GMGT 1010 Lecture 3: GMGT 1010 Lecture 3- Canadian Capitalism

• School: University of Manitoba
• Department: General Management
• Course: GMGT 1010
• Professor: Sean C. Buchanan

Document Summary

Gmgt lecture 2- september 13, 2018 canadian capitalism. An organization that uses its revenues to continue and benefit the mission of the company rather than giving the money to the shareholders. There are no shareholders, the employees, or consumers are the owners. Therefore, they either get part of the profits or they benefit from lower fees or better interest rates. A business requires two things to operate; legitimacy and social licence. Things that can hurt the legitimacy of a business include how customers are treated, and reputation. Businesses need not only a licence from the government, they also need a social licence. The community needs to approve of a business building or operating in the city. Walmart opening in a small-town need"s community permission because the towns people may not be okay with a big corporation opening in their town. Private property- the right to own the means of production or land.