Free Market Capitalism
Prof Ralph
ols_520.class_.1.14.course_introduction.pptOLS 520: Comparative Perspectives on Business & Society
Tonight
Personal Introductions
Course overview
Discussion of “Why Some MBAs are Reading Plato, Kant”
The environment of business
Four views of free market capitalism
OLS 520: Comparative Perspectives on Business & Society
Course Description & Objectives
To develop a broad understanding of the role of business in American society
To understand the global free market economic system, how it developed, and what the alternatives are
To equip you to better serve the common good by sharpening your perspective on your individual career role
To develop skills in critical thinking and analysis through class discussion and written analysis of assigned readings
OLS 520: Comparative Perspectives on Business & Society
Some key assumptions of the course
Business is the central organizing institution of the modern technological society
The purpose of an economic system and of business is to meet the material needs of society
The economic system that has historically been the greatest generator of aggregate wealth is free market capitalism, but . . .
A person’s view of the role of business in society
- is critical to an effective democracy
- does affect how we do our work
OLS 520: Comparative Perspectives on Business & Society
Course Structure
The environment of business in the 21st century
The evolution of the global free market economic system
Assessing the global free market economic system
Trust: The core value of the free market system
OLS 520: Comparative Perspectives on Business & Society
Course Projects & Assignments
Class preparation and participation
Participation in electronic discussion forums
Essays and other short writing assignments
Books and readings
OLS 520: Comparative Perspectives on Business & Society
Reading maketh a full man;
speaking a ready man;
writing an exact man.
Francis Bacon
(1561-1626)
“Why Some MBAs are Reading Plato, Kant”
What ideas in the article strike strike you the most?
“Why Some MBAs are Reading Plato, Kant”
What are the purposes of the MBA courses described in the article and are these legitimate topics to consider in an MBA program?
“Why Some MBAs are Reading Plato, Kant”
Can we tell from the article what the author’s viewpoint on inclusion of these topics in MBA programs is?
The Environment of Business
What forces in society have a major impact on business?
What type of impact do those forces have on business?
How has business responded to these forces?
How have these forces affected your job?
The Environment of Business
Four Views of Free-Market Capitalism
Karl Marx: Capitalism is an irredeemably corrupt and immoral economic system which cannot exist without enriching a few by exploiting the labor of the many.
Four Views of Free-Market Capitalism
Friedrich Hayek: Capitalism is the pinnacle of economic systems and includes all the principles by which society should be governed.
Four Views of Free-Market Capitalism
Daniel Yergin & Joseph Stanislaw: Capitalism is currently the only game in town, is the economic system that generates the greatest amount of wealth, but needs to prove that it benefits all members of society.
Four Views of Free-Market Capitalism
Sir Brian Griffiths: Affirms the morality of the market based on biblical teaching, but argues that the operation of the market should not be viewed as an autonomous process and must be hedged by biblical principles of love, economic justice, personal responsibility, and compassion.
Topic and Assignment for Next Class
The Purpose of Business: Its Stakeholders and their Claims
Reading due
“What’s a Business For?”
“The Social Responsibility of Business is to Increase its Profits”
