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Western Carolina University Commencement Address 1971
Item
Item’s are ‘child’ level descriptions to ‘parent’ objects, (e.g. one page of a whole book).
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Let me remind you of the purpose of American business. | wish to emphasize: the purpose of business is to supply products at a profit and in the process to contribute to the happiness and welfare of mankind. Why at a profit? Its the added value of the output of manpower and capital over input. Its the only way to provide capital for the development of new technologies, replacements, expansion and growth needed by the people. | think this purpose may have been forgotten by the public during recent years, when so many ills of our society have been attributed to industrial corporations. Among some people, ajob in government, or in a social agency, or in education, is considered more respectable than a job in business. Considering the attacks that have been made upon business, | can understand how some might think this way. But let us look at what industry contributes. In this country we have long since decided that certain functions will be performed by governmental agencies. The Social Security system was set up to help provide for the needs of our older citizens. Our primary and secondary schools are predominantly run by govern- ment. A growing proportion of our system of higher education is being operated in the state university systems of this country. Perhaps it would be helpful to put this matter in perspective by comparing my companys tax collections and payments to governments with the needs of a univer- sity such as Western Carolina. Here at Western Carolina you have an investment in all of your buildings and plants of about $40 million. Your annual operating
Object
Object’s are ‘parent’ level descriptions to ‘children’ items, (e.g. a book with pages).
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Commencement address by John K. McKinley, president of Texaco Inc., delivered at Western Carolina University, Cullowhee, North Carolina, June 6, 1971.
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