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Foundations of BusinessThoughtFirst EditionWith contributions byCalvin M. BoardmanProfessor of FinanceBill Daniels Chair in Business EthicsDavid Eccles School of BusinessUniversity of UtahAlan N. SandomirAssociate Professor (Lecturer) of MarketingDavid Eccles School of BusinessUniversity of UtahHarris SondakProfessor of ManagementDavid Eccles Faculty ScholarDavid Eccles School of BusinessUniversity of UtahPEARSONBoston Columbus Indianapolis New York San Francisco Upper Saddle RiverAmsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal TorontoDelhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
ContentsFOREWORD1I—INTRODUCTION3A Written Word Is the Choicest of Relics3Of Studies from The EssaysFrancis Bacon6Reading from WaldenHenry David Thoreau7From The Souls of Black FolkW. E. B. DuBois12How to Do Business from Safe Methods in BusinessJ. L. Nichols,14Practical Rules for Success from Safe Methods in BusinessJ. L. Nichols15II—MOTIVATION FOR THE DEVELOPMENT OF COMMERCE. ,Introduction: All That Is Solid Melts into Air1717From The Journal of Christopher ColumbusChristopher Columbus, Clements Robert Markham,and Paolo del Pozzo TonscanelliA History of the Ancient WorldFray Bernardino De Sahagun2231From The True History of the Conquest of New SpainBernal Diaz Del Castillo34Of Property from The Second Treatise of Civil GovernmentJohn Locke421879 Speech to Congress.In-mut-too-yah-lat-lat, also known as Chief Joseph51From Faust Part TwoJohann Wolfgang von Goethe63Economy from WaldenHenry David ThoreauThe World Is Too Much With UsWilliam WordsworthIII—FOUNDATIONS OF A COMMERCIAL SOCIETY8399101Introduction: Don't Know Much About History.101From The RepublicPlato110
viContentsFrom The PoliticsAristotle115Laissez-Faire Policy from The Economic Principlesof Confucius and His SchoolChen Huan-Chang120From An Inquiry into the Nature and Causesof the Wealth of NationsAdam Smith124I, PencilLeonard E. Read129From The Fable of the BeesBernard Mandeville133Wealth from Essays and JournalsRalph Waldo Emerson141The Veins of Wealth from Unto This Last and Other Essayson Art and Political EconomyJohn RuskinFrom Acres of DiamondsRussell H. ConwellFrom Atlas ShruggedAyn RandTeaching Business to Ladies fromSafe Methods in BusinessJ.L.NicholsCapitalist Production from Das KapitalKarl MarxThe Social Organism from Religionand the Rise of CapitalismR. H. TawneyFrom The Protestant Ethic and the Spirit of CapitalismMax WeberFrom The Acquisitive SocietyR. H. Tawney155 .163167172174178189198—From The Gospel of WealthAndrew Carnegie204Teaching Business to Children from Safe Methods in BusinessJ. L. Nichols212From The Personal Relation in IndustryJohn D. Rockefeller, Jr.214The Social Responsibility of Business Is to Increase Its ProfitsMilton Friedman221The Shuchu KiyakuSeika Fujiwara227
ContentsIV—MARKETINGIntroduction: You Are Who You Think You Are;So Be Careful About Who You Think You Arevii229229From The Art of WarSunTzu234From De OfficiisCicero245Of Cheating, Which Is Committed in Buying and Sellingfrom The Summa TheologicaThomas Aquinas251Honesty from Safe Methods in BusinessJ. L. Nichols259Rapid Methods for Marking Goods from Safe Methods in BusinessJ.L.Nichols "261Natural Selection from The Origin of SpeciesCharles Darwin262From The FinancierTheodore Dreiser266Pecuniary Emulation and Conspicuous Consumptionfrom Theory of the Leisure ClassThorstein Veblen269From The MiddlemanAlbert W. Atwood283Control of Prices and People from The New Industrial StateJohn Kenneth Galbraith292V—ACCOUNTING299Introduction: When You Add, You Subtract299The Antecedents of Double-EntryA. C. Littleton302Particulars of Reckonings and Their Recordingfrom Ancient Double Entry Bookkeeping: Luca Pacioli's TreatiseLuca Pacioli309How to Keep Accounts from Safe Methods in BusinessJ. L. Nichols323The Eternal Storehouse of Japan [Nippon Eitaigura]Ihara Saikaku324From The Compleat English TradesmanDaniel DefoeHow to Detect Errors In a Trial Balancefrom Safe Methods in BusinessJ. L. Nichols328335
viiiContentsVI—FINANCE337Introduction: Putting It All Together, Bit by Bit337A Discourse ofCoyned MoneySir Dudley North342From The Travels of Marco PoloMarco Polo350Lender and Borrower from The Code ofMaimonidesMoses ben Maimonides352Of the Sin of Usury from The Summa TheologicaThomas Aquinas355From The Works of Benjamin FranklinBenjamin Franklin362Of Riches and Of Usury from The EssaysFrancis Bacon368Of Profits from The Principle of Political EconomyJohn Stuart Mill373How Money Grows at Interest from Safe Methods in BusinessJ. L. Nichols383The Credit System from Safe Methods in BusinessJ. L. Nichols384*.How to Do Business with a Bank from Safe Methods in BusinessJ. L. NicholsThe Tulipomania from Extraordinary PopularDelusions and the Madness of CrowdsCharles MackayConfusion de ConfusionesJoseph De La Vega385386392From The General Theory of Employment, Interest, and MoneyJohn Maynard KeynesBoards of Trade and Stock Exchanges from Safe Methods in BusinessJ. L. NicholsVII—MANAGEMENT394396399Introduction: The Art of Getting Things Done Through People399Letter to Horace GreeleyAbraham Lincoln404From The PrinceNiccolo Machiavelli406From The RepublicPlato409
ContentsFrom The AnalectsK'ung Fu-tzu, also known as ConfuciusAn Employer's View of the Labor Question from The Gospel of WealthAndrew CarnegieFrom Letters from a Self-Made Merchant to His SonGeorge Lorimerix412416424Business Energy from Safe Methods of BusinessJ. L. Nichols428The Condition of Efficiency from The Acquisitive SocietyR. H. Tawney429From Lady Chatterley's LoverD. H. Lawrence439The Human Side of EnterpriseDouglas M. McGregor443How to Do Business from Safe Methods of BusinessJ. L. Nichols450The Nature of Executive Responsibility fromThe Functions of the ExecutiveChester I. BarnardHow To Apply for a Situation from Safe Methods in BusinessJ. L. NicholsVIII—PRODUCTION . .Introduction: Take This Job and Love It451454455455From The Travels of Marco PoloMarco Polo460Manufactures from The Works of Alexander HamiltonAlexander Hamilton469Manufactures from The Notes on the State of VirginiaThomas JeffersonThat Aristocracy May Be Engendered by Manufacturesfrom Democracy in AmericaAlexis de TocquevilleAlienated LaborKarl MarxFrom The Principles of Scientific ManagementFrederick TaylorFrom My Life and WorkHenry FordHow to Estimate the Contents of a Pile of Grain,Potatoes, Hay or Wood from Safe Methods of BusinessJ. L. Nichols476479483492500508
ContentsFrom The House of MirthEdith Wharton509Economic Foothold from Women and the TradesElizabeth Beardsley Butler514Man and Machine from All Men Are BrothersMohandas GandhiBusiness Maxims from Safe Methods of BusinessJ. L. Nichols520524Index527Copyright Acknowledgment533
Business Energy from Safe Methods of Business 428 J. L. Nichols The Condition of Efficiency from The Acquisitive Society 429 R. H. Tawney From Lady Chatterley's Lover 439 D. H. Lawrence The Human Side of Enterprise 443 Douglas M. McGregor How to Do Business from Safe Methods of Business 450 J. L. Nichols The Nature of Executive Responsibility from
