MODR 1730 Lecture Notes - Lecture 15: Legal Personality, Industrial Revolution, Externality

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February 3, 2016
Lecture 15
Modes of Reasoning
Film 2: “The Corporation”
Question and Answers
1. What is a “corporation
o Group of individuals who work together to sustain the business to achieve goals and
objectives
2. Are corporations “persons”? If so, what sort of “persons” are they? In other words, in what
ways are they similar to you and dissimilar to you (consider this question both legally and
morally)
o Not a group of people, it is looked at as a legal person
o Corporations not looked at as a group
o Right to own and acquire property, same right as us, sue others
3. Have corporations always been part of the business world? Are corporations necessary
“fact of life”?
o No, corporations have a specific legal entity
o After the first industrial revolution, began to build stuff that everyone can use
o When it first existed it was a group of people who worked together to achieve a specific end
o At the end of the civil war there was a new law saw black people as persons
4. If corporations can be created, can “corporations” be dissolved (ex. “closed down”)? If so,
how?
o Yes, legally
o Back to civil war dissolved corporation of bridge
o Legal authority to get rid (ex. Oil comp)
5. Should corporate leaders have any role in the creation of government legislation and
regulations governing (corporate) business practice? Why or why not?
o No, it is dangerous to have business people making up the policy
6. What power do governments have over corporations?
o They have limited power to dencorporate large corporations
o Difference to pin them down, can move them
o Can’t be held accountable
7. Corporations often fund “lobbyists” who work for the corporation’s interests. What is
“lobbying”? Is “lobbying” beneficial to the democratic process in this instance or does it
distort the democratic process? Explain.
o Lobbying is :
o Corporate lobbying can be distorting, legal but wilding power over people
o Lobbyist represent government policy
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