SOSC 1340 Lecture Notes - Joel Bakan, South Sea Company
9 Jun 2013
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Bakan starts off the chapter with the description of a corporation, describing what a corporation is in general, and how it became the world"s most dominant economic institution. Bakan talks about the rise of corporations in the past 150 years and have become world changers. Bakan talks about different types of businesses through out history and the frauds that have come from some of them. He mentions the corporations go separate ways rather than partnership businesses. In terms of business ownership from management, bakan argues, By having one group of people, directors and managers, run the firm, while another group, shareholders, own it (bakan, 2004). He continues to argue the importance and dominance of corporations and their unaware impacts, as is true of any ruling institution, the corporation now attracts mistrust, fear, and demands for accountability from an increasingly anxious public (bakan, 2004).
