Lecture Notes: The Rise and Impact of Corporations

Introduction

• 150 years ago, corporations were insignificant but have become the dominant institution today.
• Corporations compared to powerful institutions of the past like the church, monarchy, and communist party.
• Aim of the documentary: Examine the nature, evolution, impacts, and possible futures of corporations.

Scandals and Public Control

• Scandals prompt debate about lack of public control over corporations.
• Many believe few "bad apples" cause distrust, while others see a more systemic problem.
• Corporations seen as wealth creators but also as sources of hidden harms.

Nature and Evolution of Corporations

• Originally had a narrow legal mandate.
• Civil War and Industrial Revolution spurred corporate growth and power.
• The 14th Amendment, meant for human rights, was leveraged by corporations for legal personhood.
• Corporations gained rights of "immortal persons" but without moral responsibility.

Corporate Personhood and Legal Rights

• Corporations are treated legally as individual persons.
• This status provides advantages like limited liability and rights to buy/sell property, sue/be sued.

Economic Impacts

• Corporations prioritize shareholder profit over public good due to legal obligations.
• "Externalities" are costs transferred to society, e.g., environmental impacts, labor exploitation.

Corporate Behavior and Ethics

• Corporations prioritize profit often at the expense of ethics and social responsibility.
• The concept of corporate social responsibility is often seen as a market-driven tactic.

Consumer Influence and Marketing

• Modern marketing is pervasive and targets developmental vulnerabilities, especially in children.
• Undercover marketing techniques manipulate consumers subtly and continuously.

Corporate Influence in Global Politics

• Corporations often align with oppressive regimes for business advantages.
• Examples include historical collaborations with Nazi Germany and modern-day trade with despotic regimes.

Privatization and Public Resources

• Debate over privatizing essential and public services.
• Privatization seen as unaccountable tyranny by some; creates a dependency on corporate interests.

Biotechnology and Patent Issues

• Corporations apply for patents on life forms and genetic materials, leading to ethical concerns.
• The legal system allows corporations to own genetic blueprints, raising debates about the commodification of life.

Media Influence and Information Control

• Corporations influence media and news reporting through advertising power.
• Whistleblower stories, like the Monsanto growth hormone case, highlight challenges in reporting truthful information.

Resistance and Change

• Grassroots movements and legal challenges have successfully opposed corporations in some instances.
• Examples include resistance to privatization in Bolivia and activism against sweatshops.

Conclusion

• Corporations are both beneficial and harmful, creating wealth and innovation but also perpetuating inequality and ethical issues.
• There is a need for greater public accountability and systemic change to balance corporate power with societal needs.