Globalisation Asks for More Accountability

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Globalisation Asks for More Accountability
Nkosinathi Zvimba, CxO / Board, United Kingdom

Globalization has seen the growth of multinational business such that it is estimated that over half of the largest ‘economic units’ in the world are corporations. Where such companies acted at one time with little apparent concern for business ethics and corporate responsibility, their effect on the social and physical environment has led to calls for improved accountability.
The increase in non-governmental organizations (NGOs), such as Oxfam, Christian Aid and Amnesty International has further encouraged multinational corporations to reflect on their responsibilities at every stage of the production process.

Accountability and Globalization Require Stable Economy
Marjan Khan , Student (MBA), Pakistan
I agree with your statement. But from my point of view, such things are only possible internationally where there is a stable economy also where there is abundance of resources.
Countries like Pakistan and India lack economic growth and stability, but there are resources which can help them.
In Pakistan there are not many firms who are operating on an international level. Also there are large numbers of non-profit organizations whose working is the same as a for profit organization, but they are working under the disguise of a non-profit organization.
Therefore from my point of view a stable economy in eastern countries can increase accountability, but such things need big changes and government attention.

Accountability and Globalization - The Context of MNCs
Lawrence Chinkhunda, Student (MBA), Malawi
This is an interesting topic more especially now that every economy seeks to be diversified.
- The growth of multinationals is undoubtedly one of the dreams of any economy as far as economic expansion is concerned. As economies seek to reach out to the world at large, the concept of globalization pops in.
- However the irony is that globalization is not possible without liberalization. Liberalization of the economy on the other hand means that the economic and political stability of the country is assured and the more reason I mostly agree with Marjan.
Hence the growth of multinationals is an indicator that the economy has suitable ground for investment.
The chain goes on as investment including foreign direct investments are a priority of governments as far as economic growth is concerned. It should therefore be of great pride for governments to attract Foreign Direct Investors (FDIs) as it assures economic growth among the many benefits. Governments should pass laws to check Multinational Corporations (MNCs).

Corporate Accountability in Growing Economies
Worknesh, Business Consultant, Ethiopia
I agree with the points above with reservation of the impact of globalization with nations that have yet growing economies. The challenge for them is that the government still heavily controls both the economic and political environment, which can have a long-term adverse impact on the broader national interest. This is happening in many parts of Africa, such as Mozambique for example.


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