Maria Nguyen
Bus 1050-003
Edward Engh
Essay #2
December 8, 2011
"Twenty-five Words and their Definitions, from Foundations of Business, all the readings
AFTER the first test”
ALIENATED LABOR: Karl Marx / “Alienate Labor” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
Workers are considered commodities under a capitalistic form of government where they are
exploited and loss their identity in life; Stevenson, Angus, and Christine A. Lindberg. New
Oxford American Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 40. Print.;
In Marxist theory, when an individual experiences isolation, it is a result of dehumanization and
exploitation.
ARISTOCRACY: Alexis de Tocqueville / “Democracy in America” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
A group of people who are of royal blood and hold power to govern others; Stevenson, Angus,
and Christine A. Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford
University Press, Inc., 2010. 85. Print.; Alexis de Tocqueville is a French political thinker and
history who happens to come from an aristocratic family.
ASCETISCISM: Max Weber / “The Protestant Ethic” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
A word or phrase used to describe one who is self-disciplined and abstinent from all forms of
indulgence; Stevenson, Angus, and Christine A. Lindberg. New Oxford American
Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 92. Print.; In The Protestant
Ethic, Max Weber discusses the difference between Catholics and Protestants and how one
religious group is ascetic than the other.
CAVEAT EMPTOR: St. Thomas Aquinas / “Of Cheating, . . .” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
This is a Latin word that literally means let the buyer beware. It is a concept of how the buyer
must accept full responsibility in making the decision of purchasing a product; Stevenson, Angus,
and Christine A. Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford
University Press, Inc., 2010. 277. Print.; When a person says caveat, he or she is trying to warn
you or tell you to take precaution.
CONSPICUOUS CONSUMPTION: Thorstein Veblen / “Pecuniary Emulation and” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
Individuals who act upon purchasing and or using certain products to flaunt their social standing
and identify themselves as wealthy; In-class lectures notes 11/01/11; Those who conspicuously
consume generally are not buying goods to survive but to keep up with others and prove they
possess wealth.
CREDIT: Benjamin Franklin / “The Work of, . . .” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
Crediting is the ability to purchase goods or services before having to pay because the owner
trusts you; Stevenson, Angus, and Christine A. Lindberg. New Oxford American Dictionary. 3rd
Ed. New York: Oxford University Press, Inc., 2010. 406. Print.; The whole concept of using a
credit card is to pay for the purchases now and pay the initial amount at the end of the month.
DEPENDENCE EFFECT: John K. Galbraith / “The Dependence Effect” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
The reason why the entire economic system is experiencing a dependence effect is due to the
demand an individual wants.; Stevenson, Angus, and Christine A. Lindberg. New Oxford
American Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 466. Print.; The
dependence effect is what forms the goods to supply the demand from people.
“THE DUTY OF THE MAN OF WEALTH”: Andrew Carnegie / “The Gospel of Wealth” as
found in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
Government shall not prevent man from becoming wealthy; In-class lecture note 10/18/11.
According to Carnegie, the duty of the man of wealth is to accumulate wealth and be beneficial
to society as well.
HAMILTONIAN: Alexander Hamilton / “Manufactures” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
A phrase to describe a type of society where there will be a strong central government and
consist of protecting by the Navy; Stevenson, Angus, and Christine A. Lindberg. New Oxford
American Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 785. Print.; In a
Hamiltonian society, urbanization occurs and life are for those who achieved it and make it for
themselves.
IMPEDIMENTA: Francis Bacon / “Of Riches and of Usury” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
Latin word to describe something as bulky or an encumbrance.; Stevenson, Angus, and Christine
A. Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford University Press,
Inc., 2010. 871. Print.; According to Bacon, impedimenta is referred to baggage of virtue.
JEFFERSONIAN: Thomas Jefferson / “Vignette: from Manufactures” as found in "Foundations
of Business Thought," Brandon & Sandomir, Boston, 2008.
A phrase by Thomas Jefferson that describes an agricultural utopia where one may live long and
prosperous.; In-class lecture notes 11/29/11; Jeffersonian is a world where agriculture is the basis
of wealth.
LEMMING SYNDROME: John K. Galbraith / “The Dependence Effect” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
A syndrome that describes an individual who unthinkingly joins a mass movement.; Stevenson,
Angus, and Christine A. Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford
University Press, Inc., 2010. 999. Print.; Lemming Syndrome is names after a small, short-tailed
rodent that is found in the Artic Tundra.
NATURAL MONOPOLIES: John Stuart Mill / “Of Profits” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
The exclusive possession or control for the supply or trade in a commodity or service.; Stevenson,
Angus, and Christine A. Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford
University Press, Inc., 2010. 1132. Print.; Natural Monopolies occurred when the profits of
capital or stock is increasing for a person.
NEW GOSPEL: Andrew Carnegie / “The Gospel of Wealth” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
A new age where a set of principles or beliefs emerge.; Stevenson, Angus, and Christine A.
Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford University Press, Inc.,
2010. 750. Print.; Technology today should be considered society’s new gospel.
OFFICE OF A PROPRIETOR: Marcus Tillus Cicero / “De Officis” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
Property holder or owner of land,. Stevenson, Angus, and Christine A. Lindberg. New Oxford
American Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 1401 Print.; In
today’s society, every house owner can be considered proprietors.
PARSIMONY: Francis Bacon / “Of Richs and of Usury” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
Refusal to spend money or in other words, to be frugal; Stevenson, Angus, and Christine A.
Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford University Press, Inc.,
2010. 1276 Print.; My sister is a parsimonious when it comes to survival however she is willing
to extend your collection of book and novels.
PECUNIARY EMULATION: Thorstein Veblen / “Pecuniary Emulation and” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
Individuals who put an effort to equal or surpass another individual in by copying those who
have wealth; In-class lecture notes 11/01/11; Pecuniary emulation is another dressed up word to
describe people who copy the leisure class, which consists of people from a healthy industrial
class.
“RUNNING IN DEBT”: Benjamin Franklin / “The Work of, . . .” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
A person without discipline will not be able to critical think and end up running in debt.
THEORY OF THE LEISURE CLASS: Thorstein Veblen / “Pecuniary Emulation and” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
Social class that consists of healthy industrialist.; In-class lecture 11/01/11; Pecuniary emulation
and conspicuous consumption all cycle back to how an individual can flaunt off their goods to
join the leisure class.
SIN OF USURY: St. Thomas Aquinas / “Of the Sin of Usury” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
To charge interest on the original amount that has been loaned out.; In-class lecture notes
10/19/11/; To charge interest on loans, according to Aquinas, this is a sin.
SOCIAL RESPONSIBILTIES: Milton Friedman / “The Social Responsibility” as found
in "Foundations of Business Thought," Brandon & Sandomir, Boston, 2008.
All the factors that people worry about other than the business profiting.; In-class lecture notes
11/15/11; When social responsibilities are put upon a business or employer, it prevents them
from becoming profitable.
“SOUNDEST INDUSTRIAL POLICY”: John D. Rockefeller Jr. / “The Personal Relation, . . .”
Benjamin Franklin / “The Work of, . . .” as found in "Foundations of Business Thought,"
Brandon & Sandomir, Boston, 2008.
Having a well rounded and high functioning industry; Stevenson, Angus, and Christine A.
Lindberg. New Oxford American Dictionary. 3rd Ed. New York: Oxford University Press, Inc.,
2010. 887. Print.; The soundest industrial policy was presented by John D. Rockefeller Jr. where
he describes employers creating personal relationship with their employees. By doing so, it keeps
the business function properly and workers are more than welcome to work.
SQUIRREL WHEEL: John K. Galbraith / “The Dependence Effect” as found in "Foundations of
Business Thought," Brandon & Sandomir, Boston, 2008.
To hide or move something away.; Stevenson, Angus, and Christine A. Lindberg. New Oxford
American Dictionary. 3rd Ed. New York: Oxford University Press, Inc., 2010. 1694 Print.; John
Galbraith’s squirrel wheel
“WHAT IS CAPITAL”: John Stuart Mill / “Of Profits” as found in "Foundations of Business
Thought," Brandon & Sandomir, Boston, 2008.
Capital is a word that describes a person’s assets or ownership of property or collateral;
Stevenson, Angus, and Christine A. Lindberg. New Oxford American Dictionary. 3rd Ed. New
York: Oxford University Press, Inc., 2010. 258. Print.; To have capital, it gives you the
advantage of buying or investing other properties.
“WHAT IS THE PEOPLES CAPITALISM”: David Potter / “What Kind of Animal is this here
Capitalism?” as found in "Foundations of Business Thought," Brandon & Sandomir, Boston,
2008.
People will be able to access credit to invest and privately own goods.; In-class lecture notes
12/01/11; The peoples’ capitalism are economic ideologies that talk about American Capitalism.