SOC208H5 Lecture Notes - Lecture 7: Hydrogen Sulfide, Michel Foucault, Status Quo
Document Summary
A company or group authorized to act as a single entity recognized by law: regular company: charter, monopoly, trading for merchants (13th century, joint stock company: monopoly, but eventually partnerships (17th century) Greater demand to pool resources, encourage business, generate capital. Limited liability: pool resources for economic and practical benefits, economically and socially productive ventures, few risks beyond investment, encourage investors, spread of contributors across ventures, unassailable right. Limiting (limited) liability: corporation lobby against regulations, harm & accountability, criminal and civil regulatory sanctions, awareness & protest. Illegal act or omission, punishable under administrative, civil, or criminal law, which are the result of deliberate decision making or culpable negligence within a legitimate formal organization intended to benefit the corporation. White collar crime is different because the money doesn"t go to an individual, it goes to the whole company: in white collar crime, the company can be the victim, in corporate crime, the company wins.
