Name: Professor: Course: Date: Outline on Modern Corporation 1. Thesis This essay provides a coherent view of the modern corporations by: Discussing the model of the organization as production function to incorporate the concept of the organization as a governance structure Evaluating organization and markets as an alternative management structure in a comparative organizational way Supporting the presumption that firms innovations lack competitive purposes hypothesis that firms changes are designed in a way that they economize on transaction costs And lastly explaining the history of the business from transaction cost perspective. 2. Introduction The approach to the study of the current or modern organization generally to the study of business innovation owes its origin to an antecedent contribution of four kinds: 2.1 Antecedents Theory of markets and firms: Ronald Coase recognized this approach. He argued that price outside the include; development of railroads and forward integration. 6. The corporation of 20th century For the modern corporation to develop many events must have occurred over the course of the past years. The first evolution was the appearance of multidivisional organization. Williamson categorized them into three groups; the conglomerate multinational enterprise multidivisional enterprise (Williamson 1552). 7. Conclusion There is great deals and agreement among economists and non-economist. Also Williamson concluded that modern corporation is an economical and important economic institution. The economic aspect that lies behind the shape performance and size of the modern organization are yet to be well understood. Work Cited Coase Ronald H. "The nature of the firm." economica 4.16 (1937): 386-405. Simon Herbert A. "Rational decision making in business organizations." The American economic review (1979): 493-513. Williamson Oliver E. "The modern corporation: origins evolution attributes."Journal of economic literature 19.4 (1981): 1537-1568. [...]
Revisit the article by Oliver Williamson titled: “The Modern Corporation: Origins, Evolution, Attributes,” Journal of Economic Literature, Volume 19, Issue 4, 1981, pp. 1537-1568. Write an outline of the most critical points raised by the author in the article. Your outline should be 2-3 pages. Define carefully any new terms that you will encounter in the article. Provide business and economic examples based on the new terms. Were there any references to “transaction costs” in the chapters of the book that we have covered till now? Answer items (a) through (d) thoroughly and analytically. Also, attach a bibliography to justify your answers to the above.