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timer Asked: Apr 26th, 2017

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You will complete the sentence: "The purpose of business is to make money ..." The way you will “complete” it is to do this:

Write a short essay expressing your philosophy of business gained in this course. As with any essay, decide on one main idea, and develop and support the single idea with details. You may want to pick one of the themes we studied as your main idea. Ensure that you pick an idea about which you are knowledgeable and passionate. Since this is an essay, write it in the structure of well-developed paragraphs, rather than bullet points. You should have introductory and summary paragraphs, as with any essay.

  1. One form of supporting details will be quotations from three authors studied during any part of the course. Provide APA format “in text” page citations, however, no separate works cited page is necessary. Naturally the quotations should very closely support your main idea about the purpose of business.
  2. Another form of supporting details is to relate personal observations, experiences, and stories. Your personal engagement in this paper is a good tactic for writing in a compelling fashion.
  3. Length will be about three double spaced pages - a lot longer means you haven’t stated your case succinctly; much shorter means you haven’t developed your main idea sufficiently.
  4. Consider the audience of your essay to be fellow college students who have not taken this course. Speak directly and personally to your audience (using the word “you”). Naturally, in speaking personally, you will want to use the word “I.”

To earn all possible points, write in a compelling, well-organized fashion, logically supporting the conviction of your beliefs with lively details, and follow the same practices of clear, crisp error-free writing we have used all semester.

Note: Picking a main idea that is too broad will not help you succeed, for you will not have sufficient length to develop it. The following idea is excessively broad: “I believe that, in addition to making money, businesses should provide jobs, support the environment, and promote justice throughout the world.”

Karl Marx 1818 - 1883 • German political philosopher, revolutionary • • • • – cofounder of “scientific socialism” (modern communism) Studied law, history, philosophy Created theoretical principles of communism Organized international working-class movement Wrote Communist Manifesto • concluded that the capitalist class would be over thrown and that it would be eliminated by a worldwide working-class revolution and replaced by a classless society after a transitional period of “dictatorship of the proletariat” • Wrote Das Kapital • A systematic analysis of the economy of the capitalist system Marx - Commodities • Definition of wealth – immense accumulation of commodities • A commodity – satisfies a human want, “definite masses of congealed labor-time” • More than one point of view: • Use-value – utility of a thing – independent of labor content • Value (real or intrinsic value) • Based on labor content • Established through exchange (exchange value of labor content) Andrew Carnegie 1835 - 1919 • American industrialist and philanthropist • Little formal education – self made man • Born in Dunfermline, Scotland - His father was a hand weaver who lost his job when powered looms made his home spun cloth uncompetitive. Emigrated to US in 1848. • “Bobbin boy” – First job for $1.20/wk • Second richest man in the world – Owned 25% of US steel production • Generous, but Ruthless • Saw himself as a hero of the working man, but crushed their unions • Generous philanthropist but cut wages of his workers • Gifts of$350M+ Given to educational, cultural and peace institutions. Endowed nearly 1700 libraries. The Carnegie Library Building One of the true treasures of the Fort Collins Museum is the Museum building itself. Constructed in 1904 of native sandstone, the Museum building originally served as the Fort Collins Public Library. Industrialist Andrew Carnegie provided the $12,500 to fund the building. Carnegie - Wealth • Disparity between rich and poor can motivate • A rising tide floats all ships – how everyone is better off today than before • The Law of Competition – forces strictest economies, including low wages • Three ways to distribute surplus wealth 1. 2. 3. leave to family leave to public purposes administer before death (the best choice) • Duties of a man of wealth – live modestly and build ladders, not handouts
Sun Tzu approx. 540-485 BC • Chinese General • Author of The Art of War • “The supreme act of war is to subdue the enemy without fighting.” • Led the armies of the King of Wu • Two decades of victories Sun Tzu – Laying Plans • The art of war is governed by five constant factors 1. 2. 3. 4. 5. ➢ Moral Law Heaven Earth The Commander Method and Discipline “He who knows them will be victorious; he who knows them not will fail.” Laying Plans - 2 • Laying Plans • Purpose/Vision • Leadership • Differential Advantage • Discipline, practical systems • Team Strength • Training • Rewards ➢“By means of these seven considerations I can forecast victory or defeat.” Laying Plans – 3 • “All warfare is based on deception” • “If he is in superior strength, evade him.” • “Pretend to be weak, that he may grow arrogant.” • “If he is taking his ease, give him no rest.” • “If his forces are united, separate them.” • “Attack him where he is unprepared, appear where you are not expected.” • “Now the general who wins a battle makes many calculations in his temple ere the battle is fought.” Sun Tzu Principles • Waging war • Rapid attack • Passion • Reward • Attack by stratagem • Surprise vs. frontal • Morale • Know the enemy (and yourself) • Weak points and strong • First movers have an advantage • Open a new market • Market intelligence Applications to Modern Business • “Using the conquered foe to augment one’s own strength.” • “The best thing of all is to take the enemy’s country whole and intact; to shatter and destroy it is not so good.” • “The worst policy of all is to besiege walled cities.” • “The opportunity of defeating the enemy is provided by the enemy himself.” Acquisition of weaker competitors Don’t Trash or Fragment the Market Don’t directly attack market leader Seeds of Demise Applications to Modern Business - 2 • “Whoever is first in the field and awaits the coming of the enemy, will be fresh for the fight.” • “The clever combatant imposes his will on the enemy, but does not allow the enemy’s will to be imposed on him.” • “We can form a single united body, while the enemy must split up into fractions.” • “Do not repeat the tactics which have gained you one victory, but let your methods be regulated by the infinite variety of circumstances.” First to Market Market Leader Legacy Issues: the new kid starts fresh Value of Market and competitive intelligence – modify your tactics to fit the situation Final Thoughts “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
GOETHE’S FAUST BA 150 McNair Section Johann Wolfgang von Goethe 1749-1832 • German poet, dramatist, novelist, state minister, and scientist – Studied law, philosophy, astrology – Later studied music, art, anatomy, and chemistry, geology • Began to write Faust in 1773, finished in 1831 • May be the most famous figure in German Literature Goethe’s Faust 3 High Level Themes Faust Passage 1 Faust: Their stubbornness, their opposition Ruins my finest acquisition; And in fierce agony I must Grow weary now of being just. [pg. 74, line 42 -45] Goethe’s Faust 3 High Level Themes ▪ Needs vs. Wants Faust Passage 2 Faust: Well, do it! Clear them from my path! A fine new cottage, as you know, I’ve built, where the old folks can go. [pg. 74 line 48 - 50] And this you claim you’ve done for me? I said exchange, not robbery! Deaf savages! I curse this deed; Now share my curse, your folly’s meed! [pg 76, line 52 – 55] Goethe’s Faust 3 High Level Themes ▪ Needs vs. Wants ▪ Unintended consequences of action Goethe’s Faust We’ve proved ourselves as it behooves, Pleased if our patron but approves. With but two ships we sailed away, With twenty we’re here in port today. [pg 72, lines 45 - 48] … Not how but how much – that’s what’s counted! What seaman does not take for granted The undivided trinity Of war and trade and piracy? [pg 73, lines 8 – 11] Goethe’s Faust 3 High Level Themes ▪Needs vs. Wants? ▪Unintended Consequences of Action? ▪End Justifies the Means? Faust Themes Great Works! End ? Want ? Means Need Unintended ?
Teachers and Students • Socrates  Plato • Plato  Aristotle • Aristotle  Alexander the Great Socrates One of the Most Singular Men in History • A great teacher, but never employed as a teacher, never took money for teaching • Never wrote anything (as far as we know); all we know of what he taught was recorded by his “students”, mainly Plato • Students were young men whom he met on various street corners in Athens, youngsters like Plato • A true philosopher, Socrates was a lover of learning and of truth Plato 428 – 347 BCE • Greek Philosopher • Born of an Aristocratic Family in • • • • Athens Disillusioned by Political Leadership in Athens Founded the Academy Student of Socrates Writing is often a dialogue led by Socrates • “The more men value money-making, the less they value virtue.” -- Socrates The Republic • Gyges • Story of ancestor of Gyges • What does Plato say a dishonest man would do, given the ring? A virtuous man? • What would you do if you had this power? • What does all this say about law and justice? • Rudiments of Social Organization • Rudiments of Social Organization (and cities) – Dialog between Socrates, Adeimantus and Glaucon Rudiments of Social Organization – progression of themes Meeting Needs • Specialization & Division of Labor • Trade • Marketplace • Money • Merchants/Tradesman Meeting Wants • Luxury Items • Service Industry • War The Republic Central Questions 1. What is the true nature of man regarding doing good, or doing evil? 2. What are needs, and what are wants? 3. What are the necessary elements of an economy? 4. What is the inevitable outcome of unlimited economic growth? Aristotle 384 - 322 BCE • Greek Philosopher & Scientist • Student of Plato’s • Tutor of Alexander the Great • Founded the Lyceum • Argued for existence of divine being – Prime Mover • Renewed interest due to Thomas Aquinas The Politics • Art of Household Management • Noble • “elements of true wealth; for the amount of property which is needed for a good life is not unlimited.” • Art of Making Money • notion that “wealth and property have no limit.” The Politics – Themes 1. Picks up where Plato leaves off 2. Tries to define wants vs. needs 3. Establishes need for marketplace and currency – but questions “value added” 4. Usury (look for these thoughts later in Maimonides and Aquinas)
John D. Rockefeller, Jr. 1874 - 1960 • Philanthropist - gave more than $537 million to educational, religious, cultural, medical, and other charitable projects • Member of Rockefeller “Family Dynasty” • Wealth built on oil – Standard Oil Company Ludlow Massacre - April 20, 1914 In the decades before World War I, industrialists such as John D. Rockefeller had become millionaires; by the early years of the 20th century labor unrest blossomed in the United States, particularly in the coal mine industry. Strikes grew into riots occurring throughout the US, and then into full scale battles, the most famous of which was in 1914, the Ludlow Coal Massacre, when Colorado National Guard opened fire on a tent city of striking miners and their families in Ludlow Colorado. Basic Facts On April 20, 1914, Colorado National Guardsmen attacked a tent colony of 1,200 striking miners at Ludlow, Colorado, killing 25 persons including 12 children, and looting and burning the colony. This was the worst of many such skirmishes between the government and the miners in Coal Field War of 1914, which lasted for seven months. Battle Statistics The battle lasted 14 hours and included a machine gun and 200 armed militia; the tent city was destroyed. Of the 25 people killed, three were militia men, twelve were children, and one was an uninvolved passerby. The strikers were mostly Greek, Italian, Slav, and Mexican workers; the militia were sent by the Governor of Colorado and ultimately by John D. Rockefeller, owner of the Colorado Fuel and Iron Company. From: http://archaeology.about.com/cs/military/bb/ludlow.htm For any industry to be permanently successful 1. Ensure to labor adequate remunerative employment under proper working and living conditions 2. To capital a fair return upon the money invested 3. To the community a useful service Rockefeller - Themes • Purpose of Industry is profits and social welfare • Cooperation in Industry – 4 parties • Capital • Management • Labor • Community • Labor Unrest – causes and cures Rockefeller – Industrial Creed 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Labor and Capital are partners Community is an essential party Purpose of Industry is as much to advance social well-being as material prosperity Every man is entitled to earn a living, to fair wages, to reasonable hours, … Diligence, initiative, and efficiency should be encouraged and rewarded Provide an adequate means of uncovering grievances Adequate representation of all parties Representation should be built “bottom up” “Do unto others as you would that they should do unto you” Afford the largest number of men the greatest opportunity for selfdevelopment Milton Friedman 1912 - 2006 • American Economist • Nobel Laureate in Economics • for "his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy." • Economic Advisor to Goldwater, Nixon, Reagan Friedman - Viewpoint • “… in a free society … there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.” • Alternative is “preaching pure and unadulterated socialism.” Friedman - Themes • Responsibility of Corporate Executive • To business owners/shareholders • To employees • To customers • “Social Responsibility” involves “taxing” other stakeholders – this is a government function • Shareholder Action – “They are seeking to attain by undemocratic procedures what they cannot attain by democratic procedures.” Socialism “Nearly all self-described socialists would agree that a socialist economy must be run for the benefit of the vast majority of the people … rather than for a small aristocratic, plutocratic, or capitalist class. … There is general agreement among socialists and non-socialists that a socialist economy would not include private or estate ownership of large enterprises.” -- http://en.wikipedia.org/wiki/Socialism#An_economic_system Libertarianism • "Libertarianism is a philosophy. The basic premise of libertarianism is that each individual should be free to do as he or she pleases so long as he or she does not harm others. In the libertarian view, societies and governments infringe on individual liberties whenever they tax wealth, create penalties for victimless crimes, or otherwise attempt to control or regulate individual conduct which harms or benefits no one except the individual who engages in it." -- definition written by the U.S. Internal Revenue Service (!), during the process of granting the Advocates for Self-Government status as a non-profit educational organization. • "Libertarianism is what your mom taught you: behave yourself and don't hit your sister." -- former Advocates Board Chair Dr. Kenneth Bisson

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