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15 Cards in this Set
- Front
- Back
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What are the three features of capitalism?
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1. an available accumulation of industrial capital
2. private ownership of the means of production 3. a free-market system |
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What are the three features of socialism?
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1. an industrial base
2. social ownership of the means of production. 3. centralized planning |
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define: corporation as by Chief Justice Marshall in Dartmoth College v. Woodward
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A corporation is an artificial being, invisible, intangible, and existing only in contemplation of law. Being the mere creature of law, it posseses only those properties which the charter of creation confers upon it, either expressly, or as incidental to its very existence. These are such as are supposed best calculated to effect the object for which it was created.
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Robert Nozick. What are his views?
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Will Chamberlain idea, the distribution of wealth is not equal but it is fair.
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John Rawls. What are his views?
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Veil of ignorance, the distribution is fair. You put on a veil and let things happen and get yourself ready to go out and no matter what happens you have to be happy with the lowest.
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What does a free market require?
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Competition
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Why do you need competition in a free market?
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Without competition the employees would have too much choice.
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sharholder =
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owner
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stakeholder =
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employees
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What are the four general obligations of a corporation?
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1. do no harm
2. do not undermine the freedom and the values of the system. 3. be fair in transactions 4. live up to contracts |
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Chain of command of a corporation.
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share holders
BOD management workers |
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What is the libertarian view?
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The view that government should stay out of the free market and allow companies to fight and fend from themselves.
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Insofar as corporations act intentionally, they can be held morally responsible for their actions.
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They are thus moral actors.
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Because corporations are not ends in themselves,
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They are not moral persons.
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3 major claims of Marxism.
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1. capitalism is immoral because it robs the worker of his dues.
2. capitalism is immoral because it involves the alienation of human beings. 3. capitalism is immoral because it protects the vested interest of the few and prevents the many from achieving a better society |
