Analysis Of Tom Scott s Charter System - 1828 Words

Tom Scott found ways around the charter system in America and opened the doors for corporations to turn into monopolies. A monopoly is a company that has outmatched all other competition to where there is no more competition. without competition the company can charge whatever price they choose and no new competition ever challenges them because the monopoly buys out the new competition. Tom Scott made it so corporations could buy stock from other companies. Ted Nace explains Scott worked for a railroad. He was a very wealthy man and used his money and power within the company to make promises to people, such as building railroads to boost economic growth. These promises got him enough votes to be elected into the state congress. He then used his power to relieve taxation on the railroad and sway opinions of the people. Then to help his company expand Scott created a company that could modify its own charter. Scott then used this company to buy out other railroad companies creating a monopoly (Nace, 2003). Scott created what is know as a holding company. These companies are used to â€Å"hold† assets of a large corporation. Because Scott modified the charter he was then able to secretly buy other companies without gaining suspicion from the federal government. Scotts power was the beginning of corporations becoming more powerful than the government. The government is having a constantly changing view on corporations. One minute the government makes laws to help corporations andShow MoreRelatedTop 1 Cause for Project Failure65023 Words   |  261 PagesFeatured discussion In your experience, what is the TOP #1 cause for Project failure? From experience, the following are the TOP10 causes of Project failure that Mathew can think of (they are not in any kind of order): #1. Lacking Sponsor s Involvement/Ownership #2. Halo Effect (Wrong Man for the Job) #3. Poor HR Management #4. 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