Foundations of Business Thought

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Geraldine Caldwell
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1 Foundations of Business Thought First Edition With contributions by Calvin M. Boardman Professor of Finance Bill Daniels Chair in Business Ethics David Eccles School of Business University of Utah Alan N. Sandomir Associate Professor (Lecturer) of Marketing David Eccles School of Business University of Utah Harris Sondak Professor of Management David Eccles Faculty Scholar David Eccles School of Business University of Utah PEARSON Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

2 FOREWORD 1 I INTRODUCTION 3 A Written Word Is the Choicest of Relics 3 Of Studies from The Essays 6 Francis Bacon Reading from Walden 7 Henry David Thoreau From The Souls of Black Folk 12 W. E. B. DuBois How to Do Business from Safe Methods in Business 14, Practical Rules for Success from Safe Methods in Business 15 II MOTIVATION FOR THE DEVELOPMENT OF COMMERCE., 17 Introduction: All That Is Solid Melts into Air 17 From The Journal of Christopher Columbus 22 Christopher Columbus, Clements Robert Markham, and Paolo del Pozzo Tonscanelli A History of the Ancient World 31 Fray Bernardino De Sahagun From The True History of the Conquest of New Spain 34 Bernal Diaz Del Castillo Of Property from The Second Treatise of Civil Government 42 John Locke 1879 Speech to Congress. 51 In-mut-too-yah-lat-lat, also known as Chief Joseph From Faust Part Two 63 Johann Wolfgang von Goethe Economy from Walden 83 Henry David Thoreau The World Is Too Much With Us 99 William Wordsworth III FOUNDATIONS OF A COMMERCIAL SOCIETY 101 Introduction: Don't Know Much About History. 101 From The Republic 110 Plato

3 vi Contents From The Politics 115 Aristotle Laissez-Faire Policy from The Economic Principles of Confucius and His School 120 Chen Huan-Chang From An Inquiry into the Nature and Causes of the Wealth of Nations 124 Adam Smith I, Pencil 129 Leonard E. Read From The Fable of the Bees 133 Bernard Mandeville Wealth from Essays and Journals 141 Ralph Waldo Emerson The Veins of Wealth from Unto This Last and Other Essays on Art and Political Economy 155 John Ruskin From Acres of Diamonds. 163 Russell H. Conwell From Atlas Shrugged 167 Ayn Rand Teaching Business to Ladies from Safe Methods in Business 172 J.L.Nichols Capitalist Production from Das Kapital 174 Karl Marx The Social Organism from Religion and the Rise of Capitalism 178 R. H. Tawney From The Protestant Ethic and the Spirit of Capitalism 189 Max Weber From The Acquisitive Society 198 R. H. Tawney From The Gospel of Wealth 204 Andrew Carnegie Teaching Business to Children from Safe Methods in Business 212 From The Personal Relation in Industry 214 John D. Rockefeller, Jr. The Social Responsibility of Business Is to Increase Its Profits 221 Milton Friedman The Shuchu Kiyaku 227 Seika Fujiwara

4 vii IV MARKETING 229 Introduction: You Are Who You Think You Are; So Be Careful About Who You Think You Are 229 From The Art of War 234 SunTzu From De Officiis 245 Cicero Of Cheating, Which Is Committed in Buying and Selling from The Summa Theologica 251 Thomas Aquinas Honesty from Safe Methods in Business 259 Rapid Methods for Marking Goods from Safe Methods in Business 261 J.L.Nichols " Natural Selection from The Origin of Species 262 Charles Darwin From The Financier 266 Theodore Dreiser Pecuniary Emulation and Conspicuous Consumption from Theory of the Leisure Class 269 Thorstein Veblen From The Middleman 283 Albert W. Atwood Control of Prices and People from The New Industrial State 292 John Kenneth Galbraith V ACCOUNTING 299 Introduction: When You Add, You Subtract 299 The Antecedents of Double-Entry 302 A. C. Littleton Particulars of Reckonings and Their Recording from Ancient Double Entry Bookkeeping: Luca Pacioli's Treatise 309 Luca Pacioli How to Keep Accounts from Safe Methods in Business 323 The Eternal Storehouse of Japan [Nippon Eitaigura] 324 Ihara Saikaku From The Compleat English Tradesman 328 Daniel Defoe How to Detect Errors In a Trial Balance from Safe Methods in Business 335

5 viii Contents VI FINANCE 337 Introduction: Putting It All Together, Bit by Bit 337 A Discourse ofcoyned Money 342 Sir Dudley North From The Travels of Marco Polo 350 Marco Polo Lender and Borrower from The Code ofmaimonides 352 Moses ben Maimonides Of the Sin of Usury from The Summa Theologica 355 Thomas Aquinas From The Works of Benjamin Franklin 362 Benjamin Franklin Of Riches and Of Usury from The Essays 368 Francis Bacon Of Profits from The Principle of Political Economy 373 John Stuart Mill How Money Grows at Interest from Safe Methods in Business 383 The Credit System from Safe Methods in Business.* 384 How to Do Business with a Bank from Safe Methods in Business 385 The Tulipomania from Extraordinary Popular Delusions and the Madness of Crowds 386 Charles Mackay Confusion de Confusiones 392 Joseph De La Vega From The General Theory of Employment, Interest, and Money 394 John Maynard Keynes Boards of Trade and Stock Exchanges from Safe Methods in Business 396 VII MANAGEMENT 399 Introduction: The Art of Getting Things Done Through People 399 Letter to Horace Greeley 404 Abraham Lincoln From The Prince 406 Niccolo Machiavelli From The Republic 409 Plato

6 ix From The Analects 412 K'ung Fu-tzu, also known as Confucius An Employer's View of the Labor Question from The Gospel of Wealth 416 Andrew Carnegie From Letters from a Self-Made Merchant to His Son 424 George Lorimer Business Energy from Safe Methods of Business 428 The Condition of Efficiency from The Acquisitive Society 429 R. H. Tawney From Lady Chatterley's Lover 439 D. H. Lawrence The Human Side of Enterprise 443 Douglas M. McGregor How to Do Business from Safe Methods of Business 450 The Nature of Executive Responsibility from The Functions of the Executive 451 Chester I. Barnard How To Apply for a Situation from Safe Methods in Business 454 VIII PRODUCTION Introduction: Take This Job and Love It 455 From The Travels of Marco Polo 460 Marco Polo Manufactures from The Works of Alexander Hamilton 469 Alexander Hamilton Manufactures from The Notes on the State of Virginia 476 Thomas Jefferson That Aristocracy May Be Engendered by Manufactures from Democracy in America 479 Alexis de Tocqueville Alienated Labor 483 Karl Marx From The Principles of Scientific Management 492 Frederick Taylor From My Life and Work 500 Henry Ford How to Estimate the Contents of a Pile of Grain, Potatoes, Hay or Wood from Safe Methods of Business 508

7 From The House of Mirth 509 Edith Wharton Economic Foothold from Women and the Trades 514 Elizabeth Beardsley Butler Man and Machine from All Men Are Brothers 520 Mohandas Gandhi Business Maxims from Safe Methods of Business 524 Index 527 Copyright Acknowledgment 533

Public Relations in Schools

Public Relations in Schools Fifth Edition Theodore J. Kowalski University of Dayton Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan