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| Broad term encompassing a range of actions and institutions |
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| refers to structures and processes in soecity that authoritatively make and apply policies and rules |
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A network of human relations that includes 3 elements
1. Ideas
2. Institutions
3. Material Things |
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| 3 historical periods of government, industrial organisation, and legal doctorine |
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1. colonial-1860
2 Civil War-Great Depression 1929
3. Depression-2005 |
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Henry Clay and John Calhoun
protectionism and federal funds for public work, which meant states and municipalities owned stocks in private companies (Baltimore Ohio Railroad, 1/3 Bank of Pennsylvania,etc)
States subsidized specific industries, regulated exports, weight measures and agriculatural harvest |
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| Colonial Business Organization |
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| small entrepeneur vs. employees |
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| pre-1840 development stimulus favored... |
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| Post 1840-industrial revolution helped (2things) |
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reduce unit cost and encourage capitalism to turn to domestic trade
west benefited |
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| Legal doctorine (colonial (1860)-laws emphasized 2 things |
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1. individual liberties (property rights, corporation as business entity, gov enforced terms of contract)
2. business expansion |
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| Consitution authorized... |
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| national government to impose taxes and establish a currency, borrow mmoney, regulate commerce, and protect IP |
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| Legal deveopments of pre civil war were essential to ________ development |
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| form of business organization in which ownership is usually represented by transferable stock certificates |
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| stockholders have _____ in corporation |
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| Corporation are ____ ______ _____ |
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| independent legal entities that can make contracts, hold property, incur debt, sue and be sued |
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| Industrual revolution business organisation |
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| large business with vertical integrationa dn horizantal merger |
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| when a producer has total control over an industry |
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| 1870s-1880s big industrialists |
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| industrial justification of unfair business practice |
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| Three methods of business consolidaion |
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1. pooling
2. trusts
3. holding companies |
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| done by railroads to fix rail fairs at high rates (companies would cheat causing this to fail) |
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| developed by Rockefeller to bring cntrol to former competitors. If competitors did not join, he would put them out of business |
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| hold stock in several firms in same indsutry. Owned majority stock and could dictate industry policy |
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| What effect did consolidation have on business? |
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| business became less competitive and more consolidated, leaving power in hands of few |
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| 1887-regulate railroad companies. congress create Interstate Commerce Commission to regulate interstate regulations |
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| regulates railroads by eliminating pools, rebates, and regulation rates |
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| 1890=attempted to outlaw trusts |
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| How did anti trust legistlation impact business? |
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| Limited at first because of weak worded. Did establish that government can regulate industry and break up monopoly Teddy Roosevelt what do better later |
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| October 29, 1929. Stocks took deepest dive at $15 billion in one day, while prices fell until November |
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| Causes of Great Depression(5) |
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Definition
-unrestrained speculation on stock market led to crash
-overproduction and low demand led to layoffs
-uneven income distribution
-high tariffs restricted foreign demand for foreign goods
-dust bowl |
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| Overproduction problem was that |
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| more efficiency lead to drop in prices, which oversaturated the market. Caused businesses to lose money and lay off workers or shut down |
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| Income Distribution stats |
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| 1929-top 5% made 30 of income and 2/3 lived on less than $2500 a year |
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| High tariffs made it hard for foreign nations to pay US war debt. 1920's Raised tariff rate to 59.1%, highest in history. sales faltered internationally when others retaliated |
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| series of programs designed to help America's economy recover and give relief to citizens |
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| What was new deal nickname |
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| too much deficit spending |
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| 1934-conservative democrats and wealthy businessmen opposing new deal |
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| created by NIRA too fix hour in which employee could work, imposed minimum wage, and banned methods of unfair competition |
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| Schechter vs. United States |
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| Supreme Court said code violated constitution on grounds of it being written by Executive Branch, not congress. This negated the new deal |
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| 2 other new deal programs struck down were... |
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| railroad retirement act and agriculatural adjsutment act |
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| Positives under roosevelt 3 |
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Wagner Act/National Labor Relations Board
Keynesian Economics
Repeal of Prohibition |
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| argues that governemnt should spend heaviily during recission (even running into deficiit) in order to jump start economy |
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| Wagner Act/National Labor Relations Board |
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| recognized right of workers to organize and bargain for the first time |
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| Growth of private firms following depression led to (3) |
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regulation of business practices
supervising competition
Protecting society from corporate action |
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| 4 characterisitcs of corporations at the end of 20th century |
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MNC
Product Diversification
Professional Managers
Globalisation |
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Foreign Trade
Persnal Capitalism
Industrial Revolution |
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| Germany political unification |
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| German railroad development |
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| German economy (3 things) |
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committed to employees
corporate capitalism
export oriented |
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| coal, iron, and machinery |
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| 1868-modernized programs with "rich nation, strong army) |
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