:05:13
The word corporate gets
attached in almost
:05:17
you know in a
pejorative sense to
:05:19
and gets married
with the word agenda.
:05:22
And one hears a lot about
the corporate agenda
:05:25
as though it is evil
:05:28
as though it is an agenda
:05:30
which is trying
to take over the world.
:05:33
Personally l don't
use the word "corporation "
:05:36
I use the word business.
:05:37
I will use the word
use the word company.
:05:42
I will use the words
business community
:05:45
cause I think that is a much
fairer representation
:05:48
than zeroing in on just
this word corporation.
:05:59
It's funny that I've taught
in a business school
:06:01
for as long as I have
:06:02
without ever having
been asked so pointedly
:06:05
to say what I think
a corporation is.
:06:09
... it is one form of
business ownership...?
:06:13
It's a group of individuals
working together to serve
:06:16
a variety of objectives.
:06:18
The principal one
of which is earning large
:06:21
growing sustained
legal returns
:06:25
for the people who
own the business.
:06:33
The modern corporation has
grown out of the industrial age.
:06:39
The industrial age
began in 1712
:06:42
with an Englishman named
Thomas Newcomen
:06:45
invented a steam driven
pump to pump water
:06:48
out of the English coalmine
so the English coalminers
:06:51
could get more
coal to mine
:06:53
rather than hauling
buckets of water
:06:56
out of the mine
:06:57
It was all about productivity
more coal per man hour.