Study guide 3 - ! Week 3 Study Guide The Development of the...

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6 Week 3 Study Guide The Development of the First Global Economy Monday, 9/5 Online Videos: Suez Canal (Modern Marvels) Submarine Telegraph (Modern Marvels) The Corporation, Parts 1-4 1. How was Egypt drawn into supporting and financing the construction of the Suez Canal? DeLesseps became friends with Saied and persuaded him to build Suez Canal. Ship open to everyone 15% of profits to Egyptian government. 92k Egypt bought but then lied about buying all unsold shares, Saied was deceived and provided laborers 2. What kind of effects, do you reason, did the international telegraph have on international commerce? o Constant and quickest communication. o Able to make quick orders and trades. o What is needed and what is not 3. How and why did the nature of the corporate form, and its stated legal purpose, change over time? Had regulations, rules, stipulations; Increase productivity; then made corporations into persons, 14th amendment for black people was used for corporations; restraints removed, legal rights of a person but carries on as a business 4. If a corporation is a "legal person," then what kind of person is it? What kind of personality does it have? Does it have a moral conscience? Immortal persons, persons who have no moral conscious only for stockholders 5. What is an “externality”? Can it be a positive or negative thing? Think of examples. An externality is the effect of a transaction between two individuals on a third party that has not consented to or played any role in that transaction. Negative. Objectives that are achieved have no conscience in way it’s obtained. Think of examples. Let someone else deal with the problems
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7 Terms Ferdinand De Lesseps Wanted canal open to all nations without discrimination, tricked Suez into financing it. Corvée Labor Worked on the Suez Canal, families came along because the support (man) was leaving, worked 18-hour days for 5 to 6 years. Questioned if they were indeed paid, was like the military, you had to do it. A way of Suez giving the labor he had promised so they would not have to pay. Cyrus Field Had a great obsession for epic projects, thought he could lay a wire in the ocean to connect Europe with North America. Would not back down no matter how many times the wire snapped. 4 times, still went back for better cable better machines, a bigger boat. Finally connected them, and lasted. Making Washington mutual drop out of the race to connect Europe and North America by land. 14th Amendment
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This note was uploaded on 11/09/2011 for the course INTB 3353 taught by Professor Prodan during the Fall '08 term at University of Houston.

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Study guide 3 - ! Week 3 Study Guide The Development of the...

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