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COMM 387 Reading Study Guide Part 2

COMM 387 Reading Study Guide Part 2 - COMM 387 STUDY GUIDE...

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COMM 387 STUDY GUIDE EXAM 2 Readings Joel Bakan--“The Corporation’s Rise to Dominance” Sheldon Rampton and John Stauber--“Questioning Authority” James Hoggan--“Preface” and “Manipulated Media” Naomi Oreskes and Eric Conway--“Introduction” and “Doubt is Our Product” Joel Bakan--The Corporation’s Rise to Dominance 1. How does Bakan compare corporations to the church and the monarchy in other times? They both posture as infallible and omnipotent, glorifying themselves in imposing buildings and elaborate displays 2. What was the difference between the partnership form and the corporation when it emerged in the late 16 th Century? Partnership form in which relatively small groups of men, bonded together by personal loyalties and mutual trust, pooled their resources to set up businesses they ran as well as owned Corporation separated ownership from management—one group of people, directors and managers, ran the firm while another group, shareholders, owned it 3. What did Adam Smith warn about? In the Wealth of the Nations, that because managers could not be trusted to steward “other people’s money,” “negligence and profusion” would inevitably result when businesses organized as corporations 4. What did the English Parliament do as the result of the collapse of the South Sea Company? Outlawed the corporation (with some exceptions) 5. What has been the response of modern governments to scandals every bit as nefarious as the South Sea bubble? It has been sluggish and timid at best; Sarbanes-Oxley Act, signed into law to redress some of the more blatant problems of corporate governance and accounting 6. What does the comparison with 1720 reveal? The corporation now dominates society and government 7. What is the genius of the corporation as a business form? Was and is its capacity to combine the capital, and thus the economic power, of unlimited numbers of people 8. How did the invention of the steam--driven engine influence the corporate form? Started the industrial revolution Steam power fueled the development of large-scale industry in England and the United States, expanding the scope of operations in mines, textiles, mills, breweries, and distilleries/ corporations multiplied and the number of corporations grew tenfold 9. Who does Bakan think were the true creators of the modern corporate era? America’s nineteenth-century railroad barons, men lionized by some and vilified by others 10. By the middle of the 19 th century what was the principal barrier to broader public participation in stock markets? No matter how much, or how little, a person had invested in a company, he or she was personally liable, without limit, for the company’s debts
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11. What was offered as a political justification for limited liability?
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