BUS682 CHAPTER 3: February 3, 2016 CASE STUDY REVIEW • It would not be okay to judge Rockefeller based on today’s standards because laws and social norm was different in his time. It was okay to be a monopoly because he STANDARDIZED the industry, created jobs. • Bill Gates had the same argument. • Monopolies are bad today because they do not allow for competition. • Utilitarian Theory- Its okay to harm some as long as it benefits most people. Ex. Taxes. • Standard oil was a net plus to society because as a whole society benefited from his standardizing of oil. • Rockefeller justified his actions “ He had a divine roll to make money and give it back” Business Power pg 55. FINAL QUESTIONS -What is the dominance theory? What is the pluralist theory? What is the difference between the both? Pg. 64 Dominance theory- That corporations dominate society as a whole. Pluralist theory- That government, consumer, non for profit organizations dominate society as a whole. -Please summarize JAMES DUKE as discussed in the chapter. PG. 55-57 -What is POWER? Pg.58 . -Levels of corporate power? Does a corporation have powers to act a certain way? Pg 59 -There are seven corporate power sphere, of the 7 spheres of corporate power please list 2 of them. Pg.59 Economic, technological, environmental, legal, etc. - What did the rail roads change in America. pg 61 What does the story of the rail roads tell us about what changed because of the rail roads. ANWER: They standardized time zones. - Read “The rise and decline of corporate giants” then summarize the section as discussed in chapter pg.68 -NOT IN FINAL, BUT RECOMMENDED TO READ. Book: Democracy in America by Alexis T. - Please summarize “JP Morgan and Panic of 1907” as discussed in chapter. Pg.72 CHAPTER 4 February 10, 2016 Chapter 4 page 83 - Please summarize Mary Mother Jones case as discussed in the text. pages 83-86 -What is just price? What is market price? Know the difference of the two.
- Usury : Lending of money for interest. What are usury laws? Makes it illegal for someone to let you borrow for an interest rate that is too high.
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