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ARGUS Software Inc. has partnered with the College of Charleston School of Business for the past two years to provide educational access to its software for students, alumni and other professionals. This spring, ARGUS upped its commitment to the College by licensing the use of its recently released ARGUS Enterprise software package to us for the 2015-2016 academic year. The commercial real estate valuation software, considered the highest industry standard used by institutional commercial real estate investors, is valued at $1,147,500 and will be available for up to 50 student users and one professor of record.

ARGUS Enterprise will be incorporated into commercial real estate courses and professional workshops to provide extensive, hands-on exposure for student interns seeking employment and for alumni and other professionals requiring further skill development. Users will learn how to quickly and accurately analyze commercial real estate assets and transactions, understand market conditions and risks, develop strategic business and marketing plans, forecast property cash flows, share asset and other data with clients, and navigate complex international deals.

Elaine Worzala, associate dean of the School of Business, executive director of the Carter Real Estate

Dr. Elaine Worzala, associate dean, executive director, Carter Real Estate Center.

Dr. Elaine Worzala

Center and professor of real estate, facilitated the software gift with ARGUS and works directly with industry executives who understand the valuable, relevant skills that our students, alumni, and industry professionals will gain.

“Students and alumni are learning the tools and skills required to work in real estate investment, particularly in major metro cities such as New York, Chicago, L.A., and Atlanta, where large institutional investment firms reside. The quality of learning will continually elevate our program and position our students and alumni to compete for great career advancement,” says Worzala.

“ARGUS is an invaluable tool for my business,” says CofC alumnus, Kathryn Matrangola, a commercial broker with Domicile Charleston. “At a recent one-day learning workshop, I gained the ability to create detailed pro-formas that would exceed client expectations, no matter the transaction. We applied real case studies in order to understand the process from risk to reward. I’m grateful to Elaine and the Carter Real Estate Center for the learning experience. I have more confidence and a greater understanding of market trends and commercial transactions as a result of the workshop.”

For more information about the Carter Real Estate Center or the real estate academic program, contact Elaine Worzala, associate dean of the School of Business and executive director of the Carter Real Estate Center, at [email protected] or 843.953.8121.

About the School of Business
College of Charleston’s School of Business has 2,300 students enrolled in ready-to-work programs including eight undergraduate majors, an Honors Program in Business, several interdisciplinary minors, and two master’s programs in business and accountancy. The School of Business is recognized among the top 30 colleges for studying business abroad by the Business Research Guide. The faculty’s scholarly research expertise is steeped in areas such as supply chain management, cross-cultural marketing, executive leadership, hospitality and tourism, political economics, financial investment, bankruptcy, entrepreneurship, commercial real estate, and consumer research. Visit http://sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty, and Centers of Excellence.

Three 2015 College of Charleston graduates have been granted full scholarships and stipends to Hong-Kong-based Lingnan University’s Master of Science in Human Resource Management and Organizational Behaviors (MSc HRMOB) program.

Kristin Furfaro ’15 (hospitality and tourism management, business administration), Nicholas Mueller ’15 (M.S. in accountancy), and Ashley Gresens ’15 (political science), depart this August to begin the one-year program at Lingnan University. Each student will receive approximately $19,600 in tuition plus a stipend up to $6,400 to cover the cost of the program and some living expenses while they are enrolled.

Furfaro plans to pursue a career in human resources director in the hospitality industry.

“Pursing a master’s degree at Lingnan University will allow me to develop educationally, culturally, and personally, as this experience is somewhat out of my element,” says Furfaro. “I’d love to one day work for a corporate hotel in human relations, and this program will help me to get closer to my goal.”

Nancy Chen, the director of the MSc HRMOB program, conducted the first round of interviews in person in November 2014 in Charleston, and the second round via Skype in January 2015. Requirements to qualify for the scholarship include a degree from the College of Charleston, a minimum GPA of 3.0, two letters of recommendation from School of Business faculty, and a demonstrated interest in the human resources profession.

“I am very proud of these three bright students and also excited about the life-changing opportunity for

Henry Xie, associate professor of marketing and international business

Henry Xie, associate professor of marketing and international business

them,” says Henry Xie, associate professor of marketing and international business at the College of Charleston School of Business. “It is also the start of a longer-term relationship between the College and Lingnan Universtiy, an AACSB-accredited business school, to exchange more students.”

Xie championed the Lingnan University scholarship program at the School of Business since he guest lectured at the Hong Kong-based university during his sabbatical in Spring 2013. He also collaborates with Chen on a number of research projects. Xie will lead a study abroad trip to Hong Kong and China this year for College of Charleston undergraduate students. Several Lingnan students will join College of Charleston students in Hong Kong and Chengdu, China as part of a joint learning program.

The MSc HRMOB program at Lingnan University is a one-year, English-oriented program. The program aims to equip students, entering either with business degrees or non-business degrees, with the necessary management competencies to pursue careers in human resource management and leadership.

About the School of Business

College of Charleston’s School of Business is the academic home to 2,300 students achieving pursuits in eight undergraduate majors, an Honors Program in Business, nine minors and several interdisciplinary concentrations, an M.S. in Accountancy and an MBA program.  The School of Business is recognized among the top 30 colleges for studying business abroad by the Business Research Guide. The faculty’s scholarly research expertise is broad and steeped in areas such as supply chain management, cross-cultural marketing, executive leadership, hospitality and tourism, political economics, financial investment, bankruptcy, entrepreneurship, commercial real estate, and consumer research. Visit http://sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty, and Centers of Excellence.

The College of Charleston’s emphasis on global learning is underscored by the high achievement of 50 graduates student who were recently recognized for earning the Global Scholars designation. The recipients were honored with a commemorative medal that was also worn at commencement on Saturday, May 15. The honorees represented 11 different academic disciplines with international business having the highest number with 14 graduates.

The Global Scholars Program, co-founded in 2007 with the support of a Title Via grant and is co-directed

L - R: Krystyna Rastorguieva '15 and Rene Dentiste Mueller, professor of marketing and co-director of the Global Scholars Program.

L – R: Krystyna Rastorguieva ’15 and Rene Dentiste Mueller, professor of marketing and co-director of the Global Scholars Program.

by Rene Dentiste-Mueller, professor of marketing and director of the Global Business Resource Center, and Joseph R. Weyers, professor of Spanish in the department of Hispanic Studies. It is a university-wide program designed to increase the capacity of students and faculty to contribute as global citizens. The program aims to meet the changing demands brought about by globalization and recognize students and faculty members who structure their learning and work around developing a diverse worldview.

The first Global Scholars cohort graduated in 2010. Today, 198 College of Charleston alumni have earned the Global Scholars designation and 41 faculty members have also earned the distinction, marking the university’s rising national recognition for global learning experiences. In 2014, the Business Research Guide website cited the College of Charleston School of Business at #15 among its 30 Great U.S. Colleges for Studying Business Abroad.

Among this year’s Global Scholars class was Krystyna Rastorguieva ‘15, who was also recognized by the School of Business with the Most Outstanding International Business Student Award.

Krystyna Rastorguieva '15, Global Scholar

Krystyna Rastorguieva ’15, Global Scholar

A Ukrainian native, Krystyna moved to the U.S. when she was 18 and endured culture shock for several years until the Global Scholars program and Dr. Mueller helped her realized the value and potential within her as a result of her diverse background and transition experience.

“Through the academic rigor, I discovered the interconnectedness of people and countries, and appreciation for real cultural differences and that we cannot escape in our personal lives or in business. It’s through our differences that we find better solutions to global challenges, especially in import and export businesses,” says Krystyna. “I’m grateful for the global learning journey as it motivated me to make the most of my academic experiences including lectures and events outside the classroom that proved to grab the attention of employers.” She is now working as an intern at C.H. Robinson, a leading global logistics company with 11,000 employees worldwide, where she is applying her international experience.

To earn the student designation credentials, the requirements include a minimum of 3.0 gpa, 18 hours of global themed coursework in at least three disciplines, foreign language oral proficiency on the TOEFL standardized test, a related global learning experience, attendance at six or more campus or community global themed events, and advising sessions with a Global Scholars mentor.

“One very notable accomplishment of our Scholars is that the 198 who have taken professional proficiency exams over recent years have scored at least at the Intermediate level for Western languages. It is a hallmark of achievement and very impressive,” says Dr. Weyers.

The five College of Charleston faculty and staff members who achieved recognition include Daniel Huerta-Sanchez and James Malm assistant professors of finance, Ya You, assistant professor of marketing, Carmen Grace, assistant professor of Hispanic Studies, and Laura Moses, staff associate in the School of Languages, Cultures and World Affairs.

Faculty are required to produce peer-reviewed scholarly activities with an international or global thesis, conduct professional work abroad, demonstrate foreign language oral proficiency, attend international events, and serve as a mentor to a student scholars.

 About the School of Business

College of Charleston’s School of Business is the academic home to 2,300 students achieving pursuits in eight undergraduate majors, an Honors Program in Business, nine minors and several interdisciplinary concentrations, an M.S. in Accountancy and an MBA program.  The School of Business is recognized among the top 30 colleges for studying business abroad by the Business Research Guide. The faculty’s scholarly research expertise is broad and steeped in areas such as supply chain management, cross-cultural marketing, executive leadership, hospitality and tourism, political economics, financial investment, bankruptcy, entrepreneurship, commercial real estate, and consumer research. Visit http://sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty, and Centers of Excellence.

By the end of senior year, students should be equipped with practical skills and knowledge that can be applied when they enter the workforce. Equally important are the “soft” skills – like communication, collaboration and decision-making – that differentiate candidates vying for internships and jobs. Luckily for those enrolled in the business policy course, students apply both skill sets by participating on teams in a complex business simulation where they compete with their classmates, as well as with teams around the world.

Business policy professors Gordon Dehler, Thomas Kent and Jim Mueller use simulation exercises in their classes as a way give their students hands-on, active managerial experience. Dehler and Kent, professors of management, both use GLO-BUS, in which class members are grouped into separate teams to run and manage competing digital camera companies. Mueller, associate professor of management, uses The Business Strategy Game, a similar simulation program where students are assigned to operate competing athletic footwear companies.

Each week, the professors receive reports comparing how their students fare in the competition on an ongoing basis. Dehler, Kent, and Mueller’s students are frequently ranked in the top 100 among thousands of other teams worldwide. Kent’s students even landed in the top spot globally during the week of April 15.

“I was shocked when I got the results,” says Kent, professor of management at the College of Charleston School of Business. “Not because I doubted the students, but because of the sheer magnitude of competition. I am extremely proud of the students and their performance in my class.”

This past semester, a team in Dehler’s class representing the camera company DeFoTo concluded with the top score of 110, tying with 66 others worldwide out of nearly 3,000 companies from 150 countries. This ranking put the DeFoTo team in the top two percent among 8,000 students worldwide.

The students and co-managers of each company are responsible for assessing market conditions, determining how to respond to the actions of competitors, forging a long-term direction and strategy for their company, and making decisions relating to workforce compensation and plant operations, assembly plant capacity, pricing and marketing, finance, and corporate social responsibility/citizenship.

Each week the teams are scored in four categories: overall score, earnings per share, return on average equity, and stock price.

“The GLO-BUS assimilation game was an incredible learning experience,” says Elizabeth Colnon, senior and member of the team Foto-Focus in Kent’s class, which ranked number 1 globally one week. “Throughout the semester, my peers and I learned the importance of strategic planning, business ethics, as well as teamwork.”

In this exercise, students learned a valuable lesson in group work and collaboration by working together in an applied-learning environment.

“The simulation requires students to actually apply knowledge in a practical context,” says Dehler, who has been using GLO-BUS in his classes for the past 10 years.

“While GLO-BUS is a challenge for lots of students, many have said that it was the singular highlight of their undergraduate experience in the School of Business because they really get immersed in the simulation.”

In a learning-by-doing way, the students also had to make sense of complex business situations, political implications, how decisions impact different parts of the organization internally as well as globally, and recognize the effect of strategic decisions within a defensible ethical framework.

Dehler’s GLO-BUS data from the past five years was also used as part of the School’s performance criteria for its successful AACSB International re-accreditation process to demonstrate a link between student learning in the functional courses and the simulation results.

308 schools participated in the GLO-BUS exercise over the last 12 months, and 590 used The Business Strategy Game within the same time period. Some of the participating schools include Bangkok University, Boston University, Clemson University, Iona College, James Madison University, and Rutgers University. 

About the School of Business
College of Charleston’s School of Business offers eight undergraduate majors and several interdisciplinary concentrations, an honors program in business, an M.S. in Accountancy and an MBA.  Approximately 2,300 undergraduate and graduate students attend from as far away as China, Germany and Brazil. The faculty has research expertise in areas such as supply chain management, hospitality and tourism, political economics, financial investment, bankruptcy, business intelligence, real estate, entrepreneurism, and executive leadership. Visit sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty and Centers of Excellence.

Through a College of Charleston initiative called the Global Trade HelpDesk, a group of twenty School of Business students was able to help several Charleston-based businesses deciding whether or not to enter the Middle Eastern market.

The Global Trade HelpDesk aims to develop opportunities for South Carolina-based

Students present findings to local businesses and discuss opportunities in teh greater Middle East region.

Students present findings to local businesses and discuss opportunities in teh greater Middle East region.

companies that are interested in doing business overseas. The project, supported by the Global Business Resource Center at the College’s School of Business, requires students to conduct research to produce firm economic opportunity assessments for the companies, including regulatory issues, social and cultural considerations, logistics, and strategic positioning for the global market in question.

To prepare for the April 2015 presentation, students detailed the risks, logistics and potential opportunities of entering the Middle Eastern market, and provided each of the companies with a 40 to 55-page export-action plan and assessment. The findings were so helpful that some of the local businesses involved expressed interest in continued meetings with the students.

“Our client was very impressed with our findings and is ready take a closer look at our analysis with us,” Krystyna Rastorguieva, a senior international business major, said. “We’re planning another meeting with them to speak in depth about next steps for entering the Middle Eastern market.”

David Desplaces, associate professor of management and entrepreneurship and leader of the Global Trade HelpDesk initiative, said, “This project allows students to apply what they learn in the classroom about global commerce. We also support local companies that are interested in international trade, and create new partnerships with businesses all over the world. It’s truly a win-win-win.”

 

Professor Rene Mueller, Director of the International Business Program in the School of Business, is the recipient of the 2015 Howard F. Rudd Jr. Distinguished Faculty Award for Service Leadership.

From left to right, Howard Rudd, dean emeritus of the School of Business; Professor Ren Mueller; School of Business Dean Alan Shao.

From left to right, Howard Rudd, dean emeritus of the School of Business; Professor Ren Mueller; School of Business Dean Alan Shao.

The award was established in 2013 to recognize outstanding, high-performing business professors who lead by example and advance the mission and global vision of the School of Business.

The award is named for Rudd, dean emeritus of the business school, who taught at the College for nearly 30 years. It is the most prestigious faculty award given in the School of Business and the only one of its kind at the College of Charleston.

The selection criteria – measured over a three-year period – includes service leadership, teaching, research and business community engagement.

The honor comes with a $10,000 award, of which up to $5,000 may be taken as a personal stipend and the remainder used during the year that follows to support the recipient’s community engagement, professional development, research and other service initiatives.

“Rene has a long (18 year) history of outstanding, high professional performance at the College of Charleston. In addition to her accomplished record of teaching, research and service, she has been an exemplary leader in promoting a global vision, and she has been exceptionally active in the national, state, and local international business community,” Carrie Blair Messal, associate professor of management and marketing, wrote in a letter nominating Mueller for the award.

Mueller said the award is especially meaningful because Rudd was the dean of the business school when she was hired. “He set an excellent example for all faculty members. He was extremely engaged in the community and encouraged faculty to work with those in the local business community. While teaching has always been emphasized, over the years, service has become a lot less important than academic research. I was fortunate enough to have been hired when it was expected that faculty members actively engage with those outside of academia,” she said. “Service work, in particular, has an excellent return on investment. New skills are developed through work with the community and these are directly transferable to classroom lectures. Likewise, relationships built though service enable our students to get real-world work experience, internships, and jobs.”

In just the past year alone, Mueller has overseen International Service Learning projects in Honduras and Ghana, organized and administered the Global Scholars program, served as an outside member on the search committee for the Dean of the School of Languages, Cultures, and World Affairs and served as a member of the Center for International Education (CIE) Scholarship Committee.

“I have been fortunate enough to have secured grant funding which has enabled me to extend my service, teaching, and research overseas,” Mueller said. “These same grants have enabled many faculty and students to internationalize their own studies. More recently, I have been working on micro-finance projects in Honduras and Ghana. These opportunities have enabled me (and my students) the opportunity to understand the lives and conditions of those living in extreme poverty. We have been able to use our business skills to help others start their own businesses.”

View original article on The College Today.

The MBA program in the College of Charleston School of Business has been recognized

among the Top 10 programs nationally for the highest percentage of graduates who find jobs, according to the U.S. News Short List.

The College’s MBA program ranked No. 3 on the list, with more than 97 percent of its full-time 2014 graduates finding employment within three months of graduating.

“This is great news not only for the College, but for the entire Charleston community,” says College of Charleston President Glenn McConnell. “The College’s MBA program, like our other graduate degrees, is keenly focused on preparing students for success in the workplace, whether securing their first jobs or advancing their careers.”

Alan T. Shao, Dean of the School of Business, says the ranking is particularly gratifying given that the College’s MBA program is still relatively young.

“We are very proud of our MBA program’s high placement ranking by U.S. News & World Report, especially since it’s just five years in the making,” says Shao. “With concerted effort by our faculty, world class mentors, strong advisory board, and MBA team leadership, our graduates are going to continue to find good jobs in fields that matter to them. It’s all part of our Ready-to-Work vision for our business school.”

Read full story about the MBA rankings.

The College’s one-year, full-time MBA program blends a solid core curriculum with teaching excellence. Real-world projects, case-based courses, business mentors and global experiences combine to help students gain critical thinking skills and perspectives needed to succeed in their careers – careers that they’ll launch soon after graduating.

Every student in the MBA program is paired with an industry mentor who takes an active interest in guiding their mentee’s ambitions, introducing them to networking circles of influence and showing them the ropes of business success.

Watch a video about the MBA Mentor Experience.

McConnell says the ranking highlights the MBA program’s focus on job preparation. “We are thrilled that our students are benefiting from the mentorship and networking opportunities that are the centerpiece of this innovative program, which is the only one of its kind in South Carolina.”

 Read original MBA No. 3 Ranking article on The College Today.

You may now address him as “Mr. Ambassador.”

Steve Litvin, Hospitality and Tourism Professor and Fulbright Ambassador.

Steve Litvin, Hospitality and Tourism Professor and Fulbright Ambassador.

College of Charleston Hospitality and Tourism professor Steve Litvin has been named a Fulbright Ambassador.

As an ambassador, Litvin will serve as a representative of the Fulbright Scholar Program and help with outreach efforts to the higher education community.

“From the day I began teaching, the hope of earning a Fulbright was an aspirational goal,” says Litvin.

Litvin’s Fulbright award was as University of Guelph (Ontario, Canada) Research Chair in Sustainable Commerce, hosted by the University of Guelph College of Business and Economics.  The focus of his Fulbright research related to the issue of destination management in heritage cities, with a focus on Niagara-on-the-Lake. He has been able to apply that experience in studying Charleston’s tourism policies.

“Though my award was research only, when asked if I would consider teaching a class I readily agreed,” he says. “I enjoyed the opportunity to meet Canadian students and to interact with faculty as a teaching colleague. I traveled around the Province of Ontario studying and learning, with doors opened readily to welcome me as a visiting scholar. But perhaps the highlights of my visit were the invitations I received to speak at other universities.”

Litvin earned his undergraduate degree from Bentley College, an MBA from Babson College and a Doctor of Business Administration degree from the University of South Australia’s International Graduate School of Management.Litvin’s main areas of interest are tourism consumer behavior and tourism impacts. He is very active advising on local Charleston tourism issues.

For more than 65 years the Council for International Exchange of Scholars, a division of the Institute of International Education, has served as the collaborating agency for the U.S. Department of State in administering the Fulbright Scholar Program. The worldwide success of the program has been built on the talent, commitment and professionalism of scholars who have served universities and research institutions in more than 155 countries.

Read original article published on The College Today by Mike Robertson.

College of Charleston students from the Carter Real Estate Center were awarded scholarships for free memberships into the Charleston Trident Association of Realtors® (CTAR) and the Commercial Investment Division (CID). There are currently 11 students in the program, 10 of whom swept the scholarship awards.

College of Charleston real estate students with School of Business faculty and industry professionals.

College of Charleston real estate students with School of Business faculty and industry professionals.

 

The CTAR Student Membership scholarship is presented to 10 students who are seeking a graduate or undergraduate degree in real estate, have completed at least two years of college and one college-level real estate course, and are not yet associated with an established real estate office.

The scholarships comprise a dual membership in both CTAR and CID, access to all CTAR and CID events including the monthly Commercial Division luncheons, discounted member rates for events, programs and classes, discount on the pre-licensing course at CTAR, industry updates, and access to monthly market statistics reports.

The College of Charleston students who received scholarships are:

  • Jacob Alexander
  • Connor Barrett
  • Andrew Braden
  • Christine Chambers
  • Justin Cirello
  • Rodney Goodwin
  • Katherine King
  • Andrew Newman
  • Neith Stone
  • Hannah Yarborough

“The student membership program with the Charleston Trident Association of Realtors® is designed to help students interested in pursuing a career in real estate establish a strong foundation for their future,” says CTAR CEO, Wil Riley.

“The opportunities provided by this program are invaluable,” says Riley. “Building your professional network as a student is often a challenge, but at CTAR, we understand the importance of connecting our current membership base of more than 4,100 veteran Realtor® professionals to the next generation. Through access to Association events, educational resources and the support of the local Realtor® Association, we are committed to helping these students succeed.”

About the School of Business
College of Charleston’s School of Business offers eight undergraduate majors and several interdisciplinary concentrations, an honors program in business, an M.S. in Accountancy and an MBA.  Approximately 2,000 undergraduate and graduate students attend from as far away as China, Germany and Brazil. The faculty has research expertise in areas such as supply chain management, hospitality and tourism, political economics, financial investment, bankruptcy, business intelligence, real estate, entrepreneurism, and executive leadership. Visit sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty and Centers of Excellence. 

About the College
The College of Charleston is a public liberal arts and sciences university located in the heart of historic Charleston, South Carolina. Founded in 1770, the College is among the nation’s top universities for quality education, student life and affordability. With more than 11,000 students, the College of Charleston offers the distinctive combination of a beautiful and historic campus, modern facilities and cutting-edge programs.

 

Dr. Peter Calcagno, director of the Initiative for Public Choice & Market Process, Associate Professor of Economics

Dr. Peter Calcagno, director of the Initiative for Public Choice & Market Process, Associate Professor of Economics

The Initiative for Public Choice and Market Process (IPCMP), will host a series of events during Adam Smith Week on March 16-20, 2015. The 7th annual Adam Smith Week’s theme is on entrepreneurship with discussions on a variety of topics ranging from theoretical perspectives on productive and unproductive entrepreneurship to discussions of practical opportunities and challenges faced by entrepreneurs in the US and developing countries. All events are open to students, alumni, faculty, staff, and the Charleston community.

  • “Productive and unproductive entrepreneurship.” A panel discussion featuring Russell Sobel, Ben Rast, and Vince Graham on 3/16 at 2pm in Tate 202.
  • “Political Entrepreneurs: The Good, The Bad and The Ugly.” A public talk by Bobbi Herzberg on 3/16 at 6pm in Wells Fargo Auditorium, Beatty 115.
  • “Entrepreneurship in developing countries.” A panel discussion featuring Christopher Day, David Desplace, and Beatriz Maldonado on 3/17 at 3pm in Tate 202.
  • “Why Entrepreneurship Matters: Economically, Politically, and Morally.” A public talk by Alexei Marcoux on 3/17 at 6pm in Wells Fargo Auditorium, Beatty 115.
  • “The Bourgeois Deal: How Societies Flourish.” A public talk by Art Carden on 3/18 at 6pm in Wells Fargo Auditorium, Beatty 115.
  • “How to Write an Op-Ed.” Lunch workshop with Todd Nesbit and Jordan Ragusa on 3/19 at 1:30pm (Tate 202).
  • “Why Major in Economics?” Lunch workshop with Peter Calcagno on 3/20, at noon (Tate 202).

About Adam Smith Week
The Adam Smith Week is the biggest annual event organized by the IPCMP in order to create awareness about important topics in economics among students at the College of Charleston. We engage students, faculty, alumni, and the community in a series of discussions on Adam Smith and his economic philosophy.

Who is Adam Smith?
Adam Smith’s 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations (also known as “The Wealth of Nations”) is one of the most important works in economics. One of best known ideas explained in the book is that of the “invisible hand” of the market, the idea that individuals’ self-interest often promotes society’s interests. Adam Smith’s writing was also essential to understand the importance of entrepreneurship for growth and prosperity. Smith explained that the wealth of nations was created through changes in the division of labor, growth of firms and industries. Entrepreneurship was essential to the division of labor and, hence, to economic growth. “Adam Smith is one of the most recognizable figures in economics, and his contributions to the fields of philosophy and economics are still relevant today,” says Pete Calcagno, Ph.D, professor of economics and Director of the IPCMP. “His conceptualization of entrepreneurship leading to changes in the division of labor is fundamental to our understanding of how wealth is created.”

About the Initiative for Public Choice & Market Process
Founded in the fall of 2008, the Initiative for Public Choice & Market Process advances the understanding of the economic, political and moral foundations of a free market economy. The Initiative for Public Choice & Market Process supports the growth and development of teaching and research at the College of Charleston School of Business while engaging students and the Charleston business community. Visit sb.cofc.edu/pcmp or www.facebook.com/ipcmp to learn more.