Michael Novak: Capitalism and the Corporation

Feb 3rd, 2012
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Paper- Case study: Michael Novak: Capitalism and the corporation Outline the Role of the Corporation: The modern business corporation is an original creation of the American imagination. It was first fashioned to extend local markets; then, it became an indispensable means to create a national market. Both American industrialization and capitalism were crucially dependent upon the corporate form of organization. The corporation was not, however, a disembodied "first cause"; it spread in response to concrete economic challenges. But the corporation had first to become a legal instrument before it could be anything else. While the law dealt amply with the internal affairs of corporations, no internal logic dictated the further development of the corporate form. Corporate law, after all, is not a branch of higher mathematics whose cogency requires a series of more elementary operations. External, primarily economic pressures helped generate the corporation. The combined force of those press

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Michael Novak: Capitalism and the CorporationThe purpose of this research is to impart an academic opinion on the topic of how long the corporation has existed, distinction between the British and European corporation and the American corporation and the result of such difference, the definition of stakeholders, the effects of social democracy and the danger of perpetual demand without responsibility, and last but not least, the interpretation of the phrase from Michael Novak that the corporation is not a cold meteor fallen from the sky. Before initiating the research paper, it is of foremost necessity to understand the definition of a corporation. A corporation is defined as a group of businessmen or merchants acting as a single and complete unit, accredited by law as a trade association endowed with various rights and duties including the capacity of succession (Merriam-Websters collegiate dictionary, 2003). Michael Novak documents that corporations began in the early Middle Ages, mostly as internment societies which, transitioned over to cloisters, then to towns and to universities (Novak, 1999). The early Middle Ages was a period of the European history lasting from 500 AD to 1000 AD, i.e. from the 5th century to approximately the beginning of the 11th century (Mckitterick, 2001). The first institutions largely considered to be universities were constituted in Italy, France, and Britain in the 11th and 12th centuries for the study of art, law, medicine,

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