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"Superpowers" ch6 Summary

2 Pages

Social Science
Course Code
SOSC 1340
Kean Birch

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October 10, 2013 READING SUMMARY Name: Baraq Reading(sNace, T. (2005) Superpowers. OUTLINE OF THE READING(S) Corporations always played a major part in the economy. Essentially, corporations control the economy and where the money goes. Corporations abilities are determined by the framework of laws. They are only as powerful as they are legally designed to be. A framework of laws were deliberately created to keep corporations politically weak and to make sure they don't take control of anything beyond the economy. The corporations of 1860s (classic corporations) were quite different from those of the 1900s (modern corporations). There were large restrictions placed on classic corporations to keep matters in control. In 1860, to create a corporation one had to receive a custom corporate charter that was issued by a state legislature which was a very difficult to accomplish. By 1902, a new system of automatic approval came into being which allowed anyone in the United States to receive a corporate charter. Previously, the classic corporation was limited in life span and had to periodically apply to have its charter extended. With the transition to modern corporations, perpetual existence was introduced meaning that the corporations could continue indefinitely. Modern corporate immortality became even more potent when they received the ability to "morph". They could now become a whole new entity, absorb into a different company, or rename itself and emerge as a completely different company. October 10
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