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de Jonge, Alice; Tomasic, Roman --- "Introduction: understanding transnational corporations in the 21st century" [2017] ELECD 245; in de Jonge, Alice; Tomasic, Roman (eds), "Research Handbook on Transnational Corporations" (Edward Elgar Publishing, 2017) 1

Book Title: Research Handbook on Transnational Corporations

Editor(s): de Jonge, Alice; Tomasic, Roman

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781783476909

Section Title: Introduction: understanding transnational corporations in the 21st century

Author(s): de Jonge, Alice; Tomasic, Roman

Number of pages: 6

Extract:

Introduction: understanding transnational
corporations in the 21st century
Alice de Jonge and Roman Tomasic


The past few decades have seen an acceleration in the globalisation of
the international economy. This process has been assisted by advances in
communications technology and reductions in transportation costs for
globally oriented actors. Many actors have played a part in this process,
among which Transnational Corporations (TNCs) have come to reflect
the changes associated with globalisation more than ever before in view of
their growing power, size and number.
This deepening global process has not developed without some per-
ceived problems calling for global solutions. These include global climate
change, population movements and environmental disasters. A further
problem that affects TNCs relates to the regulation of the global economy
and the fashioning of appropriate rules and institutions to further this
goal. In an era of legal or regulatory pluralism, we have seen many new
norms and institutions emerge to deal with `market failures'.
Global corporations operate both within and between nation states. This
can lead to major regulatory problems, as was seen during and following
the Global Financial Crisis when large international financial institutions,
such as Lehman Brothers, collapsed; creating problems for national legal
systems. As Mervyn King, the former governor of the Bank of England,
reminded us, many large corporate groups, such as global banks, are
`global in life, but national in death' as the world searched for appropriate
insolvency and corporate rescue mechanisms. Creating and maintaining
regulatory structures and rules to deal with ...