Political Science 2211E Lecture Notes - Adolf A. Berle, Privately Held Company, Justice Of The Peace
20 Mar 2014
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Fordism and the rise of the modern corporation. Today"s topics: the rise of the modern corporation, the fordist structure of business-labour relations, the rigidities of the fordist system. Corporation considered to be a person under the law. Limited liability: if your business goes under, owners are only liable to a limited amount of company"s debt. Their loss cannot exceed the amount they invested. Owners don"t have to sell personal assets to pay corporation"s debt. This is to reduce amount an investor could lose. Ceos and executives don"t have to go to jail lay blame on the corporation . Individuals can"t sue individuals who own shares of corporation, but can sue corporation. Corporation as institution survive regardless of whether investor died. Industrial revolution led to the emergence of big corporations. Many founded and run by individual industrialists known as robber barons . J. p. morgan, andrew carnegie, rockefellers (standard oil), vanderbilts, etc,
