Sunday 13 March 2011

Chapter 3 Business Power

Chapter 3 Key terms:
1. Power: The force or strength to act or to compel another entity to act.
2. Business Power: The force behind an act by a company, industry, or sector.
3. Legitimacy: The rightful use of power. Its opposite is tyranny, or the exercise of power beyond right.
4. Dominance theory: The view that business is the most powerful institution in society, because of its control of wealth. This power is inadequately checked and therefore, excessive.
5. Pluralist theory: The view that business power is exercised in a society where other institutions also have great power. It is counterbalanced and restricted and , therefore, not excessive.
6.Power Elite: A small group of individuals in control of the economy, government, and military. The theory of its existence is associated with the American sociologist C. Wright Mills.
7. Pluralistic Society: A society with multiple groups and institutions which power is diffused.

Reactions:
      Out this entire chapter, I found that the Two perspectives on Business power was the most interesting as far as whether or not business power is adequately checked or balanced which then leads to the two theories behind this, and that's the dominance theory and the pluralist theory. Both of which, I find interesting.

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