SOC208H5 Lecture Notes - Lecture 7: Industrial Revolution, Horizon Oil Sands, Man-Hour
Document Summary
Lecture 7 wednesday, june 1, 2016 online lecture. The corporation: the corporation is an abstract concept. One cannot touch a corporation, photograph it, or draw a picture of it. We see a corporation only through the effects is has on the world in which it operates. In fact, the separate existence of a corporation is formally recognized in law in a way that the existence of a club or other unincorporated organization is not. A corporation can own property in its own name: it can enter into contracts; and it can sue, and be sued, too. It is, for legal purposes, a single, distinct, entity. Yet as a practical matter, there are living, breathing people behind the entity. Corporation: a company or group authorized to act as a single entity recognized by law, regulated company. Charter, monopoly trading for merchants: joint stock company. Greater demand to pool resources, encourage business, generate capital.
