MGMT 1040 Lecture Notes - Lecture 4: Gross Domestic Product, Treasure Trove, Finance Capitalism
20 Jul 2016
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Document Summary
Moral issues in business: chapter 4 the nature of capitalism. Economic expansion and increased employment are good for ordinary people, but it also raises the spectre of inflation. Capitalism is a worldwide system, multinational firms operate without regard for traditional political boundaries, and the economies of capitalist nations are intricately interconnected. Canada still has dozens of federal and provincial crown corporations involved in various aspects of economic activity. Capitalism emerged during the renaissance in europe during the 15th and 16th centuries. Before the renaissance, business exchanges in medieval europe were organized through guilds, which were associations of individuals of the same trade: under the guild organization, shoemakers, who were also shoe sellers, made shoes only to fill orders. If they had no orders, they made no shoes. Profit motive: amassing profits that well exceed the need of the individual in the form of money. Mercantile capitalism: the term used to describe the type of capitalism that emerged in.
