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What Were the Arguments Used by "Survival of the Fittest

question 35

Essay

What were the arguments used by "survival of the fittest" theorists like William Graham Sumner and Herbert Spencer to justify harsh business practices? Why is it unfair and misleading to call their theories "Social Darwinism"?


Definitions:

Fiscal Year

A 12-month period used for accounting purposes and planning by organizations, which may not align with the calendar year.

Ledger

A comprehensive collection of a company's financial transactions, divided into individual accounts, and recorded in a way that balances are always maintained across assets, liabilities, and equity.

Physical Inventory

The manual count of all merchandise or stock in a store or warehouse at a particular time.

Estimated Returns Inventory

A reserve of products anticipated to be returned by customers, accounting for potential future merchandise returns.

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