FOUNDATIONS OF BUSINESS THOUGHT
Business 1050 – 005 #5947 Fall 2015 Monday

Professor: W. Tim Miller Email: wtmiller@echelon-inc.com
Text: Foundations of Business Thought, 1st edition, Boardman, Sandomir and Sondak (Gray cover)
Outlines, notes, syllabus, handouts, etc., all be handled through Canvas.

Bus1050, section 005, will meet Mondays a full 3 hours from 6:00 PM until 9:00 PM in SFEBB 160.
We will use Canvas exclusively in this class for syllabus, handouts, notes, etc. Be familiar with Canvas.

Foundations of Business Thought will introduce the student to the cultural, historical and philosophical thought surrounding the issues of business and commerce throughout the ages. By examining the words of great authors, we will get a sense of the timeless nature of business and make the observation that the issues currently facing individuals and business have their origins in writings centuries old and from a wide array of cultural and geographic underpinnings. A brief historical trace will be made to connect us to those businessmen and women who pursued many of the same goals we do today.

The course will be divided into three semester sections with six functional areas, each followed by an Exam. A lecture outline is posted to Canvas in the week that section is started.
Section 1:
A. The Fundamentals of Business - We will read many of the classics of literature and philosophy to discern the authors' beliefs about business fundamentals and, in the process, relate them back to those fundamentals we each have in common with modern business leaders.

Exam 1
Section 2:
B. Marketing Thought - A few selected readings from Cicero to Galbraith will form the basis of a discussion on the critical importance of marketing to the existence of a business enterprise and we will learn what issues relating to marketing great thinkers have felt are important.

C. Accounting Thought – Pacioli wrote a compendium of accounting procedures over five hundred years ago. Much of his original manuscript, which was published in 1494, will be read. In addition, the contemporary accounting information model will be presented and discussed.

D. Financial Thought - From age old writings, the roles of money, borrowing and financial management will be examined. Markets will be discussed using, as a basis, the writings of North, Smith, Mill and Mackay. Current financial thought will be discussed in light of modern business activities.

Exam 2
Section 3:
E. Management/Organization Behavior Thought - Drawing on the readings from the first section and their messages about management, leadership, and organizational behavior, we will add some additional readings from literature, philosophy and business. We will more fully understand human behavior and how that translates to society and to the workplace. We will relate current organization behavior concepts to those of old and discuss their impacts on the modern business enterprise.

F. Production/Operations Management Thought - Beginning with the writings of Marco Polo and ending with a piece by Gandhi, we will discuss the impact of efficient production management techniques on the firm as a whole - its customers, employees, owners, suppliers, and society.

Comprehensive Final In addition to these six functional areas, there will be themes related to the human condition and society that resonate throughout the course and these six sections. Most of these themes will be presented in a point/counterpoint style to discuss alternative models of behavior in a business context. The following are some of the themes that will be discussed in a variety of places throughout the course. Each theme is briefly defined and a few representative authors who address this theme are presented:

1. Ideology – A variety of different societal concepts for developing and practicing commerce will be examined from their earliest roots to their more modern applications. a. Plato b. Confucius c. Hamilton/Jefferson
2. Consumption - The behavioral implications of consumption decisions will focus on the impact that wants and/or needs have on those decisions. a. Aristotle b. Thoreau c. Emerson
3. Purpose – In a commercial context, we will discuss whether ends justify the means pursued to accomplish those ends. a. Columbus b. Goethe c. Dr. Seuss
4. Motivation – It is important that we consider why it is we do what we do as humans in order to fully understand our environment and particularly our commercial environment. a. Tawney b. McGregor c. Friedman
5. Diversity – Society and commerce have been, and continue to be, impacted by issues of gender, race and culture. This theme will discuss those issues in a variety of contexts. a. E. Butler b. Lawrence
6. Automation – Mechanized production and the development of information processes have had profound impact on the human condition over the past few centuries. These trends will be studied. a. Tocqueville b. Marx c. Ford
7. Social responsibility – What individuals and/or businesses owe to society, and whether they do in the first place, will be critically reviewed and discussed. a. Fujiwara b. Rockefeller, Jr. c. Friedman
8. Labor – The world of work and the human condition in that work will be viewed from a variety of perspectives. a. Carnegie b. Lorimer c. Marx
9. Money – The acquisition, impact and distribution of wealth are strong human activities. We will examine the behavioral motives and the societal impact of wealth and its distribution. a. Weber b. Ruskin c. Rand
10. Economics – The understanding of the impact of scarcity and the management of resources are critical parts of any study of society and business. This course will be no exception. a. Smith b. North

As you may see, any subject of commerce and business must begin with the individual. We will consider throughout the course what forces impact why people do what they do. We will discuss the differences and similarities of value and principle based enterprise activities. As the course proceeds and new functional areas are introduced, you will see how the above themes transcend across all of the functional areas. The journey will expand beyond the individual to the group and ultimately to society. We will conclude that commerce is a basic human function essential to existence but impacted along the way by a wide variety of forces and conditions.

These goals will be supported via readings to be found in the Foundations of Business Thought book (1st edition) to be purchased from the University of Utah bookstore. By and large, entire chapters from the works found in that book will be required reading; in a smaller number of cases, shorter passages will be required reading as well. Film clips will be shown periodically throughout the course; you will be held responsible to remember the contents of those clips as well. There will be a number of handouts and emails as extra material to reinforce the subject matter. You will be responsible for the content of the film clips, the handouts, the emails and their relevance. You will be responsible for all readings assigned even if we do not cover these in class – both text and posted to Canvas.

You may find some of the readings quite challenging intellectually and stylistically. Complex concepts and complicated phrasing, often combined with compressed paragraphs and antiquated idioms can discourage the casual reader. Be patient. Don’t expect too much of yourself on the first read-through of some of the readings. They can be difficult for any reader. It is suggested to read them once quickly for the general content and meaning and then re-read for depth.

Working through the questions at the end of each reading will help crystallize what we are trying to get the reading to convey. A strongly suggested approach is to form study groups on your own to work through the concepts and answer the questions. Assignment of specific questions to study group members before beginning the reading assignment(s) seems to work best. Group discussion, along with the sharing of notes, is very helpful and a good way to capture information and meaning that you might miss during the reading or lecture.

There are far more readings in the text than we can possibly cover. It may be necessary to adjust the reading schedule during the semester. I reserve the right to alter the reading/quiz/exam/paper schedule during the semester. It is highly advised to stay current on the readings. Once behind, it is very difficult to catch up.

Some of the writings, lectures, films or presentations in this course may include material that some students may find offensive. Please review the syllabus carefully to see if the course is one that you are committed to taking.

Grades will be determined on the basis of two papers, two section exams, and a comprehensive final according to the following distribution:

Exam I – 1.5 hours 20 % (Covers material up to Marketing Thought) First paper 15 % (due approx. 1/3 into semester – see weekly schedule) Exam II – 1.5 hours 20 % (Covers Marketing, Accounting, and Finance sections) Second paper 15 % (due approx. 2/3 into semester – see weekly schedule) Exam III - final 30 % (Focus on Mgmt and Production but with questions from first 2/3rds of the semester) Total 100 %

Exams: There will be no make-up exams except for extraordinary circumstances. Exams 1 and 2 will each be worth 20% of your grade. The final examination is worth 30% of your grade. Exams will be objective tests and will be machine graded. Exams may or may not include essay questions. Bring two sharpened pencils and a high quality eraser and your student ID for exams. No materials and electronics may be on the desktop during the exam. Exams and score sheets must both be returned to the me when completed. If not, the student will be assessed a “zero” for that exam. Given the material to cover and the limits of one semester of classes, I do not hold exam review sessions.

Papers: The topics for the papers will be given approximately 1-2 weeks before the paper is due. The body of each paper is expected to be two (but no more than two) double-spaced typewritten pages, Times New Roman style, 12-point font with one inch margins on all sides and indented paragraphs. This equates to 44-46 lines of type or about 725 words. Papers shorter and longer than the length requirement(s) will automatically be penalized accordingly. Show a word count at the bottom of the second page of the paper. Papers are expected to be grammatically correct and typo-error free. This is college. Each paper may require references. This will be noted in the assignment when given. Format for the references is your choice, but cite them at the end of the paper in a separate reference page. References should/will not count as part of the length of the paper. Include a title page with your name, class, section number, and student unid. Punctuality is mandatory. Therefore, late papers will not be accepted except for agreed upon circumstances. Each paper requires each student's own work, and each will be worth 15 percent of the semester grade. Plagiarism is grounds for failure and may be grounds for university dismissal.

The exams and papers are the sole basis of your grade in this class. There may not be opportunities for make-up, grade improvement, special work, etc.

Since proper ethics is such an important fundamental of business, you will be expected to conduct yourself accordingly. Differences in backgrounds, ideas, philosophies, religion, age, race and gender will be respected. Cheating of any form will not be tolerated.

It is a business school policy that the mean average final grade for the class will fall within the range of 2.4 to 2.8. This grading policy actually works in the student's best interest most of the time.

A: 4.0 B-: 2.7 D+: 1.3 A-: 3.7 C+: 2.3 D: 1.0 B+: 3.3 C: 2.0 D-: 0.7 B: 3.0 C-: 1.7 E: 0.0

The University of Utah David Eccles School of Business seeks to provide equal access to its programs, services and activities for people with disabilities. If you will need accommodations in this class, reasonable prior notice needs to be given to the instructor and to the Center for Disability Services, http://disability.utah.edu, 160 Olpin Union Building, 581-5020 (V/TDD) to make arrangements for accommodations. All written information in this course can be made available in alternative format with prior notification to the Center for Disability Services.

You are expected to come to class prepared. Read all the introductory sections in the text prior to each new business discipline. Based on experience, it is strongly recommended you read all assignments twice before class – once in a skimming fashion followed by a review of the study questions at the end and then a re-read for content and review question answers. Then attend each and every class where we discuss the passages. Take good notes. After class, review the class outline that will be posted to Canvas as well as your notes and read the passages once more. If you must miss class, it is highly recommended you find someone who will share their class, video, and handout discussion notes with you. Any transparencies shown in class will be posted to Canvas following that class. If you do not keep up, you cannot expect to pass. It is strongly suggested you do not fall behind in your readings.

Bring your textbook and highlight markers to every class.

The 16-week schedule below will guide you to the readings that should be completed before the week in which they will be discussed. The week # is in parenthesis followed by the class date. A folder will be placed in Canvas for each week with materials for that week. There may be extra readings to the text that I will place in these folders. You will be expected to read these as well, and questions related to them will appear on the tests. I have placed in the appropriate week’s Canvas folder(s), on the starting week of each section, a lecture outline for each of the 3 sections to supplement the lecture and as a study guide. Along with the review questions at the end of each reading, these outlines should help guide you through the readings and lectures as well.

Week (#) Text Assignment (Read the entire reading; to be read before class)

(1) Aug 24 Theme: Reformation, tyrannies, business definitions/motivations, subjects/employees, company structure, values Introduction lecture: Cheats, values, money, definitions, tyrannies (of man and nature) Film – Wall Street Forward – Text Introduction – page 3, A Written Word is the Choicest of Relics Bacon, Of Studies From The Essays – page 6 Thoreau, Walden, chapter Reading – page 7 Motivation for Business Development All That is Solid Melts Into Air – page 17 Columbus – The Journal of Christopher Columbus – page 22

(2) Aug 31 Theme: Markets, money, economy, environment, division/specialization of labor, laissez-faire Von Goethe – Faust, Part Two – page 63 Thoreau – Walden (Economy; Conclusion) – page 83 Foundations of a Commercial Society Introduction: Don’t Know Much About History – page 101 Socrates discussion Plato – The Republic – page 110 Aristotle – The Politics – page 115 Film clip – Greed

(3) Sep 7 Labor Day Holiday

(4) Sep 14 Theme: Zero-sum gain, community good, religion/church influence, wealth, corporate responsibility Conwell – Acres of Diamonds - page 163 Rand – Atlas Shrugged (excerpt) – page 167 Confucius – Laissez-Faire Policy – The Economic Principles – page 120 Smith – An Inquiry/Wealth of Nations – page 124 Emerson – Essays and Journals (Wealth) – page 141 Film – Dr. Suess, The Lorax

Assign 1st paper Topic (due in 2 weeks)

(5) Sep 21 Ruskin – Unto This Last and Other Essays…(The Veins of Wealth) - page 155 Marx – Capitalist Production from Das Kapital - ‘Values’ discussion - page 174 Tawney – Religion and the Rise of Capitalism (The Social Organism) – page 178 Weber – The Protestant Ethic and the Spirit of Capitalism – page 189 Carnegie – The Gospel of Wealth – page 204 [Possible] Film clip from Carnegie: The Richest Man in the World

(6) Sep 28 Rockefeller – Personal Relation in Industry – page 214 Film segment – The Rockefellers Fugiwara – The Shuchu Kiyaku – page 227 Friedman – Social Responsibility of Business is to Increase Profits – page 221 [catch-up buffer]

1st Paper Due tonight: Turn in hard/paper copy in class

(7) Oct 5 Exam 1 – (1st 1.5 hour of class; lecture to follow) Exam 1 will cover material up to (but not including) marketing

Theme: Markets/customers, why you buy, needs vs. wants, war and marketing Marketing Thought Marketing Introduction – You are who you think you are – page 229 Film clip – Scientific American ‘Why We Buy’ or Film – Brands Marketing concepts – YouTube and Powerpoint Tzu – The Art if War – page 234 Brands, ads, and jingles

(8) Oct 12 Fall Break – no class

(9) Oct 19 Theme: Deceit, honesty, conspicuousness and emulation, production influence Cicero: De Officiis (Book III) – page 245 Film clip – Tin Men Aquinas: The Summa Theologica (Of Cheating) – page 251 Darwin – The Origin of Species (Ch 4 - Natural Selection) – page 262 Veblen – Theory of the Leisure Class – Conspicuous Consumption – page 269 Film clip – The Titanic (if time allows)

(10) Oct 26 Theme: Standardization, accuracy, detail, tracking performance, financial statements, debits and credits Accounting Thought Introduction – When you add, you subtract – page 299 Modern Accounting Concepts – Powerpoint Pacioli – Ancient Double Entry Bookkeeping – page 309 Saikaku – The Eternal Storehouse of Japan – page 324 Defoe – The Compleat English Tradesman – page 328 Film clip: Pacioli, Father of Accounting

(11) Nov 2 Financial Thought: Theme: Finances, currency, source of money, usury and risk, speculation Intro to Finance – Bit by bit – page 337 Finance concepts - Powerpoint Money supply discussion North – A Discourse of Coyned Money – page 342 Polo – The Travels of Marco Polo – page 350 Moses ben Maimonides – The Code of Maimonides – page 352 Franklin – The Works of Benjamin Franklin – page 362 Bacon – The Essays – Of Riches and of Usury – page 368 Mackay – Extraordinary Popular Delusions (Tulipmania) – page 386 (on your own)

Paper #2 Topic Assignment (due in 2 weeks)

(12) Nov 9 EXAM 2 (1st 1.5 hour of class session; lecture to follow) Exam 2 will cover material in Marketing, Accounting, and Finance

Management Thought Theme: People on people, employer-employee relations, theory x-y-z

Video – Lou Holtz on people (35 min.) Introduction – The Art of Getting Things Done Through People – page 399 Thoreau “On Hopes” Confucius – The Analects – page 412 Management thought - Powerpoint

(13) Nov 16 Carnegie – The Gospel of Wealth (An employers view of labor) – page 416 Lorimer – Letters from a self-made Merchant to his Son – page 424 Lawrence – Lady Chatterly’s Lover (Ch. XIII) – page 439 Jack Welch, GE - Mention Peter Drucker – management Principles The Abilene Paradox film and discussion: Speak up!

Paper # 2 due tonight in class hard/paper copy

(14) Nov 23 Film, ABC News “Secrets of the Super Rich” Attitude towards people (eBay, Costco) Theme: Industrialization, division of labor, standardization of parts, assembly line, quality Production Thought Take this job and love it – page 455 Polo – The Travels of Marco Polo – page 460 Toyota Production System (TPS) videos Toyota Production System (TPS) discussion

(15) Nov 30 Hamilton – Industry and Commerce (Manufactures) – page 469 Jefferson – From Manufacturers - 476 Film clip – I Love Lucy Theme: Assembly line, de-humanization, robots De Tocqueville – Aristocracy Engendered by Manufactures – page 479 Film clip – Modern Times

(16) Dec 7 Marx – Alienated Labor – page 483 Taylor – The Principles of Scientific Management – page 492 Film clip: Henry Ford Ford – My Life and Work – page 500 Butler – Women and the Trades – page 514 Gandhi – All Men are Brothers – page 520

(17) Dec 14 Final Examination – majority on last section with select questions from earlier

Everyone must take the final exam with their own section on the day it is scheduled.

The schedule may adjust a bit, especially as we get into the last 3rd of the semester. Pay close attention to Canvas emails, announcements, and postings (handouts).

I want to acknowledge and thank Professors Boardman, Sandomir, and Sondak for their assistance in putting this syllabus and course together.

CAUTION: DO NOT FALL BEHIND ON YOUR ASSIGNMENTS AND READINGS. GIVEN THE AMOUNT OF MATERIAL WE COVER AND SPEED WITH WHICH WE MOVE, IT IS VERY DIFFICULT TO CATCH UP.