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Governing global business - Article Example
The current changes and developments I the economic operations have favoured large Trans-National Corporations (TNCs) which are consequently the central players. These TNCs have developed and some of them are even richer than some states and as a result they have earned some power that they tend to regulate even government policies and to some extend help to order the agenda of organisations such as the world trade organisation (WTO)…
Galbraith asserts that the classical economy theories were only true in the past millenniums and argues that those were the days when the society lived in poverty. The current civil society has advanced from the poor lifestyle to affluence and as a result, a completely new economic theory has developed. The businesses have developed and they are turning from local to global marketing, most of the business ventures are forced to put in place a frame work of operation that embraces accountability and global recognition otherwise they would greatly degrade their technique.
There are many small organisations that have come together to fight for fare trade that would ensure corporate responsibility. Galbraith argues that as the society becomes more affluent, the trends in economic theory should also change towards generating consumer demand artificially. Business ventures have to advertise so as to create that need in their customers and produce commercial goods and services; this has brought about neglect to the public sector (Galbraith & Galbraith 2007). ...