social science Social science (often rendered in the plural as the social sciences) is one of the branches of science, devoted to the study of societies and the relationships among members within those societies. The term was formerly used to refer to the ...

and

economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

, corporate capitalism is a

capitalist Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by ...

marketplace A marketplace, market place, or just market, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a ''souk'' (from ...

characterized by the dominance of hierarchical and bureaucratic

corporation A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...

Overview

In the developed world, corporations dominate the marketplace, comprising 50% or more of all businesses. Those businesses which are not corporations contain the same bureaucratic structure of corporations, but there is usually a sole owner or group of owners who are liable to

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

and criminal charges relating to their business. Corporations have

limited liability Limited liability is a legal status in which a person's financial Legal liability, liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture. If a company that provides limi ...

. Corporations are usually called public entities or publicly traded entities when parts of their business can be bought in the form of shares on the

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange a ...

. This is done as a way of raising capital to finance the investments of the corporation. The

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

s appoint the executives of the corporation, who are the ones running the corporation via a hierarchical chain of power, where the bulk of investor decisions are made at the top and have effects on those beneath them.

Criticisms

Corporate capitalism has been criticized for the amount of power and influence corporations and large business interest groups have over government policy, including the policies of regulatory agencies and influencing

political campaign A political campaign is an organized effort which seeks to influence the decision making progress within a specific group. In democracy, democracies, political campaigns often refer to election, electoral campaigns, by which representatives a ...

s. Many social scientists have criticized corporations for failing to act in the interests of the people, and their existence seems to circumvent the principles of

democracy Democracy (from , ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government in which political power is vested in the people or the population of a state. Under a minimalist definition of democracy, rulers are elected through competitiv ...

, which assumes equal power relations between individuals in a society. Dwight D. Eisenhower criticized the notion of the confluence of corporate power and ''de facto'' fascism, Ira Chernus (1997). "Eisenhower's Ideology in World War II". Armed Forces & Society. 23(4): 595–613. but nevertheless brought attention to the "conjunction of an immense military establishment and a large arms industry" (the military–industrial complex) in his 1961 Farewell Address to the Nation, and stressed "the need to maintain balance in and among national programs—balance between the private and the public economy, balance between cost and hoped for advantage".

References

External links

* ** {{cite web, title=Revealed – the capitalist network that runs the world, publisher=New Scientist, url=https://www.newscientist.com/article/mg21228354-500-revealed-the-capitalist-network-that-runs-the-world/, ref={{sfnref, New Scientist, access-date=August 17, 2017 Capitalism Economic ideologies Libertarian terms

Overview

Criticisms

See also

References

External links