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Midterm

Midterm Notes.docx

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Department
Administrative Studies
Course
ADMS 1010
Professor
Joel Marcus
Semester
Winter

Description
ADMS1010­ MIDTERM NOTES (LESSON 1­5) Lecture 1: The business industry is surrounded by diff factors: Economical, technological, social, political Company is surrounded by: Suppliers, customers, investors, competitors, Occupy wall-street say= businesses have too much power. Tea party members say= govt has too much power (tea party= movement to reduce US national debt) Organizations: 1) Social entities 2) Goal directed (business goal= profit, govt goal= societal welfare (peace, order, jobs, re- election) 3) Deliberately structured/coordinated 4) Linked to environment Mutual dependence= govt and business support each other. Govt establishes regulations, laws, infrastructure and subsidies…businesses contribute by tax and political support Govt involvement in economy: 1) Mercantilism: partnership with private enterprises to secure govt support in national interest 2) Mkt. liberalism: govt supporting capitalist, laissez faire, free market economy with focus on private enterprise. Govt interference limited to maximize free trade… rogers bell Telus upset over more competition coming from USA Neo-mercantilism: - Taxes on imports to develop infant industries and domestic expansion - Develop/protect STRATEGIC industries- banking Distributive policies: Redistributing economic opportunities/benefits through subsidies, taxes, regulatory preference Right wing= conservative , middle= liberalism, left wing= socialism Neo-liberalism: - Political ideology in Canada where realistic use of mkt. forces to discipline govt operations in achieving public policy goals and integrate economic objectives through intervention Neo-conservatism: - Broadly committed to limiting size/scope of govt How is Canada’s economy diff? - Rich in natural resources, multi-cultural, close with USA, federal system Lecture 2: Constitution Act in 67= defines federal structure of Canada (HOC, senate, tax system) Canadian confederation= process where Canada was formed. 3 British colonies became Ontario/Quebec/Brunswick/Scotia Federalism= system where power to govern is shared between national/provincial govt National strategy= federal state should aim to build national strategy… nation projects, nation economic strategy Regional interests= federal state should aim to please regional interests… regionalism is identification of a region as distinct political community based on differences in political/economic/social structures Canada’s transfer policy: redistribute Canada’s wealth fairly between provinces. What happens is some provinces send more $ to Ottawa then they receive in terms of services Articles: 1) Canada needs to develop pipelines quick and TransCanada announced it’ll happen. Linking western Canada oil to eastern Canada 2) Federal govt to reduce health care funding , tougher for provincial govt to balance books Division of powers: Federal: public debt, postal service, currency, military, census, regulate trade Provincial: establish/maintain hospitals, provincial tax, marriage, Centralization= federal govt has more power there are somewhat regular swings between centralization and decentralization.  As discussed in class, a more centralized approach to national  governance generally occurs during times of uncertainty and instability (e.g. during major wars).  In times of relative stability the Provinces tend  to push for greater autonomy(independence) leading to a more decentralized governance model.  How economy was during confederation: Constitution act (in the year 1867) granted provincial exclusive authority over banking, currency etc. Main problems were trust in banking system and adapting a common currency. Goal= financial stability - BMO had 25% assets of all bank assets - Free banking in US = anyone with $ can open their own bank, the first bank of the US became Canada’s model Bank Act in 1871- one vote per share, 6% interest ceiling, prohibition on extending credit on property, total bank liabilities couldn’t exceed 3x it’s capital   Bank act in 1871: - Minimum capital of 500k, 10% to be paid up front, - Power to issue notes in denomination of $4 or more. Note issuance= main profit for banks - Double liability for shareholders on investment/ - Bank liabilities not to exceed 3x capital resulting in less notes issued (as that’s a liability) - Parliament reviews - One vote per share - Don’t extend credit on property - 6% ROI as ceiling Stern Diamond: Home= enabling political systems ( address social inequalities and establish order on law) all this results in sustained, long term economic growth First= effective financial systems (banks, capital markets… transfer $ surplus to areas of need) Second= Entre (development of new products, markets and land labor capital) Third= Sophisticated Managerial capabilities (achieve econ of scale, Lecture 3 CTV Report= unemployment increased… loonie’s value declined so exports would rise. Private sector downsized CBC= Canada job grant: fed govt helps people get trained for jobs. These still don’t exist! Goals of govt: 1) social welfare (peace, order, good govt. jobs, econ prosperity ) 2) re- election(propaganda) Staples theory= exporting a few dominant resources shaped economy and political systems. Ex: Newfoundland shipping fish established fish/chips in UK. Differing views: 1) Led to continuous dependency to export 2) Foundation of more developed economy. Ontario- Massy Harris. Loss of British imperial preference in 1840s- no tariffs= favored Canada. Reciprocity treaty with USA= free trade Know: John A Macdonald’s national policy and CPR. National policy: in 1879 - USA stop free trade, leads to recession (hurts efficiency, subsidies inc, competition decrease) 1) Protective tariffs/selective govt subsidies 2) Transcontinental railroad 3) Western settlement Protectionism= economic policy, prevent trade via tariffs on imported goods, quotas and other rules to allow fair competition between imports/goods produced domestically Canadian pacific railway= CPR - Example of clientelism ( exchanging GS for political support ) - Hugh allen was massive funder to conservative… he gives contract, they fund political ambitions - National identity (connected Canada) , govt gave subsidies, Outcomes of national policy= Pros: founded western development, responded to US protectionism Cons: effects business efficiency due to lack of competition, western provinces complained as it was easier to trade with West US vs. eastern Canada Know for case: does each theory fit? (stern and staples) , describe it and which is supported? Massey benefited in 1854 from access to US timber (free trade) and cheaper british steel (protectionism) , merged with harriss in 1891 and had better econ of scale, Lecture 4 Developing business schools= mgmt. capabilities so we can manage corporations better. Imperial preference= UK chooses free trade, Canada loses imperial preference in UK (has to compete with others)…imperial preference is UK trading with their colonies and not charging tariffs in 1846 Example of protectionism- country of origin on beef in USA where consumer is more likely to buy local product Great depression= many econ policies created through this (econ isn’t ex
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