ENTREPRENEURSHIP AND CAPITALISM:
ON INNOVATION, ENTERPRISE, AND DEMOCRACY
ITHACA COLLEGE SEMINAR (ICSM-10524)
FALL, 2013
Sec. 01, CRN: 23522 MWF: 09:00 – 09:50 a.m.
Sec. 01, CRN: 23524 M: 12:00 – 12:50 p.m.
Park Center for Business 202
Park Center for Business 202
Sec. 02, CRN: 23523 MWF: 11:00 – 11:50 AM
SEC. 02, CRN: 23525 W 12:00 – 12:50 P.M.
Park Center for Business 202
Park Center for Business 202
Professor: Alan Cohen (acohen@ithaca.edu)
Office: 415 Park Center for Business
Office Phone: (607) 274-3949
Office Hours: MW 8:30-9:00 a.m.
MW 10:00-11:00 a.m.
& by appointment
“Entrepreneurship rests on a theory of economy
and society. The theory sees change as normal
and indeed as healthy. And it sees the major
task in society—and especially in the
economy—as doing something different rather
than doing better what is already being done.
That is basically what the French businessman
and economist Jean-Baptiste Say, two hundred
years ago, meant when he coined the term
entrepreneur. It was intended as a manifesto
and as a declaration of dissent: entrepreneurs
upset and disorganize. As the Austrian
American economist and political scientist
Joseph Schumpeter formulated it, their task is
‘creative destruction.’ The most successful entrepreneurs always search for change, respond to it,
and exploit it as an opportunity. These principles and ideas define entrepreneurial capitalism.”
~Peter Drucker, Innovation and Entrepreneurship: Practice and Principles
TEXTS
Primary
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Bryant, Keith and Henry Dethloff. A History of American Business. 2nd ed. (Prentice, 2000)
Drucker, Peter. Innovation and Entrepreneurship: Practices and Principles. (Harper, 1993)
Means, Howard. Money and Power: The History of Business. (Wiley, 2001)
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Secondary

Essays by Andrew Carnegie, Mary Parker Follett, Henry Ford, George Gilder, Richard
Goldthwaite, Alexander Hamilton, Friedrich Hayek, John Lienhard, John Mackey, Michael
Novak, Ayn Rand, John D. Rockefeller, Joseph Schumpeter, Alfred Pritchard Sloan, Raj
Sisodia, Adam Smith, Robert Sobel, Ludwig von Mises, Max Weber, and others.
PURPOSE
T
HIS FIRST-YEAR SEMINAR
will explore the evolution of
entrepreneurial capitalism, from the early modern period to
today, and analyze its impact on Western culture, politics, and
society, particularly in the United States.
Entrepreneurship is more than an economic activity. It is a
way of life. The same spirit of enterprise—the impulse to
freedom and self-governance—that animates people to
originate bold new products and services, to devote the fruits
of their talents, energies, and acumen to improving the
material well-being of their fellow citizens, most of whom are complete strangers, also guides
their engagement in other workings of society.
The entrepreneurial spirit, however, does not emerge spontaneously, nor does it merely express
the acquisitive desires of individual entrepreneurs. Rather, as such thinkers as Adam Smith,
Joseph Schumpeter, Friedrich Hayek, and Peter Drucker have shown, entrepreneurship results
from a fruitful convergence of political, economic, social, and technological forces, the same
forces working to bring democracy and prosperity to the entire world.
“Throughout history, from Venice to Hong Kong, the fastest growing countries have been the
lands best endowed not with things, but with free minds and private rights to property,” states
George Gilder. Nowhere has this been truer than in the United States, which has produced a
standard of living that continues to be the envy of the world. Because this country values and
rewards aspiration and innovation, entrepreneurship is practically synonymous with the
American Dream. Few Americans, however, understand how this concept has changed over time
or appreciate the complexities and paradoxes of democratic capitalism itself.
This lack of understanding, observe business historians Keith Bryant and Henry Dethloff, is
particularly pronounced among college students, many of whom pursue a degree primarily to
enter the marketplace without any substantial knowledge of its internal dynamics, its role in the
economy, or its impact on cultural and political institutions. This seminar hopes to awaken
students to that complexity and to provide a basis for responsible criticism of business practices
and a better appreciation of American enterprise.
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OVERVIEW
T
in historical perspective, this seminar begins with the birth of protocapitalism in Renaissance Europe, when merchants and bankers, once marginalized pariahs,
became the heralds and brokers of a liberating humanism. On the continent, centralized nation
states, with an insatiable hunger for resources and colonies, contained, co-opted, and eventually
exhausted the independence and prosperity of commercial city states and mercantile republics.
Only England, protected by the sea and built on common law and strong property rights, valued,
rewarded, and protected individual entrepreneurship.
O PLACE THESE ISSUES
“Merchants,” declared Charles II, who chartered banks and companies and founded the Royal
Society, “are England’s true nobility.” This liberal attitude, Adam Smith observed in the Wealth
of the Nation (1776), encouraged upward mobility and technological advancement and made
possible the English Industrial Revolution of the 18th century. Ironically, Smith’s economic
treatise was published just weeks before Britain’s American colonies declared their economic
and political independence. This new nation, conceived as a bold experiment, proved to be the
perfect laboratory for entrepreneurship.
From its inception, the United States has embodied and
celebrated the entrepreneurial spirit. Unlike Europe, America
was never burdened with a rigid and stratified class system.
It also was blessed with abundant natural resources, a
dynamic economy, and prudent legislation, such as the
Copyright Clause of the U.S. Constitution. For these reasons,
America became a land of innovators and enterprises.
Benjamin Franklin, printer, inventor, and self-help guru,
remains our most beloved Founding Father because his
gospel of success inspired even the poorest people to pursue
their dreams and attracted ambitious and talented immigrants
to these shores.
Most of this seminar, therefore, will focus on the great American entrepreneurs of the 19th and
20th centuries, many of whom have become folk heroes: inventors and manufacturers, such as
Eli Whitney, Samuel Colt, Alexander Graham Bell, and Thomas Edison; retailers and marketers,
such as Cyrus McCormack, Richard Sears, John Pemberton, and C. J. Walker; captains of
industry, such as Andrew Carnegie, John D. Rockefeller, and Henry Ford; visionaries and
communicators, such as Walt Disney, Ted Turner, and Steve Jobs.
This seminar, however, will not be a mere paean to the free market. American business is full of
tragedies as well as triumphs, and the recent financial meltdown has caused what promises to be
a prolonged economic and moral crisis. Can the entrepreneurial spirit survive in a world of
corporate control, government regulation, phantom finance, and environmental limitations? John
Mackey, founder and CEO of Whole Foods Market and Raj Sisodia, professor of marketing at
Bentley University, have called for a more “conscious capitalism,” a return to fundamental
principles of entrepreneurship. Through historical, political, and economic analysis, we will
debate whether their proposed program has merit.
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GOALS, THEMES, PERSPECTIVES, AND STUDENT LEARNING OBJECTIVES
Goals and Themes
Our collective goal is to learn the history and evolution of entrepreneurship. Through course
readings, class discussion, individual writing assignments, and group presentations we will
address six crucial topics over the semester:
1. What defines and characterizes the entrepreneurial spirit?
2. Why has it flourished particularly in the United States?
3. What social, political, and economic forces cause
entrepreneurism to wither or to bloom?
4. Which entrepreneurs best captured the spirit and
contradictions of their particular times?
5. How can we learn from their successes and failures to
improve our present economy and to create a more just
society?
6. Who should be the role models and folk heroes of the
future?
These topics relate to our two designated ICC themes.
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Inquiry, Imagination, and Innovation (How do we know what we know?)
A World of Systems (How do people make sense of and navigate complexity?)
Course content and goals, therefore, will attempt to answer these themes’ respective queries:
INQUIRY, IMAGINATION, AND INNOVATION: (How do we know what we know?)
“In an information society,” Fritz Machlup observes in his classic study The Production and
Distribution of Knowledge in the United States, “entrepreneurship rests on a theory of economy,
society, and innovation.” This theory sees change as normal and indeed as healthy to individual
development and fulfillment. And it sees a democratic society’s major task—especially in the
economy—as doing something different rather than doing better what is already being done. By
recognizing, analyzing, and foreseeing political, economic, sociological, technological,
legislative, and environmental trends, the most successful entrepreneurs always search for,
respond to, and exploit change as an opportunity.
These principles and ideas define entrepreneurial capitalism. To contextualize and examine
them, this seminar will borrow concepts from Adam Smith, Joseph Schumpeter, and Friedrich
Hayek, three great economists who were also profound sociological and political philosophers:
creative destruction, cultural capital, the division of labor and the division of knowledge,
enlightened self-interest, the invisible hand, linkage, natural liberty, price signals, rule of law,
spontaneous order, supply and demand, and technological feedback.
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A WORLD OF SYSTEMS: How do people make sense of and navigate complexity?
As avatars and catalysts of change, entrepreneurs—and, by extension, companies and
organizations, consumers and regulators—must make sense of and navigate complexity in a
capitalist democracy. This seminar will investigate this phenomenon theoretically and
practically.
Theoretically, this seminar will exposes you to the
systems thinking of the above great economists
(Smith, Schumpeter, and Hayek), as well as such
sociologists and organizational and technological
critics as Peter Drucker, George Gilder, and Max
Weber. Their ideas will help you to appreciate and
analyze the intricate and often dynamic relationship
between human culture and institutions and human
technology and economy.
Practically, the course will introduce you to two useful interpretive tools:
(1) PESTLE analysis: Pioneered by Albert Humphrey, a management consultant at the
Stanford Research Institute, this method traces and evaluates the political, economic,
sociological, technological, legal, and environmental factors that enable or disable any
new enterprise.
(2) Modes of Innovation: Featured in Peter Drucker’s Innovation and Entrepreneurship:
Practice and Principles, this elegant rubric identifies and analyze seven factors that lead
to entrepreneurship:
a.
b.
c.
d.
e.
f.
g.
Unexpected successes, failures, and outside events
The incongruity between social and cultural expectations and reality
Innovation based on process need
Revolutions in industry and market structure
Demographic shifts
Changes in perception, mood, and meaning
New knowledge, both scientific and nonscientific
These ideas and tools will help you to research and write your own analyses of major
entrepreneurs and to connect our seminar to its ICSM Perspective.
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Perspectives and Learning Objectives
For Social Sciences Designation (SS)
The history of entrepreneurship, and the economic, political, and sociological theories analyzing
its causes and dynamics, clearly fit a Social Sciences perspective. Course learning objectives,
therefore, closely parallel those of other SS seminars. By the end of the semester, you will:
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understand how entrepreneurs and businesses analyze, investigate, or predict consumer
taste, needs, and trends in the marketplace
recognize and articulate America’s often conflicted and contradictory values, beliefs, and
behaviors regarding capitalism and trace the historical, social, and political forces behind
these conflicts and contradictions
explain how American values, beliefs, and institutions help shape, and in turn are shaped
by, entrepreneurs and businesses as well as individual and collective activities and
decisions in the marketplace
For the Integrated Core Curriculum
Additional learning objectives contribute to the mission of the Integrated Core Curriculum.
Accordingly, you also will:
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develop and evaluate ideas and arguments by reading and discussing essays and case
studies on entrepreneurial capitalism from major economists, historians, philosophers,
political scientists, and sociologists
demonstrate a consideration of context, audience comprehension and purpose in written
and/or oral communication through five critical papers and one group presentation on
great entrepreneurs who revolutionized their respective fields and embodied the spirit
and contradictions of their particular times
create an artifact suitable for your ICC e-portfolio from these written and oral
assignments
reflect on quality peer-to-peer interaction through brainstorming sessions, class debates,
one-on-one critiques, and group feedback sessions
use the resources and services on campus to achieve academic, personal, and career
goals, including Academic Support Services, the Ithaca College library (both print and
electronic), Media Services, Sakai, and the Writing Center
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COURSE ASSIGNMENTS , OUTCOMES ASSESSMENT, AND SEMESTER GRADES
THE FOLLOWING individual and group assignments will assess these outcomes and determine
your semester grade:
1. Analytical Papers: You will research and
write short analytical papers (2 to 3
double-spaced pages, not including
reference
page)
on
five
major
entrepreneurs of your choice. Profile their
lives, summarize and explain their
accomplishments, and place both within a
specific social or economic context.
Consider these questions: How did these
figures revolutionize their respective fields
and represent the entrepreneurial spirit of
their particular times? What political,
economic, sociological, technological,
legislative, or environmental conditions or
trends contributed to or challenged their
success? How did they exploit or predict unexpected successes, failures, and outside events,
incongruity between social and cultural expectations and reality, innovation based on process
need, revolutions in industry and market structure, demographic shifts, changes in
perception, mood, and meaning, or new knowledge, both scientific and nonscientific?
Formulate a thesis, organize an argument, provide supporting evidence, integrate and cite
sources, and observe formal conventions of grammar, punctuation, and spelling. Also tell a
good story. These papers should be engaging as well as informative.
2. Oral Presentation: Working in a team of up to five students, give a ten-minute presentation
on a contemporary entrepreneur. Follow the same content guidelines as above but address a
general rather than an academic audience. You may deliver a group lecture, give a
PowerPoint talk, stage an educational skit, or produce an instructional video. Whatever the
format, frame your presentation, map and link its sections, integrate all audio and visual
elements, and prompt feedback and discussion.
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IN SEARCH OF EXCELLENCE
LIKE TOM PETERS’ and Robert Waterman’s business
classic, this seminar on entrepreneurism is in search of
excellence. This quest encompasses not only great
entrepreneurs, past and present, but also students. Hence
these grading criteria for your papers and presentations:

D work is substandard. Poor effort, empty
thinking, weak writing or delivery. The paper or
talk is underdeveloped, incomplete, or marred by
careless mistakes.

C work is competent. Average effort, standard
thinking, conventional writing or delivery. While
the paper or talk is complete and free of errors, it
lacks originality, invention, and creativity.

B work is good. Genuine effort, sound thinking, solid writing or delivery. The paper or
talk takes risks, shows promise, but still needs improvement.

A work is excellent. Enthusiastic effort, original thinking, distinguished writing or
delivery. The paper or talk demonstrates expertise and style and balances creative and
analytical thinking.
I will use tabulated rubrics to evaluate your work. You are allowed one revision for each paper,
due one week after I return your evaluated first draft. The grade on the revision will be the final
grade for the assignment.
PROFESSIONAL CONDUCT
1. Attend Class: Poor attendance will affect your final grade. Keep
up with readings and participate in class activities and
workshops. Should you miss class, contact a classmate for any
missing assignments or lecture notes. Also, turn in work on time
even if you cannot do so in person. Three absences are allowed
without penalty, but each subsequent absence lowers your final
average by half a letter grade. For freshman success (1 credit)
one absence is allowed without penalty, but each subsequent
absence lowers this grade by half a letter grade.
Please note the holidays listed in the Undergraduate Catalog’s academic calendar. In
accordance with New York State law, students who miss class due to their religious beliefs
shall be excused from class or examinations on that day. Such students must notify their
course instructors at least one week before any anticipated absence so that proper
arrangements may be made to make up any missed work or examination without penalty.
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2. Meet Deadlines: They are the bottom line in professional communication. Late papers will
not be accepted. Assignment revisions are optional, due one week after receiving the
evaluated first draft. No revisions for final dossier.
3. Save Work: Back up and save all work. This habit is both professional and the ultimate CYA
strategy.
4. Don’t Plagiarize: This isn’t a course in industrial espionage. A plagiarized paper will receive
an F, and you will be asked to withdraw from the course.
5. Seek Help When Necessary: First, visit the Writing Center (Smiddy 107)—a free resource
facility where, at scheduled times throughout the week, you may consult with trained student
and faculty tutors about your writing.
Second, in compliance with Section 504 of the Rehabilitation Act of 1973 and the American
Disabilities Act, reasonable accommodations will be provided to students with documented
disabilities on a case-by-case basis. Students must register with the Office of Academic
Support Services (110 Towers Concourse) and provide appropriate documentation before any
academic adjustment will be provided.
TRANSITIONING TO COLLEGE
LIKE OTHER Ithaca College seminars, this course’s fourth hour (W: 12:00 to 12:50 PM) helps
first-year students with their transition to college. We will address and hold the following
academic and social topics and activities:
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Student Accountability: The management,
billable
hours,
academic
dishonesty,
classroom
responsibilities,
academic
tracking, midterm grades
Knowing Your Major: Reviewing published
information, pro forma major sheets,
understanding faculty, administrators and
staff. Pre-plan to three semesters
The Library: Speaker from the Ithaca College
Library
Multiculturalism at Ithaca College: Speaker
from the Office of Student Engagement and
Multicultural Affairs
The Health Center at Ithaca College:
Speaker from the Hammond Health Center
Ithaca College Sports (Credit/Non-credit):
Speaker from the Office of Recreational
Sports
Spring Pre-registration: Speaker and Active Participation Registration Session
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Sustainability at Ithaca College: Speaker from Campus and Community Sustainability
Program (Office of Civic Engagement)
Security at Ithaca College: Speaker from the Office of Public Safety
Music and the Arts at Ithaca College: Speakers and handouts from the School of Music,
the Department of Art, and the Department of Theatre Arts
Financial Aid and Scholarships: Speaker from the Office of Financial Aid
Career Planning: Speaker from the Office of Career Services
Volunteerism at Ithaca College: Speaker from the Office of Civic Engagement
Students Clubs at Ithaca College: Speaker from Student Involvement Program (OSEMA)
These sessions are not add-ons. They contribute to a major theme in this seminar: the innovative
application of knowledge in the marketplace of ideas. College provides many useful resources,
but to make the most of them, students must be entrepreneurial. They must take responsibility
and seize opportunities.
As Peter Drucker frequently noted, America’s capitalist democracy is “a Knowledge Society.” It
expects its citizens to work smart as well as work hard. For this reason, America’s greatest
entrepreneurs—from Benjamin Franklin and Andrew Carnegie to Lee Iacocca and Bill Gates—
have been passionate about higher education. All contributed to or helped to found major
American colleges and universities.
Invest the necessary time and effort in your education, therefore, and never sell your intellectual
potential short!
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BUILDING INTELLECTUAL CAPITAL
C
APITAL,
Michael Novak reminds us, comes from the Latin
word caput, head. Ultimately, entrepreneurial capitalism
depends on good ideas and sound thinking. This seminar,
however, is not a practical colloquium on entrepreneurship.
Neither is a how-to guide on starting your own business nor a pep
talk on the ten habits of highly successful people. Rather, it is a
rigorous intellectual inquiry into the entrepreneurial spirit and a
spirited ethical debate about its impact on our culture.
Why do entrepreneurs invest their capital and exert their talents
in an unpredictable and often cruel marketplace? How do we all
benefit from their courage and creativity? We will spend the next
fifteen weeks exploring these questions, but let us begin with a reflection from a great scholar of
entrepreneurship.
“What drives entrepreneurs in their pursuit of excellence? First of all, there is the dream and the
will to found a private kingdom, usually, though not necessarily, also a dynasty. Then there is the
will to conquer; the impulse to fight, to prove oneself superior to others, to succeed for the sake,
not of the fruits of success, but of success itself. Finally, there is the joy of creating, of getting
things done, or simply of exercising one’s energy and ingenuity. This akin to an ubiquitous
motive, but nowhere does it stand out as an independent factor with anything like the clearness
with which it obtrudes itself in the marketplace. An entrepreneur seeks out difficulties, changes
in order to change, delights in ventures. That, essentially, is the entrepreneurial spirit.”
~Joseph Schumpeter, Capitalism, Socialism, and Democracy
11
CALENDAR
THE ENTREPRENEURIAL SPIRIT
“Capitalism has poured a horn of plenty upon the masses of
wage earners who frequently did all that they could to sabotage
the adoption of those innovations which render life more
agreeable.”
~Ludwig von Mises (1881-1973)
AUG 28:
ORIENTATION.
AUG 30:
Drucker, Innovation and Entrepreneurship
 Ch. 01: “Systematic Entrepreneurship,” 2129.
 Ch. 02: “Purposeful Innovation and the
Seven Sources for Innovative
Opportunities,” 30-36.
Handouts
 George Gilder, “The Enigma of Enterprise”
 Michael Novak, “Three Cardinal Virtues of Business”
 John Mackey, “Awakenings”
SEP 02:
LABOR DAY. NO CLASS.
SEP 04:
Means, Money and Power
 “Introduction,” 1-14.
Bryant and Dethloff, A History of American Business
 Ch. 01: “The Business of America Is Business,” 1-17.
Handouts
 Joseph Schumpeter, “The Role of the Entrepreneur”
 Ayn Rand, “What is Capitalism?”
 Ludwig von Mises, “Capitalism Guarantees Human Freedom”
 John Mackey and Raj Sisodia, “Capitalism: Marvelous, Misunderstood,
Maligned”
12
FROM MERCANTILISM TO CAPITALISM
“Every individual continually exerts himself to find out the
most advantageous employment for whatever capital he can
command. It his own advantage, indeed, and not that of society,
which he has in view. But the study of own advantage naturally,
or rather necessarily leads him to prefer that employment which
is the most advantageous to society.
~Adam Smith (1723-1790)
SEP 06:
Means, Money and Power
 Ch. 01: “St. Godric: God and Profit,” 15-25.
 Ch. 02: “Cosimo de Medici: Putting Money
to Work,” 27-43.
Handouts
 Richard Goldthwaite, “The Wherewithal to Spend: The Economic
Background of Florence”
SEP 09:
Means, Money and Power
 Ch. 03: “Philip II: Wealth without Wisdom,” 45-64.
 Ch. 04: “Tulipmania: Sharing the Greed,” 65-81.
Bryant and Dethloff, A History of American Business
 Ch. 02: “The Merchant Capitalists,” 18-36.
SEP 11:
Bryant and Dethloff, A History of American Business
 Ch. 03: “The Colonial Merchants,” 37-55.
Handouts
 Max Weber, “The Spirit of Capitalism in Colonial America”
 Benjamin Franklin, “The Way to Wealth” and “On Those Who Would
Remove to America.”
SEP 13:
Means, Money and Power
 Ch. 05: James Watt and Matthew Boulton: Turning Evolution into
Revolution,”
Drucker, Innovation and Entrepreneurship
 Ch. 09: “New Knowledge,” 107-29.
 Ch. 10: “The Bright Idea,” 130-32.
 Ch. 11: “Principles of Innovation,” 133-40.
Handouts
 John Lienhard, “The English Industrial Revolution”
 Adam Smith, “Of the Division of Labor” and “Aphorisms from The Wealth of
the Nations”
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PAPER 1:
“FROM MERCANTILISM TO CAPITALISM”
he hostility of the scribe toward the merchant,” said Eric Hoffer, “is as old as history.” As
we learned, the emergence of entrepreneurship in Europe and North America was difficult
and often retrograde. But the scientific, industrial, and political revolutions of the 17th and 18th
centuries overturned a millennium of tradition and entrenched church and state power to create
the free market.
T
For your first assignment, research and write a paper on a pioneering entrepreneur from these
early days of capitalism. You may profile a merchant prince from the Northern Italian city states,
the Dutch Republic, or the French League, such as Cosimo de’ Medici, Jan Pieterszoon Coen, or
Jean-Baptiste Colbert, but it might be more useful to pick a figure from these two areas:
 Colonial America: Great Britain’s American colonies proved fertile ground for what
Max Weber calls “the spirit of capitalism.” Benjamin Franklin perhaps best embodies this
spirit but so do other colonial entrepreneurs and future revolutionaries: John and Thomas
Hancock, Henry Laurens, Jonathan Lucas, Sybilla Masters, Elizabeth Murray, Paul
Revere, George Washington, and John Winthrop, Jr.
 Early Industrial England: As Adam Smith observes in the Wealth of the Nations (1776),
the English Industrial Revolution transformed the means of production and created the
first mass market for consumer goods, which a generation of innovative entrepreneurs
was eager to supply. Some were independent; others belonged to the Lunar Society of
Birmingham: Richard Arkwright, John Baskerville, Matthew Boulton, Edmund
Cartwright, William Murdoch, John Smeaton, Richard Trevithick, James Watt, and
Josiah Wedgwood.
Find at least three sources, including course texts and handouts. Brainstorm with classmates
using PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and
7 to formulate a thesis, create an outline, and write your report. This analytical paper should be 2
to 3 double-spaced pages, not counting reference page, and should follow MLA or APA format.
SEP 16:
COLLECTIVE BRAINSTORMING.
SEP 18:
COLLABORATIVE WORKSHOP.
SEP 20:
COLLABORATIVE WORKSHOP.
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THE REPUBLIC OF COMMERCE
“The spirit of enterprise, useful and prolific as it is, must necessarily be
contracted or expanded in proportion to the simplicity or variety of the
occupations and productions, which are to be found in a society. It must be less
in a nation of mere cultivators, than in a nation of cultivators and merchants;
less in a nation of cultivators and merchants, than in a nation of cultivators,
artificers, and merchants.”
~Alexander Hamilton (1755-1804)
SEP 23:
PAPER 1 DUE.
Bryant and Dethloff, A History of American
Business
 Ch. 04: “Early American Manufacture,” 56-73.
 Ch. 06: “The Expansion of Commerce,” 92-111.
Handouts
 Alexander Hamilton, “Introduction to the Report on Manufactures”
 Meriwether Lewis and William Clark, “The Dalles to the Walla Walla River”
SEP 25:
Bryant and Dethloff, A History of American Business
 Ch. 5: “Agribusiness,” 74-91.
Handout
 Robert Sobel, “Cyrus McCormick: From Farm Boy to Tycoon”
SEP 27:
Bryant and Dethloff, A History of American Business
 Ch. 7: “Railroads and Business Expansion,” 112-30.
Means, Money and Power
 Ch. 6: “The Transcontinental Railroad: Rogues and Visionaries,” 103-24.
15
PAPER 2:
“THE REPUBLIC OF COMMERCE”
oldness of enterprise is the foremost cause of the United States’ rapid progress, its strength,
and its greatness,” Alexis de Tocqueville observes in Democracy in America (1832). He
was commenting on this young country’s rapid expansion, from a coastal republic of a dozen or
so former colonies to a continental empire spanning three thousand miles.
B
Trade, transportation, and technology were responsible for this phenomenal growth. The first 70
years of the 19th century saw the chartering of America’s first great companies, such as Colgate,
DuPont, and Remington; the construction of the Erie Canal, the interstate turnpike, and the
transcontinental railroad; and the invention of the cotton gin, the steamboat, and the telegraph.
Even before the Gold Rush of 1849, Americans dreamed of becoming the world’s most
prosperous nation. Ironically, the tragic crucible of the Civil War made that possible.
For your second assignment, research and write a paper on a major American entrepreneur from
1790 to 1875. Choose your own figure or select one from the following areas:
 Agriculture: John Deere, John Henry Manny, Cyrus McCormick, Eli Whitney
 Communication and Transportation: P. T. Barnum, Dewitt Clinton, Peter Cooper,
Charles Crocker, Robert Fulton, Horace Greeley, Collis Huntington, John Marshall,
Samuel Morse, Leland Stanford, Robert B. Thomas, Cornelius Vanderbilt
 Housewares and Retail: Jacob Bromwell, Henry Sands Brooks, William Colgate,
Nathanael Currier, James Merritt Ives, R. H. Macy, Johann George Pfaltzgraff,
Alexander Stewart, Levi Strauss
 Manufacture and Trade: John Jacob Astor, Samuel Colt, Zenas Crane, Francis Deane,
E.I. du Pont, Francis Cabot Lowell, Eliphalet Remington, Seth Thomas
Find at least three sources, including course texts and handouts. Brainstorm with classmates
using PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and
7 to formulate a thesis, create an outline, and write your report. This analytical paper should be 2
to 3 double-spaced pages, not counting reference page, and should follow MLA or APA format.
SEP 30:
COLLECTIVE BRAINSTORMING.
OCT 02:
COLLABORATIVE WORKSHOP.
OCT 04:
COLLABORATIVE WORKSHOP.
16
ROBBER BARONS AND REFORMERS
“The price which society pays for the law of competition,
like the price it pays for cheap comforts and luxuries, is
great; but the advantages of this law are greater still, for it is
to this law that we owe our wonderful material development,
which brings improved conditions in its train.”
~Andrew Carnegie (1835-1919)
OCT 07:
PAPER 2 DUE.
Bryant and Dethloff, A History of American
Business
 Ch. 15: “The Modern Corporate Image:
The Gilded Age,” 255-62.
 Ch. 10: “Giant Enterprise,” 169-85.
 Ch. 16: “Government and the Economy:
The Progressive Era,” 272-79.
 Ch. 19: “Multinational Corporations, Part I,” 340-47.
Drucker, Innovation and Entrepreneurship
 Ch. 05: “Process Need,” 69-75.
OCT 09:
Bryant and Dethloff, A History of American Business
 Ch. 09: “The Energy Industries,” 151-68.
Means, Money and Power
 Ch. 08: “John D. Rockefeller: Organizing the Octopus,” 145-63.
Handouts
 John D. Rockefeller, “Free Enterprise Should Not Be Regulated”
 Andrew Carnegie, “The Gospel of Wealth”
 Meridel Le Suer, “Old Andy Comes to the North Star Country”
OCT 11:
Bryant and Dethloff, A History of American Business
 Ch. 12: “The American Insurance Industry,” 200-18.
 Ch. 13: “Banking and Finance,” 219-37.
Means, Money and Power
 Ch. 7: “J. Pierpont Morgan: The Colossus,” 125-43.
17
PAPER 3:
“ROBBER BARONS AND REFORMERS”
he way to make money,” said John D. Rockefeller, “is to buy when blood is running in the
streets.” This quotation perfectly captures the audacity and ruthlessness of the Gilded Age,
the forty-year period following the Civil War that birthed the modern corporation and laid the
foundation for the American century.
T
During this Darwinian time of immigration, industrialization, and urbanization, captains of
industry were simultaneously praised as “avatars of progress” and reviled as “robber barons.”
Although public concern about graft and monopoly lead to government reforms, the
swashbuckling capitalist had become an indelible American archetype.
For your third assignment, research and write a paper on a major American entrepreneur from
1875 to 1915. Choose your own figure or select one from the following areas:
 Accounting, Banking, and Insurance: Arthur Andersen, John Dryden, A.P. Giannini,
Andrew Mellon, J. P. Morgan
 Advertising, Communications, and Media: Alexander Graham Bell, Edward Bok, Cyrus
Curtis, George Eastman, William Randolph Hearst, Albert Lasker, Ivy Lee, Samuel
Sidney McClure, Antonio Meucci, Joseph Pulitzer
 Food, Games, and Retail: Philip Danforth Armour, Milton Bradley, Marshall Field,
George Hormell, Minor Keith, John Harvey Kellogg, George S. Parker, John Stith
Pemberton, C.W. Post, Alvah Roebuck, Richard Warren Sears, Isidor and Nathan Straus,
Gustavus Swift, Madam C.J. Walker, John Wannamaker, Aaron Montgomery Ward
 Engineering, Industry, and Transportation: Andrew Carnegie, Thomas Durant, Henry
Clay Frick, B.F. Goodrich, Jay Gould, George Pullman, John and Washington Roebling,
Frederick Winslow, Taylor, Wilbur and Orville Wright, Charles Yerkes
 Power and Energy: Thomas Edison, John D. Rockefeller, Samuel Insull, Charles Proteus
Steinmetz, Nikola Tesla, George Westinghouse
Find at least three sources, including course texts and handouts. Brainstorm with classmates
using PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and
7 to formulate a thesis, create an outline, and write your report. This analytical paper should be 2
to 3 double-spaced pages, not counting reference page, and should follow MLA or APA format.
OCT 14:
COLLECTIVE BRAINSTORMING.
OCT 16:
COLLABORATIVE WORKSHOP.
OCT 18:
FALL BREAK. NO CLASS.
18
MASS PRODUCTION AND MASS CONSUMPTION
“In the past the man has been first; in the future the system must be first.
This in no sense, however, implies that great men are not needed. On the
contrary, the first object of any good system must be that of developing
first-class men. But it is only through enforced standardization of methods,
enforced adoption of the best implements and working conditions, and
enforced cooperation that faster work can be assured. And the duty of
enforcing the adoption of standards and enforcing this cooperation rests
with management alone.”
~Frederick Winslow Taylor (1856-1915)
OCT 21:
PAPER 3 DUE.
Bryant and Dethloff, A History of American Business
 Ch. 8: “Transportation and the Marketplace,” 131-50.
Means, Money and Power
 Ch. 9: “Henry Ford: Building Cars and the Markets for Them,”165-83.
Drucker, Innovation and Entrepreneurship
 Ch. 6: “Industry and Market Structures: The Automobile Story,” 76-87.
Handouts
 Arthur Pound, “Pouring Ideas into Tin Cans”
 Henry Ford, “What I Learned about Business”
 Alfred Pritchard Sloan, “Coordination by Committee”
OCT 23:
Bryant and Dethloff, A History of American Business
 Ch. 11: “Advertising and the Mass Media, Part I,” 186-93.
 Ch. 19: “Retailing, Part I,” 321-33.
Drucker, Innovation and Entrepreneurship
 Ch. 03: “The Unexpected,” 37-56.
 Ch. 04: “Incongruities,” 57-68.
OCT 25:
Bryant and Dethloff, A History of American Business
 Ch. 16: “Government and the Economy: The New Deal,” 279-97.
 Ch. 17: “War and Business,” 288-304.
 Ch. 18: “Government Regulatory Agencies, Part I,” 305-08
Handout
 Mary Parker Follett, “The Essentials of Leadership”
19
PAPER 4:
“MASS PRODUCTION AND MASS CONSUMPTION”
onspicuous consumption of valuable goods,” joked Thorstein Veblen, “is a means of
reputability to the gentleman of leisure.” The maverick Swedish American economist
coined this term to satirize the idle rich. Even at his most cynical, he never dreamed this
propensity would become an ideal for the masses.
C
The five years before and after World War One marked a cultural watershed in U.S. history. The
Second Industrial Revolution, based on Frederick Taylor’s principles of scientific management,
had produced a cornucopia of goods, and the easy credit and slick advertising of the postwar
boom enticed once thrifty Americans to buy them. Boundless optimism and manic speculation
wed Main Street to Wall Street, until the Stock Market Crash lead to a bitter divorce. A major
depression and another world war would pass before the country fully recovered its faith in
American enterprise; but, for better or worse, we irrevocably had become a consumer society.
For your fourth assignment, research and write a paper on a major American entrepreneur from
1915 to 1945. Choose your own figure or select one from the following areas:
 Banking and Finance: Jesse Livermore, Michael J. Meehan, Charles Merrill, Charles
Mitchell, Dean Witter
 Advertising, Communications, and Media: Edwin Howard Armstrong, Bruce Barton,
Edward Bernays, Lee de Forest, Philo T. Farnsworth, B.C. Forbes, Samuel Goldwyn,
George Washington Hill, Louis B. Mayer, Raymond Rubicam, David Sarnoff, J. Walter
Thompson, Jack Warner
 Food and Retail: Clarence Birdseye, Ettore Boiardi, Adam Gimbel, Milton Hershey,
Barney Pressman, Julius Rosenwald, H.B. Reese, Andrew Saks, Clarence Saunders
 Industry and Transportation: William Boeing, Walter Chrysler, Glenn Curtiss, William
Durant, Harvey Firestone, Henry Ford, Herbert Henry Franklin, Alfred Pritchard Sloane,
Clem and Henry Studebaker, Juan Trippe
Find at least three sources, including course texts and handouts. Brainstorm with classmates
using PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and
7 to formulate a thesis, create an outline, and write your report. This analytical paper should be 2
to 3 double-spaced pages, not counting reference page, and should follow MLA or APA format.
OCT 28:
COLLECTIVE BRAINSTORMING.
OCT 30:
COLLABORATIVE WORKSHOP.
NOV 01:
COLLABORATIVE WORKSHOP.
20
THE AMERICAN WAY
“As candidate for Secretary of Defense, I’ve been
asked whether, given my $2.5 million stock options in
General Motors, I could make a decision that would
hurt my company. I can’t conceive of one. For years,
I’ve thought what’s good for our country is good for
General Motors and vice versa. The difference doesn’t
exist. Our company is too big. It goes with the welfare
of the nation.”
~Charles Erwin Wilson (1890-1961)
NOV 04:
PAPER 4 DUE.
Bryant and Dethloff, A History of American Business
 Ch. 15: “The Modern Corporate Image: The Cold War,” 262-71.
 Ch. 19: “Retailing, Part II,” 334-39.
 Ch. 20: “Multinational Corporations, Part II,” 348-60.
Means, Money and Power
 Ch. 10: “Robert Woodruff: The Brand’s the Thing,”185-203.
Drucker, Innovation and Entrepreneurship
 Ch. 07: “Demographics,” 88-98.
 Ch. 08: “Changes in Perception,” 99-106.
 Ch. 19: “Changing Values and Characteristics,” 243-52.
NOV 06:
Bryant and Dethloff, A History of American Business
 Ch. 11: “Advertising and the Mass Media, Part II,” 193-98
 Ch. 18: “Government Regulatory Agencies, Part II,” 308-20.
Means, Money and Power
 Ch. 11: “Time Warner: Turning Opposing Cultures to Common
Advantage,”185-203.
NOV 08:
Means, Money and Power
Ch. 12: “Bill Gates and Cyberspace: The Dematerialized Future,” 227-45
Drucker, Innovation and Entrepreneurship
 Ch. 16: “The Fustest with the Mostest,” 209-19.
 Ch. 17: “Hit Them Where They Ain’t,” 220-32.
21
PAPER 5:
“THE AMERICAN WAY”
believe in God, America, and McDonald’s,” said Ray Kroc. “And in the office, that order is
reversed.” Kroc’s brash creed perfectly captures American business during the Cold War.
From the descent of the Iron Curtain to the fall of the Berlin Wall, entrepreneurs not only sold
goods and services but also the American way of life. The more messianic literally saw
themselves as the world’s saviors and liberators. The public reaction was more mixed.
I
During the 1950s, when America’s companies dominated the global economy and created the
security and prosperity of suburbia, workers and consumers pledged their allegiance to American
enterprise. The violence and chaos of the 1960s and the malaise and stagnation of the 1970s
shattered that complacency, but the Reagan Revolution of the 1980s—fueled by a bull market
and an information technology revolution—rekindled America’s romance with free enterprise.
For your fifth assignment, research and write a paper on a major American entrepreneur from
1945 to 2001. Choose your own figure or select one from the following areas:

Accounting, Banking, Finance and Real Estate: Henry and Richard Bloch, Warren
Buffet, Kenneth Chenault, Jerome Kohlberg, Charles Keating, Henry Kravis, Frank X.
McNamara, Michael Milken, Donald Trump
 Advertising, Communications, and Media: William Bernbach, Leo Burdett, Mark
Cuban, Walt Disney, Jim Kimsey, Henry Luce, David Ogilvy, William Paley, Robert
Pittman, Ted Turner, Oprah Winfrey
 Energy and Transportation: Warren Avis, T. Boone Pickens, Lee Iacocca, Kenneth Lay,
Robert McNamara, Jeffrey Skilling, Frederick W. Smith, Preston Tucker, Jack Welch
 Information and Office Technologies: Paul Allen, Steve Balmer, Sergey Brin, Jomei
Chang, Carly Fiorina, Bill Gates, Bill Hewlett, Steve Jobs, Charles Peter McColough,
Dave Packer, Larry Page, Ray Tomilson, Thomas J. Watson, Steve Wozniak, Jerry Yang
 Fashion, Food, and Retail: Wally Amos, Mary Kay Ash, Jeff Bezos, Perry Ellis,
Tommy Hilfinger, Donna Karan, Victor Kiam, Ray Kroc, Phil Knight, F. Ross Johnson,
Estee Lauder, Ralph Lauren, Ron Popeil, Orville Redenbacher, Harlan Sanders, Dave
Thomas, Martha Stewart, Sam Walton, Robert Wegman, Robert Woodruff
Find at least three sources, including course texts and handouts. Brainstorm with classmates
using PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and
7 to formulate a thesis, create an outline, and write your report. This analytical paper should be 2
to 3 double-spaced pages, not counting reference page, and should follow MLA or APA format.
NOV 11:
COLLECTIVE BRAINSTORMING.
NOV 13:
COLLABORATIVE WORKSHOP.
NOV 15:
COLLABORATIVE WORKSHOP.
22
CURRENT TRENDS AND FUTURE DIRECTIONS
“I’m convinced that about half of what separates the successful
entrepreneurs from the non-successful ones is pure perseverance. Stay
hungry. Stay foolish.”
~Steve Jobs (1955-2011)
NOV 18:
PAPER 5 DUE.
Contemporary case studies in entrepreneurship
Handout
 Gary Hamel and C.K. Prahlad, “Strategic Intent”
NOV 20:
ORIENTATION FOR GROUP PRESENTATIONS
Contemporary case studies in entrepreneurship
Handout
 Steven Wheelwright and Earl Sasser, “The New Product Development Map”
GROUP PRESENTATION:
“CURRENT TRENDS AND FUTURE DIRECTIONS”
T
hink different.” Created in 1997 by the Los Angeles office of TBWA\Chiat\Day, this
advertising slogan for Apple, Inc. captures the spirit of entrepreneurship and sets the theme
for your sixth and final assignment.
Working in a team of up to five students, give a 10-minute presentation on a contemporary
American entrepreneur. Follow the same guidelines as those for your research papers. Find at
least three sources, including course texts and handouts. Brainstorm with classmates using
PESTLE analysis or Modes of Innovation (Page 5). Then use the questions on Pages 6 and 7 to
formulate a thesis and create an outline. Address a general rather than an academic audience.
You may deliver a group lecture, give a PowerPoint talk, stage an educational skit, or produce an
instructional video. Whatever the format, frame your presentation, map and link its sections,
integrate all audio and visual elements, and prompt feedback and discussion.
Please include a reference page, following MLA or APA format.
NOV 22:
COLLECTIVE BRAINSTORMING.
NOV 25:
THANKSGIVING BREAK.
NOV 27:
NO CLASS.
NOV 29:
Research topic and correspond by email with teammates.
DEC 02:
COLLABORATIVE WORKSHOP.
23
DEC 04:
COLLABORATIVE WORKSHOP.
DEC 06:
GROUP PRESENTATIONS.
DEC 09:
GROUP PRESENTATIONS.
DEC 11:
GROUP PRESENTATIONS.
CONSCIOUS CAPITALISM
“We can no longer be content with a simplistic approach to work,
business, and capitalism—an approach that has become so deeply
ingrained in our psyche and society. It is not serving us well; in fact, it is
eating away at the fabric of our communities and stultifying our souls. It
necessitates too much unsavory trade-offs and results in too much
unhappiness and suffering for people. We must do what it will take to
move collectively to the other side of complexity in the world of
business and capitalism, for that is where we will find peace and
prosperity, love and caring, money and meaning.”
~John Mackey (1953- )
DEC 13:
Drucker, Innovation and Entrepreneurship
 Conclusion: “The Entrepreneurial Society,” 253-66.
 “The Educated Person” (handout)
Handout
 John Mackey and Raj Sisodia, “The Power and Beauty of Conscious
Capitalism”
24
ICSM - 10524
Course Schedule
(Subject to change)
Week
On Course Chapter
Sect 1
Sect 2
On Course Assignments
Required 2 per Chapter
Plus Skills Plan
1
1 – Time Management
8-28
8-30
1
2
3
4
1
2 – Reading
9-4
9-6
5
6
7
8
Skills Plan
2
3 – Taking Notes
9-9
9-11
9
10
11
12
Skills Plan
3
4 – Org Study Habits
9-16
9-18
13
14
15
16
Skills Plan
3
5 – Rehearsing/Memorizing
9-16
9-18
17
8
19
20
Skills Plan
4
6 – Taking Tests
9-23
9-25
21
22
23
24
Skills Plan
5
7 – Writing
9-30
10-2
25
26
27
28
Skills Plan
6
8 – Management $
10-7
10-9
29
30
31
32
(Health Center Speaker)
7
9 – Pre-registration
10-14
10-16
Open
8
10 – Sustainability (Speaker)
10-21
10-23
Writing
9
11 – Career Planning (Speaker)
10-28
10-30
Writing
Open
12 – Music/Arts* (Individually)
11-4
11-6
Writing
Open
13 – Museum Visit* (Individually)
11-11
11-13
Writing
Open
14 – Volunteerism (Speaker)
11-18
11-20
Writing
Group Event*

Writing
Class will be allocated to course work
25
ENTREPRENEURSHIP AND CAPITALISM
Grading Rubric for Papers and Talks
AREAS
Context and Purpose:
Did your paper or talk
address a specific
audience and context,
establish a clear
purpose, and follow the
assignment guidelines?
 +

 -
Paper or talk shows a
thorough and complex
understanding of
audience and context,
explicitly states its
purpose, and responds
to all elements of the
assignment.
Paper or talk shows an
adequate understanding
of audience and context,
hints at but does not
fully establish its
purpose, and responds
to at least some
elements of the
assignment.
Paper or talk shows
little or no
understanding of
audience and context,
has no clear purpose,
and ignores most or all
elements of the
assignment.
Methodology:
Did your paper or talk
use the methods of the
social sciences to
analyze, investigate or
predict its subject?
Paper or talk effectively
and consistently applies
the methods of the
social sciences to
analyze, investigate, or
predict its subject.
Paper or talk shows an
understanding of the
methods of the social
sciences but does not
consistently apply them
to analyze, investigate,
or predict its subject.
Paper or talk does not
apply the methods of the
social sciences to
analyze, investigate, or
predict its subject.
Content Development:
Was your paper or talk
substantive, organized,
and coherent? Did it
present a clear narrative
and effectively integrate
such design elements as
headings, graphics,
images, and video and
sound clips?
Paper or talk contains
appropriate, relevant,
and compelling content,
organized and presented
clear and engagingly,
and effectively and
consistently integrates
helpful design elements.
Paper or talk tries to use
appropriate, relevant,
and compelling content,
though not always
organized and presented
clearly and engaging,
and sometimes uses
design elements
Paper or talk struggles
to use or does not
contain appropriate,
relevant, and
compelling content, is
not clear or engaging,
and omits design
elements.
Sources and Evidence:
Did your paper or talk
include and properly
integrate and cite
primary and secondary
sources?
Paper or talk always
uses relevant sources
and evidence to develop
ideas and claims,
integrates its own ideas
with those of others, and
properly cites and
references all sources.
Paper or talk sometimes
uses relevant sources
and evidence to develop
ideas and claims, tries to
integrate its own ideas
with those of others, and
attempts to cite and
reference all sources.
Paper or talk struggles
to or fails to use sources
and evidence to develop
ideas and claims, does
not integrate its own
ideas with those of
others, and fails to cite
and reference sources.
Mechanics and Syntax:
Did your paper or talk
observe the formal
conventions of
grammar, spelling, and
punctuation?
Strong usage effectively
communicates paper or
talk’s meaning with
clarity and fluency.
Adequate usage
communicates most of
paper or talk’s meaning,
but some errors distract
readers or audience
Poor usage impedes
paper or talk’s meaning
and alienates or
confuses readers or
audience.
26