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Critics of Business PDF
Critics of Business PDF
Critics of
Business
McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Mary “Mother” Jones
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Origins of Critical Attitudes Toward
Business
o Two underlying sources of criticism of business:
o The belief that people in business place profit before
more worthy values such as honesty, truth, justice,
love, piety, aesthetics, tranquility, and respect for
nature
o The strain placed on societies by economic
development
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The Greeks and Romans
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The Greeks and Romans
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The Greeks and Romans
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The Medieval World
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The Medieval World
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The Modern World
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The Modern World
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The American Critique of Business:
The Colonial Era
o The colonists who landed at Jamestown, Virginia, in
1606 were sponsored by investors in the London
Company, who hoped to make a fortune by
discovering gold in the New World
o The Pilgrims who came in 1620 were financed by the
Plymouth Company, whose backers sought to make a
profit
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The American Critique of Business:
The Colonial Era
o International trade in coastal regions expanded;
inland farmers created a broad agrarian base for the
economy
o Benjamin Franklin made business activity
synonymous with traditional virtues and released it
from moral suspicion
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The American Critique of Business:
The Young Nation
o Alexander Hamilton believed that industrial growth
would increase national power and designed a grand
scheme to promote manufacturing and finance
o Thomas Jefferson believed than an agrarian economy
of landowning farmers was the ideal social order
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The American Critique of Business
1800-1865
o The first half of the century saw steady industrial
growth
o Many rejected capitalism and tried to create
alternative worlds
o New Harmony
o The Oneida Community
o The agrarian and socialist communes failed in
practice because they were based on romantic
thinking, not on sustaining social forces
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Populists
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Populists
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Progressives
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Progressives
o Progressives:
o Broke up trusts and monopolies
o Outlawed campaign contributions by corporations
o Restricted child labor
o Passed a corporate income tax
o Regulated food and drug companies and public
utilities
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Socialists
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Socialists
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Socialists
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Socialists
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Socialists
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Socialists
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The Great Depression and World War II
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The Collapse of Confidence
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Figure 4.2 - Percentage of American Public Expressing “A
Great Deal of Confidence” in Leaders of Major Companies:
1966–2010
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The Collapse of Confidence
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The New Progressives
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The New Progressives
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Global Critics
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Global Critics
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Global Critics
Neoliberalism A word denoting both the ideology of using markets to organize society and
a set of specific policies to free markets from state intrusion
Liberalism The philosophy of an open society in which the state does not interfere with
rights of individuals
Economic The philosophy that social progress comes when individuals freely pursue
liberalism their self-interests in unregulated markets
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Global Activism
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Concluding Observations
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Figure 4.3 - Timelines of Ideological Conflict in
the United States
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