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Midterm

Midterm Exam Review (2010-2011)


Department
Social Science
Course Code
SOSC 1341
Professor
Darryl Reed
Study Guide
Midterm

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SOSC 1341 Midterm Exam Notes
Exam is out of 20 Points
1) Matching Questions (18 of 36 terms is on the exam) - 6 Points (1/3 Points for Each Term)
Corporation - Limited Liability, Free Transferability of Investor Interests, Legal Personality,
Centralized Management
Partnership - small groups of businessmen, bonded together by personal loyalties and mutual
trust, joint-ownership/management
Moral Legitimacy - stakeholder norms, values of key stakeholders
Cognitive Legitimacy - "taken for granted," certain that stakeholders will support given
activities
Limited Liability - investors and shareholders take little risk, limiting corporate responsibility
FLO - Fairtrade Labelling Organization, International Certification Body, standard conformity,
helps access mainstream distribution outlets
UCIRI - cooperative of indigenous farmers in Oaxaca (Mexico), coffee, Solidaridad
Social Enterprise - diversity of social purposes, retreat of the welfare state
The Virginia Company - Conscripted Labour, Slave Labour, Democracy, failure, optimism not
realized by company
The East India Company - Permanent Stock, Parliament MPs were shareholders, controlled
trade east of the Cape of Good Hope, had its own military, economy, and judicial system
The Charter Company - early U.S. approach to corporations, encouraged corporations to
operate for "common good"

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Corporate Personhood - attribution of rights, power, and privledges of a natural person
Class Consciousness - making revolutionary changes possible, proletarian self-awareness, never
through reforms (Marx & Engels)
Alienation - Labour is exploited under Capitalism (Marx & Engels), no meaningful purpose for
the workers' effort into "work"
Proletariat - Labour class ruled by Bourgeoisie, encouraged to take over the means of
production
The Great Transformation - Polyani's Work, reciprocity, redistribution, householding,
antagonizes the market
The Economic Problem - Problem with meet needs (demand) and scarcity (supply), Proposes
Three Solutions (Tradition, Command, and Market)
Moral Economy - customary understanding of the responsibilities, paid what they believed to be
"fair" price, "just" price, social interest over private profit (Thompson)
Commons - citizens without titles, landed Gentry, land holdings, freement, lower than nobility,
higher than the poor (merchants, traders, non-apprentice artisians)
Common Law - based on customs and was distinct from the Roman system, Magna Carta,
above conventional law, Early English Legal System, protected traditional rights of economies,
imposed limits on the king
Cooperative - collective ownership for mutual benefit, stakeholder-driven fair trade and
consumer education (Fridell), democratically-controlled
Rochdale - site of first cooperative experiment, "buying group" and "divi" key organization,
successful, based on social and fundamental needs, movement from resistance to organization
Communism - radical economic model, run by state, proletarian rule

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Class Struggle - Conflict between the oppressor and the oppressed
Bourgeoisie - Ruling Class ruling the Proletarian, exploitation of the labour class, fated (by
Marx) to fall at the proletariat revolution
Reformation - Protestant Reformation, justified emerging capitalist order and social economy
alternatives, justified parliamentary cause and radical alternatives, took the bible literally
Protestant Work Ethic - belief that hard work is a sign of personal salvation (Weber)
Magna Carta - Signed in 1215 by King John, represented the efforts of the aristocracy, limits
the power of the king, Common Law
The Bubble Act - criminalized the formation of a corporate body, and the issue of transferable
stocks without legal authority
Bolsheviks - Russian faction under "revolutionary" Lenin, opposed Russian participation in
WWI, Marxists, October Revolution, began as a peaceful movement
Russian Revolution - series of revolution against Tsarist Russia and the provisional government,
aimed for a Communist state
New Economic Policy - some market activity at consumer-distribution level (USSR)
Soviet - Soviet Social Economy, large voluntary association sector, successful in some aspects
(social good replaced profit), included youth clubs
Kolkhoz - surplus divided among members, allowed small private garden plots (market),
members were not free to leave (USSR), process before state farms (bigger organization, smaller
numbers)
Sovkhoz - wage labour based income, peasants resisted against collectivization
Perestroika - restructuring glasnot, openness (USSR)
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