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LEAD 3040 > Quiz 2 > Flashcards

Quiz 2 Flashcards

1
Q

Does Capitalism operate with any ethics?

A

Wealth, Prosperity, Human well-being

Unleashes creative, productive forces to create value

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2
Q

Arguments that capitalism is ethical

A
  • Honours rights of individuals to set their own objectives and pursue their own happiness
  • Business needs to respond to consumer demands, social media pressure
  • Moral individuals exist and are in the majority
  • Integrity makes sense due to the consequences of not acting with integrity
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3
Q

Achieving social lience for Capitalism

A

Businesspeople and managers need to account for the ethical implications of the fundamentals of capitalism
- increasing consideration is given to social responsibility, business ethics, corporate citizenship, stakeholder management

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4
Q

Two main engines of capitalism

A

Production (work) - Weber, Marx
- Labor creates value

Consumption - Baudrillard
- It is consumption that mainly drives capitalism

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5
Q

Reproduction

A

Life is more than production and consumption
- Not just having kids, but also cultivating them

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6
Q

Fundamentals of Capitalism

A
  1. Right of private property
  2. Equality of opportunity
  3. Competition
  4. Individualism and economic freedom
  5. Profits
  6. The work ethics (Important)
  7. Consumer sovereignty (Important)
  8. The role of government
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7
Q

What is work?

A

Work is “an activity”, such as a job, that a person uses physical or mental effort to do, usually for money

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8
Q

History of work - ancient greek civilization

A

Work - Physical labour or services - was seen to fit only for women and slaves

Aristotle
- Work does not make you a better person
- It makes you worse as it hinders your social and political obligations

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9
Q

History of work - Eurpoean Middle Ages

A
  • Almost everyone was expected to spend the first 7-15 years of his or her working life as a servant
  • Work had a clear ending
    apprentices > journeymen > masters
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10
Q

History of work - East Asia

A
  • East Asian work culture is said to be largely rooted in Confucianism
    • Community over individual
    • Emphasis on social harmony and loyalty
    • Although this is changing fast
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11
Q

History of Work - Industrial Revolution

A

Began in Britain in the 18th century
- Farmers had to learn how to work with new technologies
- Workhouses emerged as a person’s worth was increasingly connected to their working capacity in society

Workhouse: institution that provides employment for the poor and those who are deemed to have failed

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12
Q

History of work - Scientific Management

A

The principles of scientific management (1911)
- As an engineering manager, FrederickTaylor was disappointed by workers’ inefficiency
- Tried to find”one best way” of work
- Scientific management aka “Taylorism”

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13
Q

Potential problems with scientific management

A
  • High turnover
  • Employee dissatisfaction
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14
Q

History of work - Later 18th century

A

Labour problems began arising
- Scientific management focused on production

Human resources movement
- concern for people and productivity

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15
Q

The protestant work ethic

A

Code of values, or body of moral principles, claiming that work is desirable, a natural activity, and good in and of itself
- Assumes unemployment is a temporary misfortune or a result of a deficiency of the individual

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16
Q

Criticisms of the protestant work ethic

A
  • Individuals may have other life purposes
  • People who don’t participate in the work force still have inherent worthiness and dignity
  • savings and thrift vs. promotion of consumption
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17
Q

Work today

A

Emphasis on
- Flexibility
- Egalitarian structure
- Empowerment
- Perpetual learning and development
-EQ
- Well-being and happiness

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18
Q

What makes a job satisfying

A
  • doing what you love
  • having passion for your work
  • Fulfill oneself
  • to grow
  • place to show creativity
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19
Q

Extrinsic vs Intrinsic Motivation

A

Extrinsic - Money, promotions
Intrinsic - the activity is the reward itself

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20
Q

How extrinsic can hurt intrinsic

A

Pay can affect explanations people use to understand their reason for working

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21
Q

Intrinsic over Extrinsic

A

Extrinsic motivation and extrinsic rewards have serious limitations

Intrinsic motivation and rewards are here to save the day

22
Q

Benefits of Passion

A

Individuals
- less stress and depression
- greater life and work satisfaction

Organizations
- Proactive workers
- highly engaged employees

23
Q

Downside of Passion

A
  • Passion can lead to higher burnout and less goal flexibility
  • Passionate people tend to be willing to sacrifice for extra work
24
Q

Consumer sovereignty

A

the assumptions that consumers have and exercise power over producers through decisions they make in purchasing the goods and services provided by corporations
- The more competitive the market, the stronger the power of the consumer

25
Q

Consumer sovereignty - Marketing

A
  • Understand and shape consumer behaviour
  • Promote the sale of goods and services in the market
    Heavily promoted: The more you have, the more you want
26
Q

Consumer sovereignty - consumers

A

Consumers challenged to exercise sovereignty- - - Lack of awarness of all their alternatives
- Some goods and services are technically complex
- Persuasive advertising shapes preferences

27
Q

Consumer sovereignty - government

A

Governments regulate in public interest
- Arguably more in the “producer interest”
- Monopoliges: marketing/professional organizations
- Tariffs/quotas on imported goods

28
Q

Consumer sovereignty - Boycott

A

Abstaining from using, buying, or dealing witha. person, organization, or country as an expression of protest, usually for moral, economic, social, political, or environmental reason
- easier due to social media

29
Q

Right which is fundamental to the capitalistic system

A

Right to ownership of property

30
Q

The right of private property

A

the legal right to own and use economic goods, for example, land and buildings.

31
Q

Intellectual property

A

patents, copyrights, trademarks, etc.

32
Q

Individualism

A

The individual, and not society or a collective, is the paramount decision-maker in society and assumes that the individual is inherently decent and rational.

33
Q

Agency

A

Individuals have the capacity to actively and independently make choices and effect change

34
Q

Freedoms

A

the capability to have and control property, freedom of association, freedom of information, and freedom of movement

35
Q

When does economic freedoms exist

A

when the business system operates with few restrictions

36
Q

Equality of opportunity

A

the assumption that all individuals or groups have an even chance to respond to some condition in society

37
Q

Why is equality of opportunity hard to achieve in capitalist system

A

leads to economic or income inequality

38
Q

Inequity to equity

A

INEQUITY > unequal > uninformed > sensitive > specific > transformative > EQUITY

Unequal - perpetuates inequalities based on protected rights
Uninformed - Ignores social norms regarding protected rights
Sensitive - Acknowledges but does not address inequalities
Specific - Acknowledges social norms and considers intersectional needs
Transformative - Addresses the causes of inequality and works to transform harmful systems and structures of inequality

39
Q

Competition

A

condition in a market which many rival sellers seek to provide goods and services to many buyers

40
Q

Oligopoly

A

few sellers in an industry behave similarly

41
Q

Profits

A

Excess of revenues over expenses. are closely associated with competition

42
Q

Government regulation of business

A
  • architect of economic growth
  • major purchaser of goods and services
  • major promoter and subsidizer of business
  • provider of financial capital
  • rescuer of failed businesses
  • owner of business enterprises
  • Protector of business interests
  • Protector of various interests in society, business exploitation
  • Directly manages, through regulation, large areas of private business activity
  • Directly regulates 1/3 of the economy through over 600 organizations
43
Q

Deregulation

A

reduction of government influence of impact on the economy

44
Q

Privatization

A

strengthening of the market at the expense of the state

  • defined as the provision of public service by the private sector
  • complete or partial
  • divestiture, contracting out
45
Q

Self-regulation

A

regulation imposed by the corporation or industry

46
Q

Private or civil regulation

A

non-profit, independent organizations that set standards for responsible business practices

Private - non-involvement of the public or government sector
Civil - voluntary, community, and social organizations or institutions that contribute to the functioning of society but are usually not related or supported by the government

47
Q

Third-party certification

A

when an independent organization varifies that a product or service meets specific safety, quality, or environmental standards

48
Q

Capitalism challenges - Greed

A

Excessive and selfish form of self-interest where individuals desire more of something than what is needed or fair

49
Q

Capitalism challenges - Economic Downturns

A

because capitalism is based on a market system, there will be swings between prosperous times and recessions or even depressions

50
Q

Capitalism challenges - Business failures

A

failure that disposes of unsuccessful businesses and shifts resources to new or stronger ones. Thus, bankruptcy laws need to work well to transfer resources efficiently

51
Q

Capitalism challenges - Income and wealth inequity

A

inequities are inevitable and necessary in a dynamic economy to provide incentives and prevent the regimentation of equality

52
Q
A

LEAD 3040 (3 decks)

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