In the current globalized world, large multinational corporations have become an environmental, economic, cultural and political force. Large corporations have a significant influence on the lives of people around the globe, mostly in imperceptible and complex ways. There are several examples of gaining increasing globalization and the growth of modern corporations. In general, the growth of modern corporations is usually evaluated in economic terms such as total employees, assets, stock prices, and profits.
However, the power and impact of multinationals extend way beyond this economic realm. For instance, the production decisions of the large corporations have major environmental implications both at the national as well as global scale. These corporations even apply political influence to reduce tax burdens, gain subsidies and shape public policy. The policies of large corporations on wages, employee benefits and working conditions directly impact the quality of life around the globe. Some view the power ascendancy of large corporations as a positive force that brings jobs, quality products, lower prices and economic growth to expanding the population. On the other hand, some people view the ascending power of large corporations as damaging the environment, dominating public policies and degrading the cultural values. It is clear that large corporations are an inevitable presence in the global world and will continue to be the same for the foreseeable future. The issue at hand is whether large corporations should play a significant role in society and the economy.
Large corporations have too much market power which is largely detrimental to economic and social life. The drive of large corporations for profit at all costs is perpetuating the economic system that seems to be unsustainable in the long run. Extensive legislations are required at the international level as well as within countries to protect corporate rights. Thus, a wide range of regulatory and structural changes are essential to transform large corporation based economy into a community-centered one. Prioritizing the community-centered enterprises and curtailing the market power of large corporations will unavoidably create great social and economic equity.