MGMT 4106 BUSINESS IN ITS SOCIAL SETTING
Midterm Testable Terms – Fall 2018
Agrarian society
: a society based on the values of an agricultural economy.
Plato:
One of the great Greek philosophers and founders of Western thought, he wrote
The
Republic
, in which he detailed the characteristics of the ideal society, based on his vision of the
three parts of the human soul.
Just price:
A price sufficient to cover costs of production and maintenance of the worker and
his family; price inspired by fairness, not greed.
Market price:
A price determined by the interaction of supply and demand; what buyers will be willing to pay.
Usury:
The lending of money for interest.
Enclosure
Movement
: the process in England from the 16th through the 18th century of
enclosing small landholdings to create one larger farm.
Once enclosed, use of the land became
restricted to the owner, and it ceased to be common land for communal use. The process of
enclosure led to improvements in agriculture, while displacing people from territories they may
have worked for hundreds of years.
Basic Agents (Factors) of Production
of the
Market System: Economists call these basic
agents "factors of production."
Land: Natural resources.
Labor: Human effort.
Capital: The physical necessities for production — buildings, machinery, tools, equipment, and
supplies.
Management: Some economists include a fourth factor – Management - which plans,
coordinates, and directs production.
The Protestant Reformation
(l500-1648) — a time period encouraging enterprise and the
investment of capital; a philosophical outgrowth which made interest and profit respectable.
Age of Enlightenment
A period (roughly 1700-89) when political, economic, and social thought
was dominated by an optimistic faith in reason and in the progress of the humanity.
Thomas Hobbes:
Author of the Leviathan, he argued that we accept a strong, monarchy out of
our own self-interest in order to protect us from each other’s brutality. Often regarded as the
founder of the social contract theory.
John Locke:
Author of the Second Treatise of Government, in which he argued that private
property is the primary natural right of man and that government is instituted to protect our
private property.
Jean Jacques Rousseau
: Author of The Social Contract and Discourse on Inequality, he
argued that government must do the will of the people and that we have an obligation to remove
a government that no longer advances our common will.
Social Contract
An imaginary, unwritten agreement between business and society that defines
the basic duties and responsibilities of business
Protestant Ethic:
The belief that hard work and adherence to a set of virtues such as thrift,
saving, and sobriety would bring wealth and God’s approval.
Mercantilism:
The early capitalist doctrine which dominated European economic policies from
1500 until the mid-1800s. It held that the wealth of a nation resulted from its stores of gold and
silver, which could be acquired by an excess of exports to imports, and exploitation of colonies.
Adam Smith:
Known as the founder of classical economics. Wrote
The Wealth of Nations
in
1776. In it, he explained the market economy, which he called “
commercial society
,” and we
now call capitalism. He also wrote
Theory of Moral Sentiments
in 1759 in which he argued that
man is inherently moral and that society should be based on a moral foundation.
Market economies
: economies in which people produce mainly for trade, not subsistence;
developed in the 1700s.
Laissez Faire
Literally, "let [it] function" — the economic doctrine founded by French
economists and expounded by Adam Smith, stressing little or no governmental interference in
the operations of the market economy.
Consumption
The process by which goods and services are utilized in satisfying human needs
and wants.
Production
The process of creating the goods or services to be consumed.
Classical Economists
The economists who preached the doctrine of laissez faire and stressed
that the production, consumption, and distribution of goods and wealth are determined
exclusively by economics laws and principles.
Economics
The study of the ways in which people make a living; the study of human wants and
their satisfaction; the study of production, distribution, and consumption of goods and services.
Capitalism
is characterized by four sets of institutional and behavioral arrangements:
1. market-oriented commodity production;
2. private ownership of the means of production;
3. a large segment of the population that survives by selling its labor power in the market;
and
4. individualistic, acquisitive, maximizing behavior by most individuals within society.
Karl Marx
: The author of
The Communist Manifesto
, he argued that society is defined by class
struggle between the ruling class and the worker class. He saw capitalism as dehumanizing,
exploitative, material, and corrupt.
Conspicuous Consumption
: Coined by Thorstein Veblen in his book
Theory of the Leisure
Class
, the idea that we buy things not for their utility but because we want to show off our status
to others.
Liberalism
:
a social philosophy that arose in Europe in the 1500s to promote an open society in
which government does not interfere with individual rights.
Economic Liberalism:
the idea that social progress comes when individuals freely pursue their
self-interests in unregulated markets.
Neoliberalism
: the ideology of using markets to organize society and a set of policies to free
markets from government intrusion.
Chicago School:
a group that saw free markets as counterbalancing government authority and
essential to efficient allocation of resources. Its members opposed the regulation and other
forms of government intervention promoted by Keynesianism. In the 1970s and 1980s its ideas
were embraced by the governments England and the United States. By the 1990s the Chicago
School philosophy was a dominant ideological force in economic globalization. It was
simultaneously labeled neoliberalism, a rebirth of the old economic liberalism. The term
Chicago School came to be applied to its members, including most famously Milton Friedman,
and to its ideas.
Corporate Social Responsibility:
or CSR, is the duty of a corporation to create wealth in ways
that avoid harm to, protect, or enhance societal assets. There is no universal definition of the
idea and it has expanded in meaning over time.
Consumerism
is a word with two meanings. First, consumerism is a
movement
to promote the
rights and powers of consumers in relation to sellers of products and services. Second,
consumerism is a powerful
ideology
, in which the pursuit of material goods beyond subsistence
shapes social conduct.
Virtue Ethics
: The ethical theory first developed by Plato and Aristotle, which was based on
values and personal character. it focuses on character traits that a good person should possess,
theorizing that moral values will direct the person toward good behavior. Plato, Aristotle,
Aquinas and Adam Smith are the four great Virtue Ethicists we have examined.
Friedrich Nietzsche
: German philosopher who famously wrote in 1883; “God is dead. God
remains dead. And we have killed him.” This quote exemplifies his view that future generations
would have to find a way to deal with an increasingly secularized world in which Christianity,
and the values and morals associated with it, had been vanquished by science and
Enlightenment sentiments.
Easterlin Paradox:
Theory developed by economist Richard Easterlin
suggesting that, contrary
to a key assumption in classic economic theory, increases in income do not appear to lead to
increases in happiness
Homo Economicus
: This is the mythic man for whom capitalism is designed, the rational, self-
interested utility maximizer.
Homo Reciprocus
: Behavioral economics use this term as the counterpart to Homo
Economicus, reflecting their contention that humans are actually much more sociable and
sharing than the economic man of classical economic theory.
Loss Aversion
: This notion holds that we feel potential economic losses much more than we
feel potential economic gains of equivalent value.
platos allegory of the cave -we only the reality presented to us
the good
our ability to know truth is separate from god
things we can know through intellect and what we know through senses
the realm of the good has true beauty and justice etc.
there is a part of us that reminds us of what is true
plato ideal society is true communism
guardians have the least because of greed
guardians should focus on finding the good
the noble lie-kids should rejoice in their jobs
things are an illusion and stop us from finding the truth
Aristotle- private property isn't bad but it depends what you do with it, We are learning to be the master if greed and be able to say know when our greed is m
prconstantine - starter if the roman catholic church
jesus answered all questions
only the holy roman catholic church has the truth
don't need to be literate and are able to be controlled
divine right of kings
john locke - ownership of private property and natural right
alexander the great - greatest military conqueror
engage people with aristotle teachings
constantine believed in christian god because he won a battle with a smaller army against the east
aristotle feed your greed just not too much: we can control our greed when we have enough
public- community
private - individual rose in the enlightenment 16-1700's
conserve so there is a national sustainability
limit by government for the safety of others
catholic church controlled people by not teaching them how to read
thomas aquinas learned from aristotle
more concerned about what we can figue out ourself instead of what god wants
if you don't use faith and reason that is against god so we should use reason
the great philosopher is aristotle
capernicous and gallelio - earth revolves around the sun: enlightenment
people question christ begins to crack
usry - lending money with interest
pop leo the tenth - 1523
modernity-1492
virtue ethics
kantian ethics
utilitarian ethics
plato
prudence - being wise and making wise suggestions
courage
temperence - careful calibrate your conduct, control ones urges
justice - if we are prudence, courageous and temperate we will be just
aristotle
10-12 core virtues
thomas aquinas
property - private property isnt bad its what you do with it
dominionism - all wealth is derived from the natural world, the diety gave all of us the earth
usury - use our reason like we use our faith
reason
pbligation - those who attain tremendous wealth have a moral obligation to those who are severly poor
some inequality is natural but not super wealth
virtue ethics -somewhere deep inside us we know what to do
mona lisa - all of us are worthy of being celebrated through art
thomas hobbes you can design your own destiny
born into a wealthy family
english civil war 1645
moved by the experience
in mans natural state we are homicidal maniacs
conditions: we're nasty, brutish, and solitary
when we go into a society we give up a little bit of our power
no private property unless the king says
john locke- original thinkers
believes in private property
we have government to protect our private property and that is its primary role
god gives us our personhood and if you take everything from us then you will only have your personhood
the father of natural rights or natural rights
the most important right is the right to private property
for powerpoint use - cardenas ppt and name of powerpoint and the slide #
rousseau
critical of hobbes and castigate locke
private property is dangerous
the social contract -1762
man is born free and he is everywhere in chains
in our state of nature we had to get along
private property is our departure from good and is the fall from grace
imaginary of biblical iconography
we are in a fallen world
and we need to work towards fixing the original sin
there is part of us that may not fully appreciate
slide 42
the enclosure movement - he is against, the true crime is civil society
the fruits of the earth belongs to us all and the earth belongs to no one
this is someone coming to you in disguise and it is not truthful
a man of passion
time of absolitism and caste system
2 motivating factors
self love and self preservation
pity - envy is closely associated
powerful because people will act against their self interest
on govenrment - the government should do what we want them to do
societal and community self interest
if you resist you must be kicked out of society and the parental resistor must be kicked out
snuth- more division of labor = the more efficency
sell what you are good at maiking and buy the rest
wealth is our labor to create produce that will then pay for the necessity and conveniences
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