Small Business School
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Small Business School Small Business Schoollast update: July 4, 2006 Small Business School|Small Business School Small Business Schoolgo to the homepageSmall Business School
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Capitalism: The American Revolution
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Pamela Rodgers happily shares profits with employees at her GM dealership.
Small Business School
Business Is Not About Greed

HATTIE: Just talk about the difference in those terms, that self-interest is good, greed and selfishness is bad. What is the difference?

MICHAEL: I think the early economic thinkers made a bad mistake when they talked about the motivating intelligent business is self-interest, and I think they had a mischievous intention.

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Transcript Segments
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1. Capitalism is the Only Proven Path from Poverty to Prosperity
2. The American Version Of Capitalism Has Not Been Articulated Well
3. Many Owning A Little Is Better Than a Few Owning A Lot
4. Business Owners Are Not Elites
5. Capitalism Requires A New Attitude About the Creation of Wealth
6. Struggle for Improvement
Is A Moral Duty
7. Capitalism Does Not Thrive Unfettered
8. Capitalism Depends
Upon Hard-Working People
9. Democratic Capitalism Is A
Three-Legged Stool
10. Business Is Not About Greed
11. Capitalism Is Good For The Soul
12. Capitalism Is Organized
Around The Mind
13. Small Business Is The Most Important Institution In A Civil Society


I think they chose it where that they knew would drive the theologians and the moralists crazy. Because for moralists and theologians self-interest is normally a negative term. It means selfish. What they meant -- what the economists were trying to be scientists and they meant to say the term self-interest in a neutral way. They meant to say whatever it is that you value most, that's your self-interest and that's how you define yourself.

HATTIE: Right.

MICHAEL: So, you know, business has inherent in it a drive in its own success. It may not be a generous motive, but just to succeed at it you've got to serve others well. Whether you like it or not. You've got to do that well. And so, even if you have a lousy personality, business forces you to be better than you are.

(Voiceover - an excerpt from a prior episode) Brian Jacobsen: Do you think that's something we should do? Glen Beily: I think so.

MICHAEL: (Voiceover) I mean the self is not developed until it's joined with at least one other and usually more than one other. And that's just the law of life. In a community, the other law of life is, a community which represses its selves, which represses its individuals is not a good community. So a community needs for its individuals to flourish, and for individuals to flourish they need the community.

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