WVES 222 EC
UNDERSTANDING THE WORLD OF
ECONOMIC AND MANAGEMENT SCIENCES
Faculty of Economic and Management Sciences
Study guide compiled by: Prof M Rathbone
Copyright © 2025 edition. Review date 2025.
North-West University
No part of this study guide may be reproduced in any form or in any way without the written permission of the publishers.
It all starts here
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Ranked in the top 5% of universities globally by the QS-rankings
Contributes the second largest number of graduates annually to the labour market
Dit begin alles hier
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As een van die top 5% universiteite wêreldwyd deur die QS-ranglys aangewys
Lewer jaarliks die tweede meeste graduandi aan die arbeidsmark
Gotlhe go simolola fano
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Re beilwe mo gare ga diyunibesiti tse 5% tse di kwa godimo go ya ka peo ya
maemo ya QS
Ngwaga le ngwaga go abelwa palo ya bobedi ka bogolo ya badiri mo maketeng
ya badiri
MODULE CONTENTS
Module information ..........................................................................................................................ii
Welcome to this module! ..................................................................................................................ii
Prerequisites ....................................................................................................................................ii
Study material ................................................................................................................................. iii
How to use this study guide ............................................................................................................ iii
Assessment in this module .............................................................................................................iv
Module plan ....................................................................................................................................iv
Module outcomes............................................................................................................................iv
Action words ...................................................................................................................................iv
Icons .............................................................................................................................................. vii
Warning against plagiarism ........................................................................................................... viii
Study unit 1
Introduction to contextual hermeneutics .................................................... 1
Study unit 2
Socio-economic challenges facing South Africa ........................................ 2
Study unit 3
The development of capitalism .................................................................... 3
Study unit 4
Colonialism and society ............................................................................... 4
i
Module information
Module code
WVES 222
Module credits
12 credit points requiring 120 study hours
Module name
Understanding the world of economic and management
sciences
Name of lecturer(s)
Prof. M. Rathbone
Office telephone
018-299 1356
Email address
Mark.Rathbone@nwu.ac.za
Building and Office nr
E3 Office nr 238
Consulting hours
Welcome to this module!
We trust that you will enjoy your studies – especially in light of the fact that this module
has been compiled to help you to learn to understand and know the world in which you
find yourself (your own environment or world experience) and to help you to
comprehend that world which can be bewildering at times.
Prerequisites
For the purposes of this module, we accept that you –
•
are being trained to be increasingly adept in the languages of instruction
applicable to this module at the North-West University;
•
are being equipped with sufficient and relevant knowledge and skills with regard
to your future career;
•
have relevant/applicable knowledge and practical experience of the South African
social, cultural and political landscape; and
•
that you have the necessary study skills.
Although not obligatory for the successful completion of this module, we strongly
recommend that you have access to a computer with internet, eFundi and email
facilities for the full duration of the module. For a variety of reasons, personal visits and
telephone contact with your lecturer are not always possible or workable. However, it is
proven that regular contact with your lecturer by means of email and the internet can
radically reduce, and even eliminate, any misunderstandings and problems with regard
to your studies. Contacting your lecturer by means of internet or email will significantly
reduce the reaction time (that is, the average time calculated from the moment that you
send your query or problem to your lecturer until the moment you receive an official
reaction to it).
ii
As this module is pegged academically at NQF (National Qualifications Framework)
level 6 and, consequently, caters for the acquisition of higher-order skills/competencies
such as academic professional leadership, critical, independent thought, analysis,
synthesis and evaluation, the primary objective of this module is NOT to be an
‘information session’ (or a series of ‘information sessions’). This must be clear from the
outset. The rationale for the theoretical conceptual approach followed in this module is
that, as a future academic and professional worker, you will be seen above all as an
intellectually reformed 'agent of change', who should never try to isolate your academic
insights in an ivory tower, but who should use them rather to address the general
problems of everyday life and existence in South Africa and in the wide world in
general. I believe that as students you should continually ask serious questions about
WHAT you are learning, WHY you have to learn it, HOW you should learn it and what
the greater PURPOSE is that you should strive for in your own future lives, with all the
possibilities that they hold.
Therefore, in this module I will purposefully try not to be ‘prescriptive’. My purpose is
NOT to be prescriptive in terms of what you should learn, or even how you should
study it. The goal is to awaken the true student in you and to guide you to the point
where you can reflect independently on your world experience. In this module,
therefore, I will endeavour to constantly emphasise the crucial importance of critical
reflection; in particular, the thorough search for the essence of important world
experience problems and how they could best be addressed by means of critical
consideration.
Study material
Rathbone, M. 2024. Understanding Business and Ethics in South Africa, Second
Edition, Van Schaik
How to use this study guide
You require relevant information to achieve the learning outcomes of this module
(which are set out later in this introductory section). You may refer to three main
information sources:
Your own existing experiences and the corpus of knowledge on the problems being
discussed;
This study guide;
Reading material contained in the study guide;
You may also be referred to other source material.
You should not only collect information, but also use it interactively by becoming
involved in constructive activities in order to solve specific problematic situations with
which you may be faced. To do this, you must participate in various types of individual
and/or cooperative activities (class discussions and exercises). These include activities
such as reading, reflection, problem-solving, summarising ideas, preparing for and
participating in contact sessions, discussing ideas and possible problems with other
students (class or group discussions), as well as preparing assignments for
assessment purposes. The price of this journey en route to your desired destination of
success is constructive, purposeful, cumulative and self-regulated study.
You must, above all, be prepared to accept full responsibility for your own learning
process. However, do not hesitate to request help if it is required. The key is: (a)
purposeful consultation, (b) mutual support and (c) purposeful cooperation
iii
Assessment in this module
All information regarding summative and formative assessment, including the
compilation of your participation mark and final promotion mark, will be communicated
to you during the first contact session. The information will also be made available on
eFundi.
Module plan
Study Unit 1
Study Unit 2
Study Unit 3
Study Unit 4
Introduction to contextual hermeneutics
Socio-economic challenges facing South Africa
The development of Capitalism
Colonialism and society
Module outcomes
On completing this module, students should:
1.
2.
3.
Have a fundamental knowledge base of a variety of worldviews and ideologies
and (or understanding frameworks) show their critical understanding by being
able to compare the nature and function, as well as various contemporary
manifestations, of these worldviews and ideologies
Have the ability to understand the mutual relation between phenomena, such as
those appearing in natural and social systems, and from this favourable position
analyse and evaluate real-life problems or case studies based on key issues of
our time – things like poverty, continual/ongoing change, human rights, HIV/Aids,
abuse of power, corruption, racism, xenophobia, etc.
Be able to clearly express their personal worldview (or understanding
frameworks) and to use it as a point of departure/premise for deliberating on and
communicating workable solutions for key issues and the problems of our time in
a typically academic manner.
The mentioned outcomes embody the following sub-outcomes:
1.
2.
3.
You will have developed a broad understanding of the series of problems and
issues/questions which are typical of your current world experience landscape.
You will have developed a basic level of skill to apply cognitive, critical skills to
various world experience problems you are being faced with in your personal
world experience.
You will also have developed an ability to apply theoretical understanding to the
execution of basic research procedures and to expand your theoretical insights to
even more problems in your world experience.
Action words
The list below serves as an indication of what you must do if particular verbs are used
to indicate activities. For your convenience, an example is given with each verb to
illustrate its use. These action verbs are also used in the wording of thought or idea
triggers and assignments applicable to this study guide.
•
Describe
Report on the characteristics or nature of something, or explain how it works.
EXAMPLE: Describe the functions of an environmental manager.
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•
Discuss / differentiate
Comment on something in your own words.
viewpoints or two different possibilities.
This often entails debating two
EXAMPLE: Discuss the differences between theory and models. Differentiate
between theory and models.
•
Critically discuss
Evaluate, assess and/or interpret while discussing something.
EXAMPLE: Provide a critical discussion of the position which is defended by the
writer in this quotation.
•
Define
Give an accurate meaning of a concept/idea.
EXAMPLE: Define HIV/Aids.
•
Demonstrate
Include examples and discuss them as proof that you understand how a process
works or how a concept is applied in real-life situations.
EXAMPLE: Demonstrate how you would go about implementing a particular
programme in your particular field of expertise.
•
Evaluate
Determine the value or merit of something, or give an opinion on something.
EXAMPLE: Evaluate the … view of environmental abuse from a …
viewpoint/perspective.
•
Assess
The word assessment comes from the Latin verb assidere, which means: (a) to
contribute to, (b) to sit very close to … and (c) to keep close watch. The goal is to
be accountable or answerable for something. Collect information to make
meaningful decisions based on that information in order to support individual
students with regard to their own education.
EXAMPLE: Assess the situation with regard to xenophobia and discrimination in
South Africa in 2008.
•
Give an overview
Emphasise the most important characteristics, structures or general principles of
a theme or idea, without the finer details, but with slightly more details than in the
case of name, list or explain.
EXAMPLE:
Give an overview of the most important characteristics of a
liberal outlook on life and of the human being.
•
Give an example
Give a practical illustration of a concept or process.
EXAMPLE:
Give an example of the implementation of a programme against
discrimination in South African schools.
•
Identify
Give the fundamental characteristics of a phenomenon.
EXAMPLE:
Identify the characteristics of a conservative approach to the
problem of discrimination.
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•
Illustrate
Draw a diagram or make a sketch or a representation of something, or explain it
using an example.
EXAMPLE: Explain the historical origin of the concept ‘Socratic dialogue’ and
illustrate the timeless relevance of such a dialogue when addressing a problem.
•
Evaluate
Indicate whether or not you agree with a certain statement or view by assessing
it, using a specific framework or paradigm.
EXAMPLE: Deliver critical commentary on the so-called community approach to
social problems.
•
List
Provide a list of names, facts or items as requested without describing or
explaining (a particular sequence or category may perhaps be specified).
EXAMPLE: List the most important personal characteristics of an effective
student.
•
Motivate
You must give an explanation and the reasons for your viewpoints.
EXAMPLE: State your own view on the problem of unrestrained capitalism.
Substantiate your answer.
•
Name
Name something briefly without providing any details.
EXAMPLE: Name at least five examples of environmental abuse.
•
Analyse
Identify the parts of a concept.
EXAMPLE: Analyse the … view of stereotyping.
•
Summarise
In your own words give a structured overview of the key or most important
aspects of a subject or theme.
EXAMPLE:
reconciliation.
•
Essay
Give a comprehensive report on a topic.
EXAMPLE:
•
Summarise the most important implications of Steger’s theory of
Write an essay on the essential characteristics of an ideology.
State
Give the required information without any discussion.
EXAMPLE: State four essential criteria with which every good theory should
comply.
•
Explain
Give explanations or reasons for something, usually in your own words.
EXAMPLE: Explain the application of the ... model.
vi
•
Compare
Indicate the similarities and the differences between two objects or issues/
matters.
EXAMPLE: Compare socialism with individualism.
The following action verbs are also often used:
•
Indicate
Indicate, introduce or briefly state or mention something.
•
Debate
Maintain an inquiring attitude and hold a formal argument.
•
Comment
Briefly give your own opinion on a topic.
•
Concept map
Describe the most important concepts of a topic in broad outline by means of a
diagram and by completing or connecting the concepts in telegram style.
•
Reflect
Consider something thoroughly and reflect on it
•
Explain/clarify
Make something clear enough that other people can perceive and understand it.
Icons
Time allocation
Learning outcomes
Study material
Assessment /
Assignments
Individual exercise
Group Activity
Example
Reflection
vii
Warning against plagiarism
ASSIGNMENTS ARE INDIVIDUAL TASKS AND NOT GROUP ACTIVITIES.
(UNLESS EXPLICITLY INDICATED AS GROUP ACTIVITIES)
Copying of text from other learners or from other sources (for instance the study guide,
prescribed material or directly from the internet) is not allowed – only brief quotations
are allowed and then only if indicated as such.
You should reformulate existing text and use your own words to explain what you
have read. It is not acceptable to retype existing text and just acknowledge the source
in a footnote – you should be able to relate the idea or concept, without repeating the
original author to the letter.
The aim of the assignments is not the reproduction of existing material, but to ascertain
whether you have the ability to integrate existing texts, add your own interpretation
and/or critique of the texts and offer a creative solution to existing problems.
Be warned: students who submit copied text will obtain a mark of zero for the
assignment and disciplinary steps may be taken by the Faculty and/or
University. It is also unacceptable to do somebody else’s work, to lend your work
to them or to make your work available to them to copy – be careful and do not
make your work available to anyone!
Plagiarism is a serious offence and you should familiarise yourself with the
plagiarism policy of the NWU. http://library.nwu.ac.za/copyright-and-plagiarism
Please refer to the Policy on Academic Integrity which is found on the following
website: http://www.nwu.ac.za/sites/www.nwu.ac.za/files/files/i-governancemanagement/policy/2P-2.4.3.2_Academic%20integrity_e.pdf
viii
Study unit 1
Study unit 1
INTRODUCTION TO CONTEXTUAL HERMENEUTICS
Study time
You will require approximately 40 hours (including class time) to master this study
unit and to achieve the outcomes.
Study material
Rathbone, M. 2024. Understanding Business and Ethics in South Africa, Second
Edition, Van Schaik. Chapters 1 & 2
Study outcomes
On completing this study unit, you should be able to:
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•
•
•
•
•
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Understand the functioning and importance of a contextual approach to
business;
Know the strengths of such an approach;
Identify some limitations of a contextual approach;
Apply a contextual approach to a case study.
To indicate the relevance, importance and complexity of hermeneutics for
understanding business and ethics in the South African context.
To give an overview of the most important developments of hermeneutics
through a discussion of the views of Schleiermacher, Dilthey, Heidegger,
Gadamer, Habermas, Derrida, Merleau-Ponty and Ricoeur.
To illuminate the relation between hermeneutics, history and culture.
To highlight the underlying values that comes into play with hermeneutics and
to indicate its political relevance in a society’s search for justice.
Assessment
1.
2.
3.
Formative assessment – class discussion, group work and case studies
Multiple choice test
Assignment: Write an essay based on hermeneutics in Chapter 1 of the
textbook in which your personal understanding framework is discussed and
evaluated
1
Study unit 2
Study unit 2
SOCIO-ECONOMIC CHALLENGES FACING SOUTH AFRICA
Study time
The time schedule for this study unit is approximately 30 hours. Plan your time
efficiently.
Study material
Rathbone, M. 2024. Understanding Business and Ethics in South Africa, Second
Edition, Van Schaik. Chapter 4
Study outcomes
On completing this module, the students should:
have the ability to understand the mutual relation between phenomena, such as
those appearing in natural and social systems, and from this favourable position
analyse and evaluate real-life problems or case studies based on key issues of our
time – things like poverty, continual/ongoing change, human rights, HIV/Aids, abuse
of power, corruption, racism, xenophobia, etc.; and
Study the following attentively
In the previous study units, you had to acquire a fundamental knowledge base of a
variety of understanding frameworks and you should also be able to clearly express
your own personal framework. The focus will now be on using your understanding
framework as a point of departure for arguing and communicating feasible solutions to
key issues and problems of our time and to analyse and evaluate real-life problems or
case studies based on key issues of our time. There will only be three issues discussed
in this study unit, but the goal would be to help you, on completing this module, to be
able to apply this method of thinking to other issues in real life
Assessment
1.
2.
2
Formative assessment – class discussion, group work and case studies
Semester test Study unit 1 and 2
Study unit 3
Study unit 3
THE DEVELOPMENT OF CAPITALISM
Study time
The time schedule for this study unit is approximately 30 hours. Plan your time
efficiently.
Study material
Rathbone, M. 2024. Understanding Business and Ethics in South Africa, Second
Edition, Van Schaik. Chapter 5.
Study outcomes
On completing this study unit, the students must be able to:
•
•
•
Know and understand the development of core capitalist principles from their
origins in feudalism and mercantilism,
Know and understand the core characteristics of capitalism and how these
concepts relate to each other in the works of the different philosophers who
developed those concepts,
Know and understand the criticism of capitalism and lastly
Assessment
1.
Formative assessment – class discussion, group work and case studies
3
Study unit 4
COLONIALISM AND SOCIETY
Study time
The time schedule for this study unit is approximately 30 hours. Plan your time
efficiently.
Study material
Rathbone, M. 2024. Understanding Business and Ethics in South Africa, Second
Edition, Van Schaik. Chapter 6
Study outcomes
This study unit concentrates on the first two module outcomes for this module.
On completing this study unit, the students must be able to:
•
•
•
•
Understand the need for being aware of one’s businesses and one’s
customers’ historical, cultural situation.
To better grasp the African historical, cultural context through engaging the
colonial, postcolonial, and current decolonial mentalities.
To present key African thinkers and a general outline of recent hermeneutical
developments.
Understand the impact of colonialism on the South African economy
Assessment
1.
2.
4
Formative assessment – class discussion, group work and case studies
Exam Study unit 1 to 4