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Date Posted: 17:33:22 12/03/02 Tue
Author: j
Subject: Ch17 - The Corporation

I. The Corporation
A. The Laws of Incorporation
-passed by many states in the 1830s and 40s
i. business organizations could raise money by selling stock to the public
ii. Limited Liability
a. investors found that they could make a lot of money selling these company stocks, and still not incur any debts or lost money from the individual shareholders
B. Andrew Carnegie and others
i. Scottish immigrant who ended up basically owning the steel market
a. he bought coal producing mines, operated a fleet of ore ships, and acquired railroads
ii. in 1901, she sold out to J.P. Morgan for $450 million who merged the Carnegie corp with other interests to create the $1.4 billion dollar U.S. Steel Corp, controlling 2/3 of the steel industry
C. new manegarial techniques
i. middle manager
a. formed a layer of command between workers and owners
ii. began in the railroad and momved on to virtually every other aspect of business

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