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SOSC 1340 (17)
Kean Birch (14)
Chapter 1

The Corporation by Joel Bakan chapter 1 +2 summary.docx

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Social Science
SOSC 1340
Kean Birch

The Corporation By Joel Bakan Chapter One Summary Chapter one in the book "The corporation" by Joel Bakan explains the corporation in general, how it got established, and it also includes some historic events that have something to do with the corporation itself. The book starts with some background information about the corporation in the past. Joel Bakan talks about how corporations started taking a role in our lives since mid 1500s. Joel explains how the corporations started controlling our lives and how they control the whole society with their companies. Joel gives many examples of an old corporations and how they scammed the society with the help of law. One of those companies were the South Sea Company which is a British joint-stock company that was formed in 1710, the corporation's intention was to make profit by trading including slave trading with Spanish colonies of South America. The company couldn't make any profit and all the investors that bought the company's stocks lost their money instantly. The company was a scam and many people's lives were ruined. Corporations were banned in England under The Bubble Act because there was so many scams but corporations got permitted again in 1825. In the past it was hard to establish a corporation but then it became easier once the corporations stopped establishing their businesses on the partnership form. They made one group run the business while another group owns it which is called the "shareholders". Companies started making double the profit they used to make before once this new system got introduced to the business, they can scam people and make profit but all in a legal way. Corporations were legally considered as a "person" by the end of the 19th century, they got more powerful and bigger in the early 20th century. That's when people started realizing that corporations are powerful and unstoppable. Joel Bakan also talks about one of the biggest corporations in America that had an effect on other companies, this company was AT&T and it came up with a new democracy system which is the corporation is controlled by all and not by only one. Many corporations started following this system so they can get people to start trusting them again. Corporations reached a level where they were weak but after Ronal Reagan became the president of United States and Margaret Thatcher as Prime Minister of England corporations started gaining back their political power. Joel Bakan talks about how corporations are dangerous because they have the same legal rights as persons, and they started abusing it which made them so powerful and big. Chapter two Business As Usual Chapter two by Joel Bakan talks about corporations and many
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