Business and society. Critically analyze Joel Bakans argument in the Essay

Business and society. Critically analyze Joel Bakans argument in the book The Corporation - Essay Example by corporations include polluting and poisoning the environment, making people work like slaves by extending minimal wages, colluding with non-democratic and corrupt state governments to manipulate things in their way, using mafia to silence the voices of opposition. Bakan goes on to propose a range of reforms that could restore the real power back to the people. In The Corporation, Bakan introduces corporations as the instruments of evil and corruption, which could be tamed and restrained by pursuing a range of reforms. In the Chapter One, Bakan goes on to elaborate on the origins of the corporation in a historical perspective. The essence of Bakan’s argument is that in the hope of developing public infrastructure, the nations like the US and the UK allowed the corporations to own minimum liability while carrying on their work. This power of minimum liability extended to the corporations was further protected by bringing in the laws that supported and protected corporations. At a local level, the state governments and the courts of law supported and created legal instruments that protected corporations, to attract corporate investment. With the passage of time, these corporations evolved into organic concepts that exerted immense and uncontrollable power over the shareholders and the masses. Besides, the separation of ownership and control by extending shares to the shareholders allowed the corporations to carry on their business with much less control and restraint. The limited liability gr anted to the corporation was not only protected by the law, but also flowed out of the immense wealth owned by the corporations. Gradually, corporations evolved into self sustaining entities, which had the power to influence the society, but were independent of the society in their working. In Chapter Two to Five, Bakan unravels the harm caused to the society by the corporations in the form of environmental pollution, exploitation of the labor and manipulation of the laws