GMGT 1010 (BUSINESS AND SOCIETY)
STUDY NOTES LATEST UPDATED AND
VERIFIED.
Free/Private Enterprise System
Market driven system where people can own private property and there is
some government intervention
Stakeholder Capitalism
A form of capitalism where business accepts broader responsibilities than
shareholders and where the needs of shareholders and stakeholders are
balanced
Clean Capitalism
incorporate social, economic and environmental costs into the prices we pay
Sole Proprietorship
One owner, taxed with the owner
Partnership
A group of owners who run the firm, taxed with the owners
Corporation
many owners and employees, taxed separately from owners, separate legal
entity, limited liability: you are only liable for how much you invest in the
company
privately owned corporations
,adv.: no shareholders to answer to
disadv.: have to raise capital privately
publicly owned corporations
adv.: can raise capital on the stock market
disadv.: shareholders to answer to
Crown Corporation
Gov't owned organization
doctrine of incorporation
provides freedom of association
Who runs organizations?
Owners - direct (shareholders), indirect (mutual fund holders and investment
firms)
Board of Directors - elected by shareholders
Managers - run day-to-day operations
Non-profit organizations
corporations who assure they can provide their service regardless of profit
Co-operatives
Owned by members with a common goal
Legitimacy
belief in the rightness of an institution
social license
privilege of operating in society with minimal restrictions due to public trust
Deontological ethics
,everything we do has to be ethical (focused on process)
Teleological ethics
It doesn't matter what actions we take as long as the end result is good for
society (focused on outcomes)
Virtue Ethics
you can behave ethically or unethically as long as you have certain traits
Inventions in the early 1900s
electrical power, automobiles, gasoline engine
automobile industry explosion
1905: 121 automobile establishments
1923: 2471 automobile establishments
Urbanization
movement of people away out of farms into cities
interdependence
the reliance of two or more things on each other
Winnipeg General Strike
- took place in 1919
- large population returning from WWI
- low wages/high unemployment
- 30,000 workers left work to strike
- resulted in Bloody Saturday where 2 people were shot and 46 were
hospitalized
- June 26th is when people stopped striking and returned to work
Roaring 20s
, - increased population
- growth of cities
- low unemployment
- stock market boom
- increased wages
Stock market crash and the Great Depression
Stock market bubble burst and $30 billion disappeared
Economy in WWII
- increase in employment
- economy picked back up
- technology increased
Golden Age
- technological advances: TV, washing machine, dishwasher
- wages increased
End of the Golden Age
- inflation stopped
- inequality widened
Globalization
the rise of an international market
sparked by:
- rise of China
- outsourcing
- increased mobility of capital
- emergence of international organizations
Great Recession
STUDY NOTES LATEST UPDATED AND
VERIFIED.
Free/Private Enterprise System
Market driven system where people can own private property and there is
some government intervention
Stakeholder Capitalism
A form of capitalism where business accepts broader responsibilities than
shareholders and where the needs of shareholders and stakeholders are
balanced
Clean Capitalism
incorporate social, economic and environmental costs into the prices we pay
Sole Proprietorship
One owner, taxed with the owner
Partnership
A group of owners who run the firm, taxed with the owners
Corporation
many owners and employees, taxed separately from owners, separate legal
entity, limited liability: you are only liable for how much you invest in the
company
privately owned corporations
,adv.: no shareholders to answer to
disadv.: have to raise capital privately
publicly owned corporations
adv.: can raise capital on the stock market
disadv.: shareholders to answer to
Crown Corporation
Gov't owned organization
doctrine of incorporation
provides freedom of association
Who runs organizations?
Owners - direct (shareholders), indirect (mutual fund holders and investment
firms)
Board of Directors - elected by shareholders
Managers - run day-to-day operations
Non-profit organizations
corporations who assure they can provide their service regardless of profit
Co-operatives
Owned by members with a common goal
Legitimacy
belief in the rightness of an institution
social license
privilege of operating in society with minimal restrictions due to public trust
Deontological ethics
,everything we do has to be ethical (focused on process)
Teleological ethics
It doesn't matter what actions we take as long as the end result is good for
society (focused on outcomes)
Virtue Ethics
you can behave ethically or unethically as long as you have certain traits
Inventions in the early 1900s
electrical power, automobiles, gasoline engine
automobile industry explosion
1905: 121 automobile establishments
1923: 2471 automobile establishments
Urbanization
movement of people away out of farms into cities
interdependence
the reliance of two or more things on each other
Winnipeg General Strike
- took place in 1919
- large population returning from WWI
- low wages/high unemployment
- 30,000 workers left work to strike
- resulted in Bloody Saturday where 2 people were shot and 46 were
hospitalized
- June 26th is when people stopped striking and returned to work
Roaring 20s
, - increased population
- growth of cities
- low unemployment
- stock market boom
- increased wages
Stock market crash and the Great Depression
Stock market bubble burst and $30 billion disappeared
Economy in WWII
- increase in employment
- economy picked back up
- technology increased
Golden Age
- technological advances: TV, washing machine, dishwasher
- wages increased
End of the Golden Age
- inflation stopped
- inequality widened
Globalization
the rise of an international market
sparked by:
- rise of China
- outsourcing
- increased mobility of capital
- emergence of international organizations
Great Recession
