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How Globalization Affects Countries and Markets

How Globalization Affects Countries and Markets

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Published by Joshua Ioji Konov
ongoing-updated blog because the World is constantly in a move.
ongoing-updated blog because the World is constantly in a move.

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Published by: Joshua Ioji Konov on Jun 18, 2010
Copyright:Attribution Non-commercial


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2010-06-18 15:37
Joshua Konov- economics
How Globalization affects Countries & Markets ____________________________ 
This is ongoing - updated article/blog reflecting ever changing GlobalMarketplace and some individual countries' economies
 ___________________________________________  ______ 
While the markets are becoming more globalized and productivity isbeing propelled by ever improving high technologies, someeconomies as Chinese and Indian are growing rapidly thus becomingreal powers in industrial production, however the old "science" of Western Economics is changing very slowly not being able toconceptualize these undergoing changes. The "old" system of Economics firmly believes that:
"The main motivations for the rapid expansion of multinational activity are as follows:Higher profits and a stronger position and market access in global marketsReduced technological barriers to movement of goods, services and factors of productionCost considerations – a desire to shift production to countries with lower unit labour costsForward vertical integration (e.g. establishing production platforms in low cost countrieswhere intermediate products can be made into finished products at lower cost)Avoidance of transportation costs and avoidance of tariff and non-tariff barriersExtending product life-cycles by producing and marketing products in new countriesThe urge to merge – the financial incentives created by the global deregulation of capitalmarkets is making it easier to achieve acquisitions and mergers and thereby encouraging theexternal growth of a business"
In the foundation of modern days Capitalism aretheTransnational Corporations
, however the role of these conglomerates is very limited if not negativein solving problems of rising debt, of accelerating
genuine poverty around the world and of environmental issues;
Introduction Norms controlling activities of TNC’s in UDHR and ICESCR Whyand how these TNC’s are responsible for environmental damages and harms.Three catastrophic disasters in human history International Guidelines controllingTNC’s activities Are these Norms and guidelines are enough to hold these TNC’sliable Need of international binding regulations Recommendations ConcludingremarksTransnational corporation liability for environmental harmBefore starting my presentation on present topic that is transnational corporationliability for environmental harm, I would like to say that this seminar presentationis only an approach paper presenting set of issues involved which in the course of direction take us to the steps of suggestions as far as the TNC’s liability for environmental harms are concerned. Or I can say that this is the first step of myresearch work.To begin with let me first briefly explain to you, what TNC’s or MNC’s basicallyare?Transnational corporation (TNC), also called multinational enterprise (MNE), is acorporation or enterprise that manages production or delivers services in morethan one country. It can also be referred to as an international enterprise.The Norms specifically define a “transnational corporation” as “an economicentity operating in more than one country or a cluster of economic entitiesoperating in two or more countries– whatever their legal form, whether in their home country or country of activity, and whether taken individually or collectively.” The working group defines the phrase “other business enterprise” as“any business entity, regardless of the international or domestic nature of itsactivities, including a transnational corporation, contractor, subcontractor,supplier, licensee or distributor; the corporate, partnership, or other legal formused to establish the business entity; and the nature of the ownership of theentity.”Very large multinationals have budgets that exceed some national GDPs.Multinational corporations can have a powerful influence in local economies aswell as the world economy and play an important role in international relationsand globalization. It is beyond dispute that TNC’s are now the leading vehiclesfor economic globalization. According to UN Conference on Trade AndDevelopment (UNCTAD). In 2002, global sales of TNC’s reached $18 trillion for world exports.
Throughout the past half century, states and international organizations havecontinued to expand the codification of international human rights law protectingthe rights of individuals against governmental violations. In parallel withincreasing attention to the development of international criminal law as a responseto war crimes, genocide, and other crimes against humanity, there has beengrowing attention to individual responsibility for grave human rights abuses. Thecreators of this ever-larger web of human rights obligations, however, failed to pay sufficient attention to some of the most powerful non state actors in theworld, that is, transnational corporations and other business enterprises. With power should come responsibility and international human rights law needs tofocus adequately on these extremely potent international nonstate actors.Transnational corporations evoke particular concern in relation to recent globaltrends because they are active in some of the most dynamic sectors of nationaleconomies, such as extractive industries, telecommunications, informationtechnology, electronic consumer goods, footwear and apparel, transport, bankingand finance, insurance, and securities trading. They bring new jobs, capital, andtechnology. Some corporations make real efforts to achieve internationalstandards by improving working conditions and raising local living conditions.They certainly are capable of exerting a positive influence in fosteringdevelopment.Some transnational corporations, however, do not respect minimum internationalhuman rights standards and can thus be implicated in abuses such as employingchild labourers, discriminating against certain groups of employees, failing to provide safe and healthy working conditions, attempting to repress independenttrade unions, discouraging the right to bargain collectively, limiting the broaddissemination of appropriate technology and intellectual property, and dumpingtoxic wastes. Some of these abuses disproportionately affect developing countries,children, minorities, and women who work in unsafe and poorly paid production jobs, as well as indigenous communities and other vulnerable groups.It is no doubt that environmental consequences of TNC’s behaviour are multipleand substantial, and here I am going to discuss these environmental consequencesof TNC’s."
"Crediting" is a economic "tool" of the Capitalism to allowacceleration of startup businesses and higher consumption, howeverthe "crediting" could properly function in economic growth withshort self adjusting recessions but the most recent developments inworld economies do not support such consistent gradualdevelopment thus "crediting" started bringing negative valueinstead;

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