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Critics of Business
PREPARED BY:
HAMDOON HUSSAIN
B.SC (ECONOMICS), MBA HRM.
KARACHI UNIVERSITY BUSINESS SCHOOL (K.U.B.S)
Origins of Critical Attitudes Toward Business
o Two underlying sources of criticism of business:
o The belief that people in business place profit before more worthy
values such as honesty, truth, justice, love, piety, aesthetics, tranquility,
and respect for nature.
o The strain placed on societies by economic development.
The Greeks and Romans
o The civilizations of ancient Greece and Rome were agrarian societies
where most people worked the land for subsistence.
oAgrarian society: A society with a largely agricultural economy.
o The extraordinary civilizations of ancient Greece and Rome were based
on subsistence agriculture.
The Greeks and Romans
o Philosophers reasoned that profit seeking was an inferior motive
and that commercial activity led to excess, corruption, and misery.
o Plato believed that insatiable appetites existed in every person, but
could be controlled by acquiring inner virtues.
The Greeks and Romans
o Aristotle believed there was a benign form of acquisition that consisted of
getting the things needed for subsistence.
o Epictetus and Marcus Aurelius taught that the truly rich person possessed
inner peace rather than capital or property.
The Medieval World
o The prevailing theology of the Roman Catholic Church was intolerant
of profit seeking.
o According to Church cannon, merchants should charge a just price for
their wares, opposed to our modern idea of market price.
o Just price: A price giving a moderate profit; one inspired by
fairness, not greed.
o Market price: A price determined by the interaction of supply and
demand.
The Medieval World
o Catholicism condemned usury.
oUsury: The lending of money for interest.
o By the twelfth and thirteenth centuries, the money supply and economic
activity had greatly expanded and interest-bearing loans were common.
The Modern World
o Protestant ethic: The belief that hard work and adherence to a set of
virtues such as thrift, saving, and sobriety would bring wealth and God’s
approval.
o Capitalism
o Free markets harnessed greed for the public good and protected
consumers from abuse.
The Modern World
o Visible wealth creation in expanding economies forcefully countered the
notion that only a more or less fixed amount of wealth existed in a society.
o The industrial revolution created new tensions that reinforced critical
attitudes about business.
Populists
o Populist movement: A political reform movement that arose among
farmers in the late 1800s.
o Populists blamed social problems on industry and sought radical
reforms such as government ownership of railroads.
o The populists:
o Advocated government ownership of railroad, telegraph, and
telephone companies and banks.
o Demanded direct election of U.S. senators.
Populists
o Sought to abandon the gold standard and expand the money supply.
o Succeeded in electing many state and local officials, but ultimately failed
to forge an effective political coalition.
o Refined the logic and lexicon for attacking business.
Progressives
o Progressive movement: A turn-of-the twentieth century political
movement that associated moderate social reform with progress.
o Progressivism was less radical than populism and had wider appeal.
o It was a mainstream political doctrine.
o Sought to cure social ills by using government to control perceived
abuses of big business.
Progressives
o Progressives:
o Broke up trusts and monopolies.
o Outlawed campaign contributions by corporations.
o Restricted child labor.
o Passed a corporate income tax.
o Regulated food and drug companies and public utilities.
Socialists
o Socialism: The doctrine of a classless society in which property is
collectively owned and income from labor is equally divided among
members.
o It rejects the values of capitalism.
Socialists
o The originator of the modern socialist doctrine is Francois-Noël
Babeuf (1764-97).
o Advocated seizing the possessions of the wealthy and giving them to
the masses.
o 1848 – Karl Marx and Friedrich Engels published The Communist
Manifesto.
o Argued that the basis for socialism was an inevitable process of class
struggle underlying and explaining the history of human society.
Socialists
o Marx and Engels envisioned an equalitarian society that abolished private
ownership of capital and instituted wealth sharing among all members.
o Discovered historical theory that class warfare was the underlying
dynamic that changed society.
Socialists
o United States of 1850-1900:
o Child labor was widespread.
o Factories injured and wore down workers.
o Wealth and power were concentrated in great banks, trusts, and railway
systems.
o Inequality between rich and poor seemed obscene.
Socialists
o The masses suffered through financial panics and unemployment.
o Industrial growth created a new social working class.
Socialists
o Unionization - Early unions tied to single companies or locations.
o 1869 - Knights of Labor was set up.
o 1886 - American Federation of Laborformed.
o 1877 - Beginning of violent union strikes.
o 1905 - Industrial Workers of the World (IWW) was formed.
o 1912 - Peak of socialism in the United States.
The Great Depression and World War II
o There was a period of high confidence in big business during the 1920s,
ending with the stock market crash of 1929.
o The war years washed away the populist/socialist/depression era
image of the corporation as a bloated plutocracy.
The Collapse of Confidence
o Strong public support for business collapsed in the mid-1960s.
o Four strong social movements attacked big business:
o Civil rights.
o Consumer rights.
o Environmental rights.
o Vietnam war opposition.
The Collapse of Confidence
o Theoretical “confidence gap” created in the 1960s.
o The steep fall of public trust after 1966 opened the door for reformers to
increase government regulation dramatically.
The New Progressives
o Old Progressive: Members of a broad political and social reform
movement in the early years of the twentieth century.
o New Progressive: Members of contemporary left leaning groups who
advocate more radical corporate reform than did old time Progressives.
The New Progressives
• New Progressives seek to avoid being branded as liberals and try to take
advantage of favorable connotations in the word progressive.
Global Critics
o Corporate power grows in the world economy.
o Nongovernmental organization: A term for voluntary, nonprofit
organizations that are not affiliated with governments.
o NGOs animate civil society, which is a zone of ideas, discourse, and action
that transcends national societies and focuses on global issues.
Global Critics
o Civil society: A zone of ideas, discourse, and action, dominated by
progressive values, that transcends national societies and focuses on global
issues.
o In the 1990s a global justice movement evolved within civil society.
o Global justice movement: A coalition of groups united by
opposition to economic globalization dominated by corporate
capitalism.
Global Critics
o Neoliberalism
o Liberalism
o Economic
o liberalism
o Keynesianism
o Chicago School
o Group of Eight
GlobalActivism
o Activists attack corporations using a range of devices:
o Consumer boycotts.
o Shareholder attacks.
o Harassment, ridicule, and shaming.
o Corporate campaign.
Conclusion
o Each era brings new personalities, new targets, and some new issues, but
the fundamental substance endures.
o Industrial capitalism is a historical force for continuous, turbulent
social change.
o Capitalism, for the most part, brings changes that represent progress, a
condition of improvement for humanity.
Thank You

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03. Critics of Business

  • 1. Critics of Business PREPARED BY: HAMDOON HUSSAIN B.SC (ECONOMICS), MBA HRM. KARACHI UNIVERSITY BUSINESS SCHOOL (K.U.B.S)
  • 2. Origins of Critical Attitudes Toward Business o Two underlying sources of criticism of business: o The belief that people in business place profit before more worthy values such as honesty, truth, justice, love, piety, aesthetics, tranquility, and respect for nature. o The strain placed on societies by economic development.
  • 3. The Greeks and Romans o The civilizations of ancient Greece and Rome were agrarian societies where most people worked the land for subsistence. oAgrarian society: A society with a largely agricultural economy. o The extraordinary civilizations of ancient Greece and Rome were based on subsistence agriculture.
  • 4. The Greeks and Romans o Philosophers reasoned that profit seeking was an inferior motive and that commercial activity led to excess, corruption, and misery. o Plato believed that insatiable appetites existed in every person, but could be controlled by acquiring inner virtues.
  • 5. The Greeks and Romans o Aristotle believed there was a benign form of acquisition that consisted of getting the things needed for subsistence. o Epictetus and Marcus Aurelius taught that the truly rich person possessed inner peace rather than capital or property.
  • 6. The Medieval World o The prevailing theology of the Roman Catholic Church was intolerant of profit seeking. o According to Church cannon, merchants should charge a just price for their wares, opposed to our modern idea of market price. o Just price: A price giving a moderate profit; one inspired by fairness, not greed. o Market price: A price determined by the interaction of supply and demand.
  • 7. The Medieval World o Catholicism condemned usury. oUsury: The lending of money for interest. o By the twelfth and thirteenth centuries, the money supply and economic activity had greatly expanded and interest-bearing loans were common.
  • 8. The Modern World o Protestant ethic: The belief that hard work and adherence to a set of virtues such as thrift, saving, and sobriety would bring wealth and God’s approval. o Capitalism o Free markets harnessed greed for the public good and protected consumers from abuse.
  • 9. The Modern World o Visible wealth creation in expanding economies forcefully countered the notion that only a more or less fixed amount of wealth existed in a society. o The industrial revolution created new tensions that reinforced critical attitudes about business.
  • 10. Populists o Populist movement: A political reform movement that arose among farmers in the late 1800s. o Populists blamed social problems on industry and sought radical reforms such as government ownership of railroads. o The populists: o Advocated government ownership of railroad, telegraph, and telephone companies and banks. o Demanded direct election of U.S. senators.
  • 11. Populists o Sought to abandon the gold standard and expand the money supply. o Succeeded in electing many state and local officials, but ultimately failed to forge an effective political coalition. o Refined the logic and lexicon for attacking business.
  • 12. Progressives o Progressive movement: A turn-of-the twentieth century political movement that associated moderate social reform with progress. o Progressivism was less radical than populism and had wider appeal. o It was a mainstream political doctrine. o Sought to cure social ills by using government to control perceived abuses of big business.
  • 13. Progressives o Progressives: o Broke up trusts and monopolies. o Outlawed campaign contributions by corporations. o Restricted child labor. o Passed a corporate income tax. o Regulated food and drug companies and public utilities.
  • 14. Socialists o Socialism: The doctrine of a classless society in which property is collectively owned and income from labor is equally divided among members. o It rejects the values of capitalism.
  • 15. Socialists o The originator of the modern socialist doctrine is Francois-Noël Babeuf (1764-97). o Advocated seizing the possessions of the wealthy and giving them to the masses. o 1848 – Karl Marx and Friedrich Engels published The Communist Manifesto. o Argued that the basis for socialism was an inevitable process of class struggle underlying and explaining the history of human society.
  • 16. Socialists o Marx and Engels envisioned an equalitarian society that abolished private ownership of capital and instituted wealth sharing among all members. o Discovered historical theory that class warfare was the underlying dynamic that changed society.
  • 17. Socialists o United States of 1850-1900: o Child labor was widespread. o Factories injured and wore down workers. o Wealth and power were concentrated in great banks, trusts, and railway systems. o Inequality between rich and poor seemed obscene.
  • 18. Socialists o The masses suffered through financial panics and unemployment. o Industrial growth created a new social working class.
  • 19. Socialists o Unionization - Early unions tied to single companies or locations. o 1869 - Knights of Labor was set up. o 1886 - American Federation of Laborformed. o 1877 - Beginning of violent union strikes. o 1905 - Industrial Workers of the World (IWW) was formed. o 1912 - Peak of socialism in the United States.
  • 20. The Great Depression and World War II o There was a period of high confidence in big business during the 1920s, ending with the stock market crash of 1929. o The war years washed away the populist/socialist/depression era image of the corporation as a bloated plutocracy.
  • 21. The Collapse of Confidence o Strong public support for business collapsed in the mid-1960s. o Four strong social movements attacked big business: o Civil rights. o Consumer rights. o Environmental rights. o Vietnam war opposition.
  • 22. The Collapse of Confidence o Theoretical “confidence gap” created in the 1960s. o The steep fall of public trust after 1966 opened the door for reformers to increase government regulation dramatically.
  • 23. The New Progressives o Old Progressive: Members of a broad political and social reform movement in the early years of the twentieth century. o New Progressive: Members of contemporary left leaning groups who advocate more radical corporate reform than did old time Progressives.
  • 24. The New Progressives • New Progressives seek to avoid being branded as liberals and try to take advantage of favorable connotations in the word progressive.
  • 25. Global Critics o Corporate power grows in the world economy. o Nongovernmental organization: A term for voluntary, nonprofit organizations that are not affiliated with governments. o NGOs animate civil society, which is a zone of ideas, discourse, and action that transcends national societies and focuses on global issues.
  • 26. Global Critics o Civil society: A zone of ideas, discourse, and action, dominated by progressive values, that transcends national societies and focuses on global issues. o In the 1990s a global justice movement evolved within civil society. o Global justice movement: A coalition of groups united by opposition to economic globalization dominated by corporate capitalism.
  • 27. Global Critics o Neoliberalism o Liberalism o Economic o liberalism o Keynesianism o Chicago School o Group of Eight
  • 28. GlobalActivism o Activists attack corporations using a range of devices: o Consumer boycotts. o Shareholder attacks. o Harassment, ridicule, and shaming. o Corporate campaign.
  • 29. Conclusion o Each era brings new personalities, new targets, and some new issues, but the fundamental substance endures. o Industrial capitalism is a historical force for continuous, turbulent social change. o Capitalism, for the most part, brings changes that represent progress, a condition of improvement for humanity.