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Chapter 3: Management and financial well-being
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Management and financial well-being
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CHAPTER 3Documentational Vs Relational Capitalism
Capitalism – is distinct from other economic systems because of Its emphasis on
rewarding entrepreneurs for profitably combining resources in ways that create
valued goods and services
• It’s been praised as one of the key innovations in history and has facilitated
the creation of unprecedented financial wealth
• There are 2 variations of capitalism
o Documentational capitalism – prevalent in the English-speaking
countries such as US, U.K., Canada and Australia
o Relational capitalism – existing in Japan, Germany, France, Finland
and Italy
Acquisitive Vs Sustenance Economics
Economics – refers to understating how goods and services are produced,
distributed, and consumed.
There are basic variations of economics;
1. Acquisitive economics – e.g. the main economic theories that underpin FBL
management notes that not only are all economic entities (individuals and
orgs) seeking to get richer but are strongly motivated to do that that they act
in self-interest. As a result, they are more prone to lie, steal and cheat or give
out the wrong info to mislead their partners
2. Sustenance economics - it emphasizes community-oriented values, long-
term and multi-generational concerns, and issues related to social and
ecological stewardship
3. Hybrid Economics – combines the FBL and SET approaches.
Simplified Model of the economy
1. Simple economy (40,00 BCE) – people contributed to their clan by
preforming tasks (hunting, gathering etc.) and then the clan would share the
resulting benefits (food, social contacts, security etc.)
2. Simple Monetized economy – overtime, with the advent of money, the
economic situation changed. Now people “sold” their labor for money,
typically working to produce goods and services they would not personally
use and use the money to buy goods and services from a variety of orgs.
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