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From the Publisher"Truitt believes the corporation is responsible for making the American economy the largest in the world and for creating the global economy as well. Using examples from major corporations, he traces how the concept of the corporation developed over time from the Middle Ages through the age of imperialism and colonization and on into the postmodern model. He explains the advantages of incorporating and the ways corporations are structured to make best use of these advantages, describes the systems of corporate governance, and analyzes why certain people in certain corporations commit fraud. Along the way he explains historical trends and the ways corporations transformed themselves as well as the corporations to come, and closely examines why some corporations have lasted over 950 years while others seem to fail in 950 nanoseconds."
Reference & Research Book News
"Truitt, a practitioner and academic, provides an accessible introduction to the nature of corporations. He begins with an overview of the historical evolution of the corporation as a form of economic organization based on the principles of capitalization and limited liability. Moving from medieval chartered companies through the postmodern corporation, he examines the transformative forces shaping the structure and strategies of contemporary business entities. An instructive example is Wal-Mart, now the largest corporation in the US with gross revenues of $288.1 billion, compared with $193.5 billion for General Motors. Other chapters cover such topics as the benefits accruing to owners and employees of corporations; the legal requirements for creating a corporation; routine operations of a corporation; international comparisons and multinational corporations; corporate governance through boards of directors; and a concluding chapter on the future of the corporation in the global economy….[T]ruitt offers an informative, readable guide to an important, often controversial topic in modern economic life. Glossary of common terms associated with corporations; selected bibliography of books and articles. Recommended. All levels of undergraduates as well as general readers."