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essay1_corporation_1st_draft revised

essay1_corporation_1st_draft revised - 1 The Rising Power...

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The Rising Power of Corporations Since corporations first emerged in the late sixteenth century, their economic power has been continually increasing until today. Gradually their influence has increased and they currently dominate the entire economic society as well as people’s lives. Unfortunately, at the turn of the twentieth century, society and governments started becoming enraged and frightened by these business giants. This paranoia stemmed from the fact that many corporations were merging and becoming massive. In the chapter, “The Corporation’s Rise to Dominance,” Bakan retells the history of corporations to illustrate how they rose to the unprecedented position of clout they are in today. I agree with Bakan’s assessment that the economic power of corporations has been growing dramatically, but negatively. Despite bad sentiments on the behalf of the public, corporations have risen to dominance in modern society. Good social relations with the public, the new trends of globalization, and technological innovations have all helped in aiding corporations to acquire the tremendous power they have today. Corporations have built a close social relationship with society by improving worker relations and branding their selves as friendly and neighborly. At the turn of the twentieth century worker relations were extremely poor. The wages as well as the working conditions were atrocious. Bakan states that ill sentiments from the public, combined with battle weary veterans returning from World War I demanding better treatment sparked the trend of New Capitalism. The main objective of New Capitalism was to show that the government need not interfere with the corporations’ affairs (Bakan, 2004, pp. 18). This greatly helped corporations to strengthen their worker management relations on top of slightly smoothing things over with the public. For now, it was more 1
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like a privilege, having benefits and somewhat of a say in matters that affected them. In
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