10.19.2021

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 I often use the terms "corporation", "business", and "company", when I'm discussing anything related to business, but I seldom thought of distinguishing the differences between these three. Thus, today's documentary called "The Corporation", introduced me to the concept of corporations overseas, and moreover its devious history. Mr. Paterson first explained that a corporation is a company that has shareholders from a public listing in the stock market. Upon knowing that a corporation is a 法人　in Japanese, I recognized that there was a difference in the there terms. As in, companies aren't obligated to maximize profit for the shareholders, unlike corporations who prioritize growth and capital over sustainability and environmental cautions. One idea that embodied corporations' need for profit was externalities; a cost for a third party who didn't consent to it. An example that Mr. Paterson demonstrated was the air pollution in Texas. Before, Texas was adequate in its air quality due to a law that mandated air filters in all factories. However, after Bush became Texas governor, this law was exempt, resulting in their ranks plummeting to the 40s' out of the 50 states. I didn't know that corporations were exercising this method, just to please their shareholders. This made me realize the power that one could have in lending their own capital, and I wonder to what extent are stakeholders able to manipulate and squeeze out of a company.

As much as I learned about systems of corporations in civics class, I didn't know that corporations had a long history. They used to be bound to a charter, that made sure that corporations were in for the public good, and that the shareholders were reliable. However, the civil war resulted in the promulgation of the 14th Amendment, aimed to prevent racism towards black people. Corporations decided to use this rule to establish that they are indeed legally people. This allowed them to freely purchase property, organize lawsuits, and be sued. I was shocked at how many legal cases were brought by corporations compared to the diminutive cases brought by those who are black. It was unfair to think that corporations could gain all the benefits while cutting costs. In the video, I saw the poor working conditions at Cathy's clothing factories, which were horrific and utmost disgusting. Whatsmore, it was ironic to see the clothes having labels that promote donations to low-income children, and I felt that this happily epitomizes the corporation facade. 

During the documentary, I witnessed a variety of opinions about corporations, which came to the conclusion that there is no one answer to solving a major problem of capitalism. Before industrialization, corporations were in a fairly moderate position, but due to the demand for more textiles, and materialistic things, it was inevitable for company owners to maximize profit. However, without them, I also know that I might have not had the things I have in my house. I am excited to dive deeper into this documentary, and break down the system of corporations.

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