Corporations: meaning, definitions and examples

Etymology

• The word comes from the Latin 'corporatio', which means 'a body' or 'group'.
• The term started to be commonly used in English during the 16th century.
• In legal terms, it defines an organization with its own rights, separate from the people who own it.

Historical Origins

• The first modern corporation is often considered to be the British East India Company, chartered in 1600.
• Historically, corporations began as organizations for specific tasks, like trading or exploration, rather than profit-making.
• By the late 19th century, many countries began establishing laws to regulate how corporations operate.

Science and Economics

• Corporations are major contributors to economic growth and innovation, driving new technologies and job creation.
• They often influence research funding, directing resources toward certain scientific fields, like medicine or technology.
• The structure of a corporation allows for limited liability, meaning owners are not personally responsible for the company's debts.

Pop Culture

• Movies like 'The Social Network' and 'Moneyball' showcase how corporations can drive success and failure in business.
• Corporations often appear in video games, with players managing resources and building their virtual empires.
• Popular television shows, such as 'Mad Men', explore the complexities of corporate culture in advertising during the 1960s.

Psychology

• Corporate culture can significantly affect employee behavior and job satisfaction, impacting productivity.
• The concept of 'corporate identity' emphasizes how a corporation is perceived through branding and marketing.
• Research indicates that ethical practices within corporations can enhance overall employee morale and public image.

At position #2,491, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.

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