Politics as the fourth factor of production

T he advent of the industrial revolution in the 18th century in the United Kingdom, continental Europe and the United States of America established Land, Labour and Capital as the primary factors of production. While land included natural, mineral and water resources above and beneath it, capital essentially meant money, legal tender or any other means of exchange and labour was the work force deployed to till, mine and cultivate the land as well as proper utilisation of capital. Of the three primary factors of economic production, labour is the most important. Although interdependent with one another with none dispensable, labour is needed to convert the enormous potential of land to sa...