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Please write response to the 2 classmates responses listed below.Curtis Wrote: The textbook defines dominance theory as “The dominance theory, business abuses the power its size and wealth confer in
Please write response to the 2 classmates responses listed below.
The textbook defines dominance theory as “The dominance theory, business abuses the power its size and wealth confer in a number of ways. The rise of huge corporations creates a business elite that exercises inordinate power over public policy. Corporations wield financial and organizational resources unmatched by opposing interests. For example, they use campaign contributions to corrupt politicians, hire lobbyists to undermine the independence of elected officials, employ accountants and lawyers to avoid taxes, and run public relations campaigns that shape opinion in their favor” (Steiner & Steiner, 2012)
From a cultural perspective standard wielded more power than an entire government of a country. They shut Mexico out of profits from oil being transported through the country. Additionally Standard wielded a significant amount of economic power. They did this by owning the every part of the oil process. The fields, the transportation, the pipeline, the refineries, and the fuel stations. This gave them the ability to drop their prices so low that they could take out competition completely after a few days. At this time the United States was making a transition from an agricultural nation to an industrial nation so this played well into Rockefellers hand as he took advantage of a great opportunity. With Rockefellers attitude and his determination he definitely used a dominance theory to run the petroleum market.
Steiner, J. and Steiner, G. (2012). Business, government, and society. New York, NY: McGraw-Hill Irwin.
With reference to the seven levels of corporate power addressed in the text, how did the power of Standard Oil change society.
The seven levels of Corporate power according to our text (Ch. 3 p. 59):
Economic – is the ability of a corporation to influence events, activities, and people by virtue of control over resources, particularly property.
Technological – the ability to influence the direction rate, characteristics, and consequences of physical innovations as they develop.
Political- the ability to influence government.
Legal – is the ability to shape the laws of society.
Cultural – the ability to influence cultural values habits and institution such as the Family.
Environmental – the impact of a company on nature.
And power over individuals which is exercised over employees, managers, stockholders.
Standard Oil was a success for Rockefeller it made oil a monopoly. Competitors in this industry found it hard to compete. They (competitors) were glad when the Supreme Court ordered their (Standard Oil) separation in 1911 under the Sherman Antitrust Act.
Was the power exercised in keeping with social contract of Rockefeller’s era? Social contract legitimizes business by giving it a moral basis.
Rockefeller's era was more of person who is clever, if you ask the right question you can get the answer you want.
Does the story support the position of the pluralist or dominance theory of business power?
Pluralist the view a business power is exercised in a society where other institution also have great power.
Dominance the view a business is the most powerful institution in society, because of its control of wealth.
I look at Rockefeller as a Dominance he was wealthy and a private citizen. Rockefeller intended to acquire them then close them or limit their capacity (John F. Steiner, 2012).
I personally describe myself as a pluralist.
John F. Steiner, G. A. (2012). Business, Government, and Society; A Managerial Perspective, 13th Edition. In G. A. John F. Steiner, Business, Government, and Society; A Managerial Perspective, 13th Edition. New York, New York: McGraw Hill Irwin.
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