4. Critics of Business

4. Critics of Business - 4. Critics of Business Two...

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4. Critics of Business Two Fundamental Sources of Criticism Businesses value profit over any other consideration Economic development strains societies and creates a range of problems Early Perceptions of Business Earliest societies were agrarian, means most people were farmers Greeks and Romans both were still mainly agrarian a society’s wealth was fixed, desiring more, deprived others early philosophers claimed that the accumulation of wealth led to greed, unhappiness, envy, inequalities, war the truly rich possessed inner peace THE MEDIEVAL WORLD St. Thomas Aquinas- influenced by the Aristotelian view of business The Roman Catholic Church- doctrine intolerant of profit making A just price versus the market price THE RENAISSANCE Protestant Ethic-removed moral suspicion of wealth working hard was serving God wealth maybe be your reward for a good life Adam Smith and The Wealth of Nations free markets protect consumers expansion of industrialized economies dispelled notion of limited wealth Industrialization alters society Economic ideas introduced during the Protestant Reformation held that accumulated wealth was a sign of God’s approval. In the American Colonies People were probably the most free in the world Rivers provided access to the interior Land was cheap Taxes were 25 times higher in England Early America
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4. Critics of Business - 4. Critics of Business Two...

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