University of Redlands School Of Business Masters of Business Administration Is laissez-faire dead? The New Economic Thought of Ben Bernanke By Eyitejumade A. Sogbesan Abstract The Feds failure to recognize an economy moving towards the choke-hold of a recession due to the immense pressures from the credit bubble‚ increase in number of mortgage foreclosure‚ the weak exchange rate of the US dollar and the higher crude oil trading might be the “invisible hand” that Adam Smith predicted
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Radical Leadership (Ricardo Semler) 1. Describe Ricardo Semler’s leadership style. What do you think the advantages and drawbacks of his style might be? Ask your students to select two leadership models that would help to portray Ricardo Semler’s leadership style. In his own words‚ Semler is the “leading proponent and most tireless evangelist” of participative management. He places little emphasis on traditional features of corporate management as he avoids written rules‚ policy manuals‚
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By encouraging a flat organizational chart‚ participative decision-making processes‚ rational-critical approach to power‚ and using a concertive control in organization communication‚ Ricardo Semler transformed Semco’s culture from a classical management approach to a critical approach. When Ricardo Semler arrived at Semco‚ his father‚ a traditionalist‚ had a classical management approach to organizational power. Work attire for leadership was suit and tie‚ all executives had their own secretaries
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RICARDO SEMLER AND SEMCO S.A. * Mr. Ricardo Semler‚ One of the youngest ever MBA graduate from Harvard took control of his parental business at the age of 24. * He renamed the company SEMCO‚ implemented the aggressive product diversification strategy and consequently within 6 years SEMCO transformed to $100 million Company from $35 million. * Right from the first day he was focussed to diversification as his belief was that diversification in other product line can save the future
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In addition‚ Britain’s government pursued a relatively "hands-off" economic policy. This free-market approach was made popular through British philosopher and economist Adam Smith and his book The Wealth of Nations (1776). The "hands-off" or laissez-faire policy permitted new methods and ideas to flourish‚ which meant that the government could not interfere in relations between workers and business owners. In his book‚ Smith argued that private competition free of regulation produces and distributes
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intervention except to uphold the natural law and to protect private property. This is known as laissez-faire. 2. Agriculture is the source of all wealth‚ whereas manufacturing only changes the nature of wealth while trade only changes its ownership. 3. They advocated free international trade. The Classical Economists * 18th - 19th centuary * First real economists 1. LAISSEZ –FAIRE: The government should intervene in an economy only to raise funds to maintain the legal system
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Business School Press. 7. Green Thad B‚ (1992) Performance And Motivation Strategies For Today’s Workforce‚ Guide to expectancy motivation theory application‚ p-1. 8. Lorenzana‚ Carlos C (1993): Management Theory and Practice‚ pp 3-4 9 10. Ricardo Semler‚ The seven-day weekend: changing the way work works‚ 2004‚ Pg.115-210.
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David Ricardo‚ Jeremy Bentham and John Stuart Mill. It is also included the comparison of ideas between these masters and last but not least‚ the contributions of these ideas in today’s context. At the beginning‚ the background of the classical period is provided to ensure that readers have a better understanding of the economist’s ideas. Followed by that‚ each economists ideas will be discussed respectively‚ and the comparison will be made. The contributions of Adam Smith‚ David Ricardo and Thomas
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2.0 Task 1 : Comparing and contrasting SEMCO to a ‘classical organization’ ‘The future has many names: For the weak‚ it means the unattainable. For the fearful‚ it means the unknown. For the courageous‚ it means opportunity.’ (Victor Hugo) Ricardo Semler the heritor of the company SEMCO‚ had already known the omissions in his father ’s legacy of traditional management‚ hence he implemented his innovative and unique way of management to SEMCO with a courageous decision and desired to create his
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real political ideology. “Liberalism emerged as a coherent political movement in the 19th century” (M.Salvadori‚ 1972:2)‚ the foundations of this classical liberalism were based around “laissez faire” principles‚ both in the economy and in the role of the government in society (J.Gray‚ 1986:27). The laissez faire principle is a French phrase which translates as the “let it be” principle; this is the idea that there should be minimal interference from the government‚ the phrase “night watchmen state”
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