Unit 2: Corporation Qs Flashcards
Corporations are:
- Form of business ownership
- Legal entities that are separate/distinct from owners
- Business has the right to enter contracts, loan, and borrow money, sue and be sued, hire employees, own assets, and pay taxes.
- Individuals have limited liability, which means they can’t be sued personally or receive jail time for actions of business.
Can be public or private. - Shares of private corporations privately traded, public corporations are freely traded.
- Can only be established through government authorization
Common shares
Corporations:
It’s a group of individuals working together to achieve a set of objectives, including large legal returns for people that own the business.
“Business community: or “company” is a ____ representation than the skewed definition of corporation.
much fairer
There are very few ____ ____ in early U.S history
chartered corporations
Corporations have “no ___ to save and no ____ to incarcerate”
No soul to save and no body to incarcerate
Externality:
Letting someone else deal with the problems.
Corporation is an externalizing machine
Corporations pay workers
cents on the dozens or hundreds of dollars that an item is being sold for
Extremely low-cost labour
6 minutes to make a shirt, and 70 cents for making the shirt for the worker
Personality diagnostic:
callous unconcern for others feelings. And incapacity to endure maintain enduring relationships
Harm to human health:
pollution, toxic waste, synthetic chemicals
Harm to human health: pollution, toxic waste, synthetic chemicals
Synthetic chemicals in
air, food, and water that cause cancer due to corporate carelessness
Fungicide, a child was born without eyes: due to the
environmental effects
Industries have known about this since day 1, and attempted to trivialize these risks
Personality diagnosis
Reckless disregard for others
Due to corporations, we’re in the middle of a cancer epidemic:
1 in 2 men get cancer in their lifetime, and 1 in 3 women get cancer
Harm to animals:
habitat destruction, animal experimentation, and use of dangerous chemicals
Corporation lied through their teeth about not using
hormones/antibiotics on the cows that produced milk
Personality analysis:
Deceitful; repeated lying to others for profit
BST results in
unnecessary suffering and distress for the cows
Governments around the world pay farmers
not to produce milk
Cow’s infections and bacteria can end up in the milk from the drugs that make them
sick. Cows become ill when injected with drugs/antibiotics
People drinking this milk are consuming antibiotics,
and this is contributing to antibiotic resistance
This is all bad for the cow, farmer, and consumer
Herbicides used by corporations caused birth defects and thousands of cancers
Personality:
Inability to admit guilt. Corporations submitting a public admission of guilt is harmful for business and profit.
Harm to biosphere:
- nuclear waste
- Polluting river with toxic white foam in search of wealth
- Corporate criminals of the 90s= Exon: Pled guilty to federal criminal charges
General Electric: Guilty of defrauding federal goverment
Kodak, IBM, Pfizer are all guilty
Personality analysis:
Failure to conform to social norms with respect to lawful behaviors
Cost of paying a penalty is less than the cost of complying with
rules/regulations
Every living system on Earth is in a decline due to corporations
“Intergenerational tyranny” A form of taxation without representation
Corporations exhibit psychopathic behaviour. FBI agent says that corporations have all the characteristics of psychopathy.
“A building can’t have social responsibility, neither can a corporation”
Corporations are working against evolution.
Example of this are self-destructive seeds
“The death of birth” - Expresses extinction of species
Privatization of wealth and resources creates problems that conflict with the
best interest of the public
Advertising manipulates children to buy company products
- Children nag their parents to convince them to buy products, which is the advertising goal
- Corporations main goal is to maximize profit/market share
Biotechnology companies patent important human genes such as cancer-linked genes.
- Milk company threatened Fox News for exposing their use of injecting cows with drugs. Corporations want an honest reputation, so they didn’t want a report on their product negligence.
Corporation lawyers said: corporations can’t be deprived of a person of life, liberty, and property.
They claimed that corporations were people in court.
14th amendment was passed to protect newly freed slaves. Judges applied those rights gained by freed slaves to capital and property.
Corporation bottom line is to how to make as much…
- money as possible in a single quarter, no other goal
- Required by law to prioritize financial interests
Rainwater became privatized in…
Mexico, and low-income individuals had to choose between necessities such as groceries and healthcare to pay for water.
Fascism rose in Europe by the help of corporations
IBM helped…
- keep records of prisoners in the holocaust
Corporations are extremely unethical and commit illegal acts to keep profits high despite consequences for others, especially the poorer individuals.
