Sample Essay
Most multinationals make huge profits as shown by the following data. ‘In 1992, it was estimated that the world’s 500 largest companies controlled at least 70% of world trade, 80% of foreign investment, and 30% of global GDP. The 100 largest had assets of $3,400 billion, of which 40% were located outside their home countries’ (Multi C.).. Although these companies show sales figures larger than the GDP of many developing countries, they are reluctant to be regulated in anyway. ‘Unsuccessful efforts were made in 1992, through the UN, to negotiate a voluntary code of conduct for multinationals, but governments and corporations alike were hostile to the idea.
In June 2000, the Organization for Economic Cooperation and Development (OECD) issued guidelines for multinational enterprises. The guidelines, drawn up with the aid of non-governmental organizations (NGOs) and trade unions, aimed to promote better relationships between multinational companies and the societies within which they worked ’(Multi C.). However I believe that with trends of globalization and erosion of national boundaries they are as responsible to the welfare of the world as any of the governments.Indiahas the highest number of HIV victims and a huge amount of foreign investment. These investors have a social responsibility to the members of countries in which they are investing.
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