological revolution coincided with the transition to firms as the predominant means of organizing production. This does not mean that firms necessarily caused technological change.
But firms competing with each other in markets had strong incentives to adopt and develop new and more productive technologies, and to invest in capital goods that would have been beyond the reach of small-scale family enterprises. The growth of firms employing large numbers of workers—and the expansion of markets linking the entire world in a process of exchange—allowed historically unprecedented specialization in the tasks and products on which people worked.
In the next section, we will see how this specialization can raise labour productivity and living standards.
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Using our definition, explain whether each of the following entities is a firm by investigating if it satisfies the characteristics that define a firm. Research the entity online if you are stuck. Look around at the objects in your workspace. Do you know the person who made them? What about your clothing? Or anything else in sight from where you are sitting?
The same questions, asked anywhere in the world, would have had a different answer.
At that time many families produced a wide array of goods for their own use, including crops, meat, clothing, even tools. You would have made some objects yourself; others would have been made locally and purchased from the village market. As Smith explained, we become better at producing things when we each focus on a limited range of activities. This is true for three reasons:. These are the advantages of working on a limited number of tasks or products. People do not typically produce the full range of goods and services that they use or consume in their daily life.
Instead we specialize, some producing one good, others producing other goods, some working as welders, others as teachers or farmers. For this reason, specialization—called the division of labour—poses a problem for society: how are the goods and services to be distributed from the producer to the final user? In the course of history, this has happened in a number of distinct ways, from direct government requisitioning and distribution as was done in the US and many economies during the Second World War, to gifts and voluntary sharing as we do in families today and as practiced among even unrelated members of a community by our hunting and gathering ancestors.
Capitalism enhanced our opportunities for specialization by expanding the economic importance of both markets and firms. Specialization exists within governments and also in families, where who does which household chore is often associated with age and gender. Here we look at the division of labour in firms and in markets.
Adam Smith begins The Wealth of Nations with the following sentence:. The greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgement with which it is anywhere directed, or applied, seem to have been the effects of the division of labour. He went on to describe a pin factory in which the specialization of tasks among the working men allowed a level of productivity—pins produced per day—that seemed to him extraordinary.
Firms may employ thousands or even hundreds of thousands of individuals, most of them working at specialized tasks under the direction of the owners or manager of the firm. This description of the firm stresses its hierarchical nature from top to bottom. But you can also think of the firm as a means by which large numbers of people, each with distinct skills and capacities, contribute to a common outcome, the product.
The firm thus facilitates a kind of cooperation among specialized producers that increases productivity. And you would be right to associate the two words.