News Shorts & Other Busyness

Global Profiteers

Squall 8, Autumn 1994, pg. 7.

A new study published on August 31st by the United Nations, has found that the world economy is increasingly becoming dominated by private business concerns.

Trans National Companies (TNCs) now account for one third of global output and this figure is rising.

According to the World Investment Report from the United Nations Conference on Trade and Development, trade unions and governments are becoming increasingly impotent, or reluctant, to prevent the largest of these companies from setting their own agendas in terms of jobs, industrial relations and training.

The world’s largest 100 multi-nationals held $3,400 billion in assets by the end of 1992 and controlled approximately one third of all foreign direct investment.

The report added that potential expansion of TNCs had been aided by the signing of the Uruguay Round of Gatt trade talks, the North American Free Trade Agreement and by other regional and bilateral trade treaties.