Guilford Receives BB&T Grant For Programs on Ethics and Capitalism

A $500,000 grant from BB&T will support programs exploring the ethics of capitalism, including a new interdisciplinary course, a faculty-led discussion series on selected books, scholarships and a speaker series.

Beginning in the fall semester of 2010, Guilford will offer a course entitled “The Moral Foundations of Capitalism,” which will focus on the theoretical, practical and ethical approaches to a free market economy.  Faculty-led discussions on selected books and authors will be presented annually for upper level students.

“Guilford’s values-based curriculum has always emphasized that life and work don’t exist in a vacuum,” said President Kent Chabotar, who will periodically instruct the new course. “The generous support of BB&T will allow us even greater opportunities to teach our students not just the technology of business, but also its underlying moral principles.”

In the course, students will read and discuss the ideas presented by Ayn Rand, chiefly her classic philosophical novel Atlas Shrugged, and also John Maynard Keynes, Milton Friedman, Paul Krugman and others. In keeping with Guilford’s heritage, Quaker teachings and testimonies on the principles of money and capitalism will also be discussed.

The capstone course will be open to seniors in all academic majors, and will be taught by faculty from the business management, economics and political science departments.

“Unfortunately, we find that many business graduates enter the workplace without a firm grasp of the moral principles underlying the free markets,” said BB&T Chairman John Allison. “These programs will emphasize our shared interest with Guilford College in giving students a hands-on perspective on capitalism and free markets, a better understanding of our economy and an enhanced ability to make meaningful contributions to the world.”

In addition to funding the course, the BB&T grant will support as many as three students each year in the existing Principled Problem Solving Scholars program with a focus on ethical approaches to capitalism within the community. A combination of courses and engaged learning opportunities will offer each student a scholarship, support for an internship and individualized skill development.

“The business management department is excited to have this partnership with BB&T and the opportunity to expand our students’ exposure to both the theoretical and practical applications of the ethical and moral foundations of a capitalist society,” said Deena Burris, assistant professor and chair of business management.

The grant will also fund a series of speaker events during the 2010-2011 academic year on the intersection of capitalism and environmentally sustainable development. Speakers will be drawn from the corporate world, higher education and other industries.

June 25, 2009