BUSI 100 FINAL READING STUDY GUIDE

For UNC BUSI 100 with Prof. MITTELSTADT

Henry David Thoreau

Believed materialism distracts people from meaningful living, intellectual growth, and self-reflection. Valued simplicity, reading, art, independent thought, and developing the mind over wealth accumulation.
Agrees with Gandhi (human-centered values over profit), Rachel Carson (criticism of destructive industrial society), and Cicero (morality over convenience/profit).

Plato

Believed society forms because humans are not self-sufficient and must specialize/divide labor. Supported social order, comparative advantage, and structured cooperation.
Agrees with Adam Smith (specialization improves productivity) and Henry Ford (division of labor and efficiency).

Adam Smith

Believed self-interest and free markets can unintentionally benefit society through the “invisible hand.” Supported specialization, productivity, and voluntary exchange.
Agrees with Plato (division of labor), Ayn Rand (productive self-interest), and John Stuart Mill (economic growth through markets and capital).

Milton Friedman

Believed corporations primarily exist to maximize shareholder profit within legal/ethical rules. Opposed corporations acting as social policymakers. Supported shareholder capitalism.
Agrees with Ayn Rand (importance of profit/productive enterprise) and partially Adam Smith (market efficiency/self-interest).

Andrew Carnegie

Believed wealthy individuals have a moral duty to use surplus wealth to improve society through philanthropy, education, and institutions. Opposed dying excessively rich.
Agrees with Rockefeller (wealth should benefit society) and stakeholder capitalism thinkers like Alex Edmans.

Daniel Defoe

Believed disciplined bookkeeping and complete financial records are essential for business success. Saw accounting as practical truth-telling for merchants.
Agrees with Luca Pacioli (importance of accounting systems and balanced records).

Luca Pacioli

Founder of double-entry bookkeeping principles. Believed accurate accounting and balanced records are necessary to understand business health and prevent error/deception.
Agrees with Daniel Defoe (complete accounting discipline).

Ayn Rand

Believed money is morally neutral and represents productive thought, innovation, and voluntary exchange. Defended capitalism and rational self-interest.
Agrees with Adam Smith (self-interest/productivity), Friedman (importance of profit), and John Burr Williams (value tied to productive output).

John Burr Williams

Believed intrinsic value of a stock comes from future cash flows/dividends discounted to the present. Distinguished true value from speculation.
Agrees with Mill (capital/productive investment) and Pacioli/Defoe (financial measurement and discipline).

John Stuart Mill

Believed profit and capital gains come partly from abstinence/saving and taking investment risk. Supported markets but also social improvement.
Agrees with Adam Smith (markets/productivity) and Williams (investment and capital logic).

Francis Bacon

Believed wealth and lending can support commerce, but excessive usury becomes destructive. Supported balancing economic growth with ethical restraint.
Agrees with Cicero (morality constrains profit-seeking).

W.E.B. Du Bois

Focused on racial/economic inequality and how businesses exploit marginalized groups. Believed economic systems shape social outcomes.
Agrees with stakeholder capitalism thinkers, Rachel Carson (systems harming people), and Gandhi (human dignity).

Cicero

Believed morality and justice should come before expediency or profit. Emphasized honesty in trade and ethical duty.
Agrees with Gandhi (ethics first), Bacon (limits on greed), and Carson (responsibility beyond profit).

P.T. Barnum

Believed creativity, branding, spectacle, and advertising are essential for business success. Emphasized publicity and attracting attention.
Agrees with modern marketing principles and partially Adam Smith (market demand and exchange).

Sun Tzu

Believed preparation, planning, intelligence, and strategy determine success before conflict begins. Applied to business competition and leadership.
Agrees with Henry Ford (systematic management/efficiency).

Henry Ford

Believed efficiency, scientific management, division of labor, and optimization increase productivity. Focused on systems and scalable production.
Agrees with Plato (specialization) and Sun Tzu (systematic strategy).

John D. Rockefeller

Believed industry requires cooperation between capital, labor, management, and community. Saw business/social issues as interconnected.
Agrees with Carnegie (wealth responsibility) and stakeholder capitalism thinkers.

Rachel Carson

Warned industrial activity and chemicals can seriously damage ecosystems and human health. Emphasized long-term environmental responsibility.
Agrees with Gandhi (human-centered ethics), Du Bois (systems harming communities), and Hardin (shared-resource responsibility).

Garrett Hardin

Believed shared resources are overused when individuals act only in self-interest (“Tragedy of the Commons”). Argued some problems require social/governmental limits, not just technology.
Agrees with Carson (environmental protection) and Elinor Ostrom (commons/resource governance, though with different solutions).

Slaper & Hall

Developed Triple Bottom Line framework: businesses should measure success through Profit, People, and Planet. Expanded business performance beyond finance alone.
Agrees with stakeholder capitalism thinkers like Alex Edmans and Rockefeller.

Mahatma Gandhi

Believed ethics, truth, nonviolence, dignity, and human welfare should guide society and economics. Opposed systems prioritizing profit over people.
Agrees with Cicero (morality first), Thoreau (simple meaningful life), and Carson (responsibility toward society/environment).

Alex Edmans

Promotes stakeholder capitalism and “grow the pie” thinking: companies create more long-term value by benefiting employees, customers, and society, with profit becoming a byproduct.
Agrees with Rockefeller, Carnegie, and Slaper & Hall.

Elinor Ostrom

Believed communities can successfully manage shared resources collectively without requiring full privatization or central government control. Challenged Hardin’s pessimism on commons management.
Agrees with stakeholder-oriented thinkers and Carson on sustainability concerns.

Merck

Corporate example emphasizing stakeholder responsibility; shared medical advancements to save lives rather than maximizing exclusive profit.
Agrees with stakeholder capitalism and Carnegie/Rockefeller social responsibility ideas.

Marks & Spencer

Corporate example of treating workers better through improved wages/conditions, believing employee welfare improves long-term success.
Agrees with stakeholder capitalism and Alex Edmans.