Corporations as Responsible A Civil Action was originally a novel, but more people have seen the movie, which was distributed by W. One of the memorable scenes is John Travolta playing a hotshot lawyer speeding up a rural highway to Woburn, Massachusetts. He gets pulled over and ticketed.
This is in essence a tax collected by a nongovernmental agency: It is a cost imposed on consumers by governmental decisions, but never considered in any of the standard data on tax collections. This, however, does not include the cost of lobbying.
Lessig cites six different studies that consider the cost of lobbying with campaign contributions on a variety of issues considered in Washington, D. Lessig notes that clients who pay tens of millions of dollars to lobbyists typically Conflict theory corporate welfare billions.
Lessig insists that this does not mean that any legislator has sold his or her vote. He notes that if any money perverts democracy, it is the large contributions beyond the budgets of citizens of ordinary means; small contributions from common citizens have long been considered supporting of democracy.
This practice is called the " revolving door ". Former legislators and regulators are accused of a using inside information for their new employers or b compromising laws and regulations in hopes of securing lucrative employment in the private sector.
This possibility creates a conflict of interest for all public officials whose future may depend on the revolving door. Inthe total U. However, the financial sector made a profit in those years, which made its percentage negative, below 0 and off the scale in this plot.
Between andit averaged From throughit averaged Some of this increase is doubtless due to increased efficiency from banking consolidation and innovations in new financial products that benefit consumers.
However, if most consumers had refused to accept financial products they did not understand, e. Stiglitz  argued that the Lates recession was created in part because, "Bankers acted greedily because they had incentives and opportunities to do so".
They did this in part by innovating to make consumer financial products like retail banking services and home mortgages as complicated as possible to make it easy for them to charge higher fees.
Consumers who shop carefully for financial services typically find better options than the primary offerings of the major banks. However, few consumers think to do that.
This explains part of this increase in financial industry profits. There is hardly any place outside politics with such a high return on investment in such a short time. Critics of the profession argue, for example, that it is no coincidence that financial economists, many of whom were engaged as consultants by Wall Street firms, were opposed to regulating the financial sector.
A conflict of interest exists when a party to a transaction could potentially make a gain from taking actions that are detrimental to the other party in the transaction.
This is when a stockbroker who owns a security artificially inflates the price by upgrading it or spreading rumors, and then sells the security and adds short position.
They will then downgrade the security or spread negative rumors to push the price back down. This is an example of stock fraud. It is a conflict of interest because the stockbrokers are concealing and manipulating information to make it misleading for the buyers.
The broker may claim to have the "inside" information about impending news and will urge buyers to buy the stock quickly. Investors will buy the stock, which creates a high demand and raises the prices. This rise in prices can entice more people to believe the hype and then buy shares as well.
The stockbrokers will then sell their shares and stop promoting, the price will drop, and other investors are left holding stock that is worth nothing compared to what they paid for it.
In this way, brokers use their knowledge and position to gain personally at the expense of others. Executives participated in an elaborate scheme, falsely reporting profits, thus inflating its stock prices, and covered up the real numbers with questionable accounting ; 29 executives sold overvalued stock for more than a billion dollars before the company went bankrupt.
Most media, when reporting a story which involves a parent company or a subsidiarywill explicitly report this fact as part of the story, in order to alert the audience that their reporting has the potential for bias due to the possibility of a conflict of interest.
The business model of commercial media organizations i. Many major advertisers test their ads in various ways to measure the return on investment in advertising. Advertising rates are set as a function of the size and spending habits of the audience as measured by the Nielsen Ratings.
Media action expressing this conflict of interest is evident in the reaction of Rupert MurdochChairman of News Corporationowner of Foxto changes in data collection methodology adopted in by the Nielsen Company to more accurately measure viewing habits.
The results corrected a previous overestimate of the market share of Fox. Murdoch reacted by getting leading politicians to denounce the Nielsen Ratings as racists. Commercial media organizations lose money if they provide content that offends either their audience or their advertisers.
The substantial media consolidation that occurred since the s has reduced the alternatives available to the audience, thereby making it easier for the ever-larger companies in this increasingly oligopolistic industry to hide news and entertainment potentially offensive to advertisers without losing audience.
If the media provide too much information on how congress spends its time, a major advertiser could be offended and could reduce their advertising expenditures with the offending media company; indeed, this is one of the ways the market system has determined which companies won and which either went out of business or were purchased by others in this media consolidation.
Similarly, commercial media organizations are not eager to bite the hand that feeds them.That misconception of the underlying issue — what Ludwig von Mises labeled "Marxian polylogism" — is the stumbling block that renders Marx's theory of class incomplete and mistaken, preventing it from producing a complete account of class conflict.
Index Organizational Theory and Behavior © , David S.
Walonick, Ph.D. Classical Organization Theory. Classical organization theory evolved during the first half. Corporate governance is the mechanisms, processes and relations by which corporations are controlled and directed. Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, .
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