Chapter 4 Critics of Business

Chapter 4 keyterms:
1. Agrarian society: A society with a largely agricultural economy.
2. Just Price: A price giving a moderate profit; one inspired by fairness, not greed.
3. Market Price: A price determined by the interaction of supply and demand.
4. Usury: The lending of money for interest.
5. Protestant ethic: The belief that hard work and adherence to a set of virtues such as thrift, savingm and sobriety would bring wealth and God's approval.
6. Populist Movement: A political reform movement that arose among farmers in the late 1800s. Populist blamed social problems on industry and sought radical  reforms such as  government ownership of railroads.
7.Progressive movement: A turn-of-the-century political movement that  associated moderate social  reform with progress. Progressivism was less radical than populism and had wider appeal.
8. Socialism: The doctrine of a classless society in which propery is collectively owned and income from labor is equally divided among members. It rejects the values of capitalism.
9.Old Progressive: A reference to political and social reformers at the beginning of the twentieth century.
10. New progressives: Members of left-leaning groups who advocate more radical corporate reforms than did the old progressives. New Progressives seek to avoid being branded a s liberals and try to take advantage of favorable connotations in the word progressive.
11.Nongovernmental organization: A term for voluntary organization that are not affiliated with governments.
12. Civil Society: A zone of ideas, discourse, and action that transcends national societies and focuses on global issues. It is dominated by progressive values.
13.Antiglobalism movement: A coalition of groups united  by opposition by economic globalization dominated by corporations and trade liberalization.
14. Group of Eight: An annual meeting where leaders  of the large industrial democracies discuss political and economic issues.
15. Neoliberalism: A term denoting both the ideology of using markets to recognize society and a set of policies to free markets from state intrusion.
16. Liberalism: The philosophy of an open society  in which government does not interfere with rights of individuals.
17. Economic Liberalism: The philoshophy that social progress comes when individuals freely pursue their self-interests in unregulated markets.
18. World Social Forum: The annual meeting of the antiglobalism movement.

Reaction:
This chapter goes on to talk about how there is no question that industrial capitalism i s historical force for turbulent social change. The origins of critical attitudes toward business was something  I found very interesting.
1) The belief that people  in business place profit before more worthy values such as honesty, trust, justice, love, piety, aesthetics, tranquility and respect for nature.
2) Strain place  on societies by economic development