PHIL215 Lecture Notes - Economic Democracy, Barter, Legal Personality

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26 Nov 2012

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Tuesday, January 31, 2012
1) Con’t Whistle Blowing
2) “The Corporation”
3) General Reflections
Nancy Olivieri and Drug Testing
- Canadian case during the mid-late 90’s
- Apotex pharmaceutical company
o Publicly listed
o Do a lot of good
- Nancy Olivieri doctor and researcher (MD & PHD)
o Specialty pediatrics (dealing with children)
o Works at UofT and Sick Kids
- Apotex had a new drug to test that treats disorders in kids
o They asked Nancy if she would do a drug trial on children
o 1000 children were chosen, and were fully informed with impeccable disclosure
o Before the trial begins, Apotex makes Nancy sign a contract which stated:
Olivieri was in charge of the trial
She can only stop the trial with Apotex’s permission
Everything conducted in the trial is confidential and private
o Drug worked horribly had negative affects on the children (kidney failures in some cases)
o Nancy Olivieri violates the 2nd and 3rd deal because she not only stopped the trial without asking,
but also sent out letters to the parents of the children involved in the trial telling them to stop
taking the drugs and the affects of them
o 25% drop in the stock of Apotex because of Nancy
o Apotex sues her and Sick Kids fire her
o Public sides with Nancy though
- Whistle blowing in the past was considered a terrible thing, people got punished for doing the right thing
- However, times have changed example: Enron’s case – Sharon Watkins whistle blew and was named
woman of the year in Times Magazine
- Now whistle blowing is taken seriously:
o It is illegal to fire someone for whistle blowing
o Every professional society (lawyers, doctors etc…) has whistle blower funds in which they will
pay your wage for 6 months (salary replacement)
o Whistle blower hotlines available for people that need someone to talk to (all professional
societies have this hotline)
“The Corporation”
- Enjoy unlimited liability that is why the corporation is considered a legal person
Free Market Capitalism
- Capitalism is a kind of economic system
o Allows for the private property ownership
o Allows for entrepreneurial freedom
o Encourages interaction between the buyer and seller, no government dictating who gets what
o Uses money as the means of exchange (buyer and seller agree on a price which is mutually
o Features a court system of public laws for the peaceful handling and non-violent resolution of
economic disputes
- Free market capitalism is in contrast to other economic systems, such as communism, wherein the state
owns and controls everything, and where the private profit motive is not so central usually because the
states taxes back all the gains for its own public purpose.
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