1. Agrarian Society
    A society with a largely agricultural economy.
  2. What was an inaccurage economic doctrine that arose in the times of Greeks and Romans to explain commercial activity?
    The desire for riches was sspect due to the popular belief that the amount of wealth was fixed.
  3. What did Plato think about wealth?
    Plato thought that when people engaged in trade they inevitably succumbed to the temptation of excess and became grasping
  4. What did Aristotle think about wealth?
    Aristotle believed that the amount of happiness a person gained in life was equal to the amount of virtue accumulated in the sould and material possessions added nothing to happiness thus it was a waste of any virtue.
  5. In the Medieval World, what was the previaling theology of the Roman Catholic Church?
    It was intolerant of profit seeking
  6. Who was St. Thomas Aquinas influenced by?
    Influenced by Aristotle and also believed that merchants should only charge a just price.
  7. Just Price
    A price giving a moderate profit; one inspired by fairness, not greed
  8. Market Price
    A price determined by the interaction of supply and demand
  9. Usury
    The lending of money for interest
  10. Protestant Ethic
    The belief that hard work and adherence to a set of virtues such as thrift, saving, and sobrierty would bring wealth and God's approval
  11. Who were the Protestant referormers and what did they believe?
    Martin Luther and John Calvin believed that work was a means of serving God and if a person earned great wealth through hard work it was a sign of God's approval
  12. What influential book was writen in 1776?
    Adam Smith published his theory of capitalism writing that free markets harnessed greed for htepublic good and protected consumers from abuse in A wealth of nations
  13. Utopia
    A socially engineered model community dsigned to correct faults in the world so its members can find happiness
  14. Why did utopias fail?
    Like other utopias it required businesslike activities for subsistence, but it attracted more loafers than skilled farmers and artisans.
  15. Populist Movement
    A political reform movement that arose among farmers in the late 1800s. Populists blamed social problems on industry and sought radical reforms such as government ownership of railroards.
  16. Progressive Movement
    A turn-of-the-twentieth-century political movement that associated moderate social reform with progress. Progressivism was less radical than populism and had wider apeal.
  17. What were the Progressives able to accomplish?
    They broke up trusts and monopolies, outlawed corporate campaign contirbutions, restricted child labor, passed a corporate income tax, and regulated food and drug companies and public utilites. Additionally they were able to pass the 17th amendment requiring direct election of senators.
  18. Old Progressive
    Members of a broad political and social reform movement in the early years of the twentieth century.
  19. New Progressive
    Members of contemporary left-leaning groups who advocate more radical corporate reform than did old-time Progressives. New Progressives seek toavoid being branded as liberals and try to take advantage of favorable connotations in the word progressive.
  20. Nongovernmental Organization
    A term for voluntary, nonprofit organizations that are not affliated with governments.
  21. Civil Society
    A zone of ideas, discourse and action, dominated by progressive values that transcends national societies and focuses on global issues.
  22. Global Justice Movement
    A coalition of groups united by opposition to economic globalization dominated by corporate capitalism.
  23. Neoliberalism
    A word denoting both the ideology of using markets to organize society and a set of specific policies to free markets from state instrusion.
  24. Liberalism
    The philosophy of an open society in which the state does not interfere with rights of an individual.
  25. Economic Liberalism
    The philosophy that social progress comes when individuals freely pursue their self-interests in unregulated markets.
  26. Keynesianism
    An economic philosophy of active state intervention to stabilize the economy and stimulate employment.
  27. Chicago School
    The name given to a group of economists and to the free market doctrine they taught. It is synonymous with neoliberalism.
  28. Group of Eight
    Formerly an annual meeting where eight leaders of large industrial democracies met to discuss economic issues, since replaced by an expanded group of the wealthiest nations called the group of 20, G20.
Card Set
MGMT Chapter 4