MNCs – Boon or Bane of Globalization? Vogue photo shoot in India- Poor people dressed in obscenely expensive clothes! The latest Vogue controversy Before moving into details regarding whether Multi-national Corporation is a boon or bane of globalization; let’s explain the poster given above…
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On one hand poverty remains as it is and on the other global corporate giants make their way commercially into poor nations. The second and third pictures show the outcome of Vogue photo shoot in India where the luxury brands are put on the poor people on the streets of New Delhi who perhaps strive to arrange for two square meals a day. The concept behind the advertisement is that the expensive fashion brands might wish to make this section of people their customers some day. This would be a far-fetched idea to come true and more than that it is ethically incorrect to put such contrasting scenarios in the photos. The photos also capture the attempt at forced westernization in the fashion industry. This is not only concerning the textiles segment but also other industries like sports and machineries. A burning question thus emerges whether multi-national corporations that is to globalization as white pigeon to peace is a boon or curse to the world? In what ways MNCs have affected globalization? The multi-national corporations might be considered as the harbinger of globalization. A multi-national corporation is a firm that has its assets spread over many other countries along with its country of origin. In terms of the size; these firms are huge and some of them has turnover that might overshadow the GDP of a developing or less developed country. Ironically much like its parental body globalization; multi-national corporations are surrounded with much debate. In what ways do MNCs affect national governments? The classical and new classical economists consider globalization as a boon to society and votes against government intervention. As multi-national corporations are the direct product of globalization that consider the world as a borderless playing field and strongly depend on market force; hence an indirect support towards multi-national corporations can be drawn from the classical and neo classical economists. On the other hand the radical economists from Marxist clan always referred globalization and free market mechanism biased towards the haves and hence for a just social allocation supported government intervention. Little or no support can be found from the Marxist and Keynesians regarding multi-national corporations. If a national government becomes heavily dependent upon the FDI then inefficiency might creep up into its revenue accumulation system. All its development expenditure might then become dependent on FDI and if the MNC decides not to invest in the concerned nation all might collapse rapidly. Again at the worst a nexus of bribery might form between the government official and the multi national corporation that will again result in inefficient allocation of resources. As many MNCs have higher level of revenue than the GDP of developing and less developed countries hence if it withdraws its fund invested in a country and other MNCs follow suit then in no time it will bring a catastrophe to the concerned countryi. What are some of the potential positive consequences of this rising power of MNCs? The arguments favoring multi-national corporation stresses on its huge capital power that a country may take advantage if that multi-national corporation invest in that country. This is especially important if that country belongs to the developing or less developed clan. Since unemployment is a huge problem in those countries, hence fresh investments by the multi-national
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India presents a large market opportunity for those who want to globalise their business and expand their clientele (Manian, 2007: 57). It is the third largest economy by GDP in relation to purchasing power. It is grouped in the G-20 key economies. Business in India is controlled by a strong domestic market hence for a business to prosper in the highly diverse economy; it has to resonate with the cultural norms that drive the thinking of Indians (Makar, 2008: 36).
The author states that media imperialism is a composite of program flows, ownership transfers of broadcast systems and promotion of capitalistic world views/lifestyles. According to Desai & Agrawa, cultural imperialism was preferred by those with Marxist bent to imply wholesale domination of which media are mere symptoms.
nt of Financial Instruments, which is equivalent to IAS 39: Financial Instruments, Recognition and Measurement –has brought about the most signiﬁcant changes to Chinese listed companies’ ﬁnancial reporting since the introduction of the new CAS in 2007.
A policy of
In the elections of December 2005, Evo Morales became the president of the country by the greatest margin since the establishment of democracy in 1982. His socialist policies were considered to be the key in his success. After his huge success, he started working on the empowerment of the poor but some of his policies have given rise to racial clashes in the country between the natives and non natives of the country.
The majestic brand has captured the attention of the women in almost all the countries of the world by its magnificent quality, startling designs and refined products. The company prepares sports attires, athletics shoes, sports equipments, yoga costumes and exercise
The Great Depression of the 1930s showed the way to the development of neo-liberalism and invigorated socialism and Keynesian school of thoughts (Hartwich, 2009, pp. 7-23). Mainly the goal is to run an economy that is not solely led by private interests or public
All these expansions were aided by the military and defense excellence and superiority over one another. Different alliances were being made from time to time. Colonies were being established in this regard across the continents of Africa and Asia.
The end of 2nd world
This explains why the company is a global leader in the automobile industry.
The spread of innovation is not possible simply through the efforts of a few firms like Toyota. Neither can a firm become innovative on such a large scale without help from
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