1. What we know as “capitalism” did not fully emerge until
2. Capitalism that is based on mutual dependence between state and commercial interests is known as
3. The type of capitalism that was ushered in during the Great Depression is
4. What did Smith think was the regulator that keeps a community activated by self-interest stable?
5. Capital is
6. Who is known for developing the concept of the invisible hand?
7. Adam Smith held that humans have a natural propensity to
8. Unlike other species, we have an almost constant need for
9. The two types of criticism that capitalism is subject to are
10. The theory of capitalism rests on a view of humans as
11. Karl Marx argued that capitalism leads to
12. The biggest five refiners in the United States control
13. From 1995 to 2002, U.S. taxpayers spent around
14. Subsidies for farmers and tariffs on steel, sugar, and ethanol are examples of
15. The 2008 Troubled Assets Relief Program cost
16. Karl Marx held that capitalists make profits through
17. Karl Marx held that workers inevitably experience
18. The hundreds of workers interviewed by Studs Terkel all spoke of
19. Historically, capitalists have made money by
20. Companies that now produce only the package and the label of the goods they sell are
21. The United States owes the rest of the world
22. The view that work is valuable for its own sake is the
23. Paul Kostek is a
24. Americans work ____ more than they did in 1970.
25. Do you believe that self-interest can lead to the beneficial results that Smith envisaged? Why, or why not? Support your view with empirical support.
26.What do you think is the most persuasive (a) theoretical objection to capitalism, and (b) operational objection to capitalism, and why?
27. If capitalism is more effective that socialism for producing wealth, does that necessarily make it a more moral system? Explain your answer.
28.Do you believe that we should temper laissez-faire capitalism with laws designed to curb its excesses? What might those excesses be? Since the type of laws we would use would be coercive, would we be justified in coercing some persons for the good of others? Why, or why not?
29. Do you believe that “competition isn’t what it’s cracked up to be”? Why, or why not? Why do you think that Adam Smith was so sanguine about the benefits of competition?
30. Do you think that “price gouging” is morally acceptable or not? Explain your answer, drawing on the views of Adam Smith and Karl Marx to do so.
Chapter Five
1. The persons who provide the capital to a corporation are its
2. Modern corporations are, in principle
3. _______ ______ is a key feature of the modern corporation.
4. The stock of publically held companies is traded
5. What did Nicholas Murray Butler hold was the greatest discovery of modern times?
6. The incorporation of business enterprises began
7. The first instance of the corporate organization of a manufacturing enterprise in the United States occurred in
8. The East India Company was formed in
9. Corporations are clearly
10. Lord Thurlow said that you could not expect a corporation to have
11. Thomas Donaldson holds that corporations can be
12. Peter French controversially believes that corporate acts are
13. The narrow view of corporate responsibility is endorsed by
14. The narrow view of corporate responsibility is that corporations should only
15. Who wrote of “the rules of the game”?
16. Keith Davis believes that
17. The stakeholder model is also called the
18. Who cast the case for a broader view of corporate responsibility is a historical perspective?
19. The unintended negative or positive effects of business activity are called by economists
20. Who owns a company?
21. Adam Smith claims that an invisible hand
22. Paul Camenisch holds that business
23. Christopher Stone argues that there are limits
24. One challenger to the assumption that profits come at the expense of ethics is
25.Do you believe that corporations can be considered moral agents? If so, why? If not, why not?
26.Do you endorse the narrow view of corporate responsibility, the broad view, some combination of them, or neither? Argue for your position, engaging with the views of the authors discussed in this chapter as you do so.
27.Many job-seekers would prefer to work for a company that supports social causes, but there is also a concern on the part of many that corporations have an undue influence on society. Are these two views in tension with other, or not? Explain your answer.
28.Do you believe that corporations can be moral agents? If so, why? If not, why not? Does the answer to this question have any practical import, or not?
29. How could we encourage the institutionalization of ethical behavior within corporations?
30.Do you believe that we can expect corporations to act morally, or should we require the government to guide and direct their behavior in this way? Do we have any reason to believe that governments will be better moral guides than corporations? Why, or why not?
