Study Guides (238,069)
Canada (114,906)
York University (9,812)
Management (125)
MGMT 1030 (9)

Schulich MGMT 1030 Study Questions for Fulcher.doc

3 Pages
Unlock Document

York University
MGMT 1030
Jean Adams

Study Questions for Fulcher’s “What is Capitalism?” 1)What is the overall theme of this article and what is the definition of capitalism? - Capitalism involves investment of money in order to make a profit, the essential feature of capitalism - It is not the nature of activity that matters, but the possibility of making a profit out of it - The overall theme has to do with the ventures of different people and their successes and failures of wanting to make a profit - Like there is big risk associated with capitalism and therefore you can have an excellent turnout or you could lose everything - For example w/ the Barings bank that set up Barings securities, like they were very profitable with the Nikei until the Nikei began to plunge and they became engulfed in further debt - It basically goes to show that capitalism can also be the root of malicious acitivities and cheating because ppl become too greedy about profits that they began cheating like the people at Barings 2)What was the East India Company and how did it operate? - It was operated by the rich London merchants - Capital was accumulated by rich foreigners and they financed the trips separately - The profit made from the trips would be distributed among its shareholders - Basically ships were sent out on voyages and came back with overseas goods like pepper, cloves and nutmegs from places like the east indies and they sold these goods for higher prices than they bought them for - Like among their first voyages, they were able to make a 95% profit from their original investments - It began to export oriental goods and they had a joint partnership monopoly-like state with the states - So ships was financed sperately 3)Was merchant capitalism governed by principles of the free market? - This was not free market capitalism - The secret to making high profits was due to securing monopolies, exclude competitors and control the stock markets in every possible way - Profit was made from trading scarce products and not from rationalizing production which made society limited - Most of European population could get on with their work w/ out being impacted by these rich capitalists 4)What were the industrial capitalist activities of James M’Connel and John Kennedy in the cotton industry? - They try to tone down wages by adding in machinery - The free markets governed this, because there was lots of competition and there were new entrants being in the industry - Industrial capitalism requires regular and continuos work so the exploitation of labour was to
More Less

Related notes for MGMT 1030

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.