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29 Cards in this Set
- Front
- Back
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Nemawashi |
"Building strong roots" |
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Corporate law enables |
Businesses to take advantage of a legal structure that separates liability from ownership and control |
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Limited liability |
Owners of corps are protected by laws stating that in most circumstances, their losses in case of business failure cannot exceed the amount they paid for their shares of ownership |
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LLC |
Similar to a corp in that owners have limited liability Organized and managed more like a partnership Without state incorporation laws, busienss owners would be subject to personal liability for business losses |
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Corporate status |
Conferred upon by a business by state law (statute) when a state issues the business a charter of incorporation |
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Socializing |
Amortize it or spread out loss over society in general, owners do not absorb it individually |
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Quid pro quo |
Latin term meaning this for that Acceptance of corporate responsibility. To benefit many stakeholders to whom corporations may owe a duty. Including customers, the community, the environment, employees, media, and the government |
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Shareholder primacy |
Profit maximizing interests of its shareholders |
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Business judgment rule |
Common law principle stating that officers, directors, and managers of a corporation are not liable for losses incurred when the evidence demonstrates that decisions were reasonable and made in good faith, which gives corp management latitude in deciding how to run the company |
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Burwell v Hobby Lobby |
Corporate law does not require for-profit corporations to pursue profit at the expense of everything else Enlarges corps to be treated as a person |
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Moral minimum |
A firm must undertake to satisfy the base threshold for acting ethically |
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What economists say csr policies based on environmental or social justice limit shareholder wealth? |
Milton freidman, henry hazlitt, and adam smith |
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Fiduciary duty |
High level of legal responsibility owed by those who manage someone elses money, which includes duties of care and loyalty |
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Earth justice or earth jurisprudence |
Laws ability to protect the environment and effectively regulate businesses that pollute |
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Corporate personhood |
Legal doctrine holding that a corp, separate and apart from the people who are its owners and managers, has some of the same legal rights and responsibilities enjoyed by natural persons, based on an interpetation of the word person in the 14th ammendment |
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Who coined the term "tragedy of the commons?" |
William forster Lloyd Unregulated grazing on common land to explain the human tendency to act independently, putting the self interest first, without regard to the common good of all users |
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Concept of earth justice |
The earth has a right to exist Adapt laws and principles to govern how the universe functions Other living things should be protected and of business infringe on this, they are illegitimate and illegal |
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Sustainability |
Long term approach to business activity. Environmental responsibility, and societal impact |
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What does ISO stand for ? |
The international organization for standardization |
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What is an issue of both environmental and distributive justice ? |
Deciding who should help pay for the protection of global environmental resources |
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Cap and trade |
Viable approach to addressing climate change. Cap limit on greenhouse gas emissions. Trade allows companies to use free market to buy and sell pollution allowance to permit them to emit a certain amount of pollution |
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Carbon tax |
Pay to pollute |
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Two positions that reduce federal government regulation |
States' rights position and small government philosophy |
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States' rights position |
Seeks to limit powers of federal gov to those very specifically enumerated in the constitution Narrow interpretation of the commerce clause |
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Commerce Clause |
Gives the federal government the right to regualte commerce between states |
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Small government philosophy |
Seek to reduce the size of government and regulation at every level Libertarian "Less is better " |
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Federalist philosophy |
Assert that a centralized government provides an array of benefits for citizens Federalist papers-hamilton Central gov was the best means of securing rights achieved through the passage of the constitution Larger electorate and larger pool of qualified leaders Competing state and regional interests would be more balanced under federal regulation |
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Sarbanes-Oxley |
Ensures we now consider it both unethical and illegal to deceive shareholders, creditors, and the public at large |
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Citizens United |
A 2010 supreme court ruling in favor of unlimited spending by individuals and corporations on political campaigns |
