e therefore being pressurised to consider the welfare of the communities within the environs of their operations particularly among the economically and physically challenged communities as part of their corporate social responsibility (CSR) initiatives. Among the developing countries, TNCs are looked upon as the critical stimulus for growth with far more essential impact than local governments often mired in corruption and mismanagement.
The Britannica Concise Encyclopaedia defines globalisation as ‘the process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world (Britannica.com, 2009). The Bankingdictionary.com describes it in financial terms as the ‘interdependence of buyers and sellers of financial instruments in financial centres around the world.’ The Small Business Encyclopedia however gives it a broader meaning, describing it as ‘the process by which the economies of countries around the world become increasingly integrated over time. This integration occurs as technological advances expedite the trade of goods and services, the flow of capital, and the migration of people across international borders.’ (Bhagwati, 2004)
According to a World Bank definition, Corporate Social Responsibility (CSR), ‘is the commitment of businesses to behave ethically and to contribute to sustainable economic development by working with all relevant stakeholders to improve their lives in ways that are good for business, the sustainable development agenda, and society at large’ (World Bank, 2001).
Marks & Spencer (M&S) is a UK based retailer with 895 stores in over forty countries though only a third overseas. Its main product lines include garments, foodstuff, household goods, hospitality, furniture, apparatus, beauty, banking and energy products (Marks & Spencer, 2009). Although it has in recent years virtually stabilized, it had turbulent times in the 1970s to late 1990s when it