Week 3 10-14-14 Students' Lecture Outline (2)

Week 3 10-14-14 Students' Lecture Outline (2) - Darryl...

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Darryl Mleynek Adjunct Faculty, SBA BA 385: Business Environment [email protected] Week 3 Students’ Lecture Outline _______________________________________ Court Documents Reveal Banks Stole . . . Discussion _______________________________________ Adam Smith – What He Actually Wrote _______________________________________ Smith, Adam. The Wealth of Nations: An into the Nature and Causes of the Wealth of Nations . 1776. 5 Books (normally published now in 2 volumes, approximately 710 pages) 1.Adam Smith: What He Actually Wrote. 1 “How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it. Of this kind is pity or compassion.” -- Smith, Adam. The Theory of Moral Sentiments. p. 1. Referring to the theory of “trickle-down” economics, “It’s trickling up, not down. . . . There is no instance of a large economy getting to growth through austerity.” -- Stiglitz, Joseph. Bloomberg TV’s “ Surveillance ”, 4/09/13. Referring to austerity as a cure for recessions, "We've basically had an unethical experimentation on human beings going on across the world right now.” -- Krugman, Paul. Huff Post Live , 2/18/13. A study of federal policy decisions from 1981 – 2002 found that a small number of extremely wealthy, well connected individuals determines policy decisions in the U.S. in most cases, regardless of the will of the majority of voters. The U.S., the study concludes, is no longer a democracy, but an oligarchy ( sic : plutonomy). “The central Assignment for Week 3 (1) Court Documents Reveal Banks Stole $Trillions Worth 10/14/14 Click on Hyperlink. of Houses .” Cory Doctorow, Boing Boing , 8/12/13. Will be discussed. (2) Adam Smith: What He Actually Wrote 10/14/14 No Assigned Reading (3) The Business and Society Relationship 10/14/14 Ch. 1, pp. 2- 25 (4) Corporate Citizenship 10/14/14 Ch. 2, pp. 27- 46, 55-56
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Darryl Mleynek Adjunct Faculty, SBA BA 385: Business Environment [email protected] 2
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BA 385: Business Environment a. The following quotation using the phrase, “the invisible hand,” is from Book IV, pages 327-328. A Close Reading: The “Invisible Hand” in Context : " First, every individual endeavours to employ his capital as near home as he can, and consequently as much as he can in the support of domestic industry , provided always that he can thereby obtain the ordinary, or not a great deal less than the ordinary profits of stock. [. . .] Thus, upon equal, or nearly equal profits, every wholesale merchant naturally prefers the home trade to the foreign trade of consumption, and the foreign trade of consumption to the carrying trade. In the home trade, his capital is never so long out of his sight as it frequently is in the foreign trade of consumption. [ . . .] “Secondly, every individual who employs his capital in the support of domestic industry, necessarily endeavours so to direct that industry, that its produce may be of the greatest possible value. [...] But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value.
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