[SOM 122] - Midterm Exam Guide - Everything you need to know! (37 pages long)

• School: Syracuse University
• Department: School of Management
• Course: SOM 122
• Professor: Petosa

Document Summary

A growing empowerment of consumers and entrepreneurs. Main driving force was increase in per-capita incomes by a factor of 6 from 1920 to 2009. Accompanied by shift in nature of jobs. Gains in consumer power and entrepreneurial opportunity. Emergence of women and minorities into important roles. An increasing tension between centralized and decentralized decision making in business, and the general triumph of decentralization. Progress toward controlling the dark side of business, so that the system didn"t destroy itself from within. Dog-eat-dog pressures: our competitors are going to do it so we must do it too . Market economy becomes a virtuous circle- each round of prosperity stimulating the star of another round. Not a peaceful scene: constant competitive turmoil is defining trait of capitalist economies. Karl liebknecht- the basic law of capitalism is you or i, not both you and i .