Kennedy journal 1

Kennedy journal 1 - Page# Write your paraphrases/summaries...

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Page# Write your paraphrases/summaries from the reading here: Write your personal opinions and thoughts in response here: p. 5 ¶ 1 p. 6 ¶ 1 Bakan points out that corporations began dominating society recently. Before the church and governing bodies control our daily life. Now corporations not only dominate our lives but, that of the individuals who are supposed to dominate them. People are influenced greatly by advertising from corporations. Nowadays many corporations make similar products thus, the decision as to which brand to purchase is a decision we as consumers make daily. In addition, I have noticed that many corporations are expanding their businesses globally. They are no longer localized certain corporations are now becoming internationally recognized icons like Coke and McDonald's. I want to know more about how and why corporations have changed over the years and what makes them change. p. 5-6 ¶ 2 Bakan states that corporations can trace their roots back to the late 17th and early 18th century London. There were a slew of corporations there brewing however, the majority were fake and soon folded. When the government checked into the state of corporations and they were disgusted but not shocked with the unethical and incredulous affairs that were occurring. What is the Enron scandal? I want to know more about it because it seems like a very serious event in recent economic history. Even today, people are quick to invest in company's that have high expectations built around them. In the short run they make money quickly however, they quickly go under afterward similar to the early corporations of London's Exchange Alley. As consumers it is imperative that we make informed investment decisions. Bakan illustrates corporations were always suspected of corruption even when they began in the late 16th century. Then the most common form of business was the partnership which consisted of a small group of men closely knit by their ties. The corporation however, separated ownership and management which many saw as a set up for disaster and indeed it was since the English Parliament eventually banned corporations all together. It is amazing how the predominant form of business today was 300 years ago outlawed. I wonder what happened with the South Sea Company that could cause such huge reforms to business. It also makes one wonder with the Enron's of today will corporations be outlawed or will they continue to dominate the business world? p. 6-7 ¶ 2, 1 The South Sea Company was a fraudulent company that promised to traded with South America. However, South America at the time was owned by the Spaniards who had the exclusive trading rights for the area. Thus, the company in the beginning with all the speculation and false promises of riches rose in value quickly is disappeared just as quickly. The director's were brought before parliament and fined and a few were even incarcerated and due to the whole affair the Bubble Act was based in 1720 which made it illegal to start a company that was a
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This note was uploaded on 09/25/2011 for the course ENG 209 taught by Professor Staff during the Spring '11 term at S.F. State.

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Kennedy journal 1 - Page# Write your paraphrases/summaries...

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