Global Business: Oversight without Inhibiting Enterprise

John Philip Jones
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John Philip Jones: Newhouse School at Syracuse University

The ANNALS of the American Academy of Political and Social Science, 2006, vol. 603, issue 1, 262-268

Abstract: This article is focused on the role of international business in wealth creation. It discusses the issue of what regulations should be imposed, country by country, to encourage legal and ethical conduct by international firms. In a libertarian view, many excesses are selfcorrecting because businesses wish to operate in individual countries on a long-term basis. Serious abuses are rare but take place nonetheless, sometimes with disastrous consequences. The only effective way to control abuses is through tighter scrutiny of foreign direct investment (FDI) at a local level. Abuses affect individual countries and must therefore be policed in those countries, despite sometimes endemic corruption. Local politicians and bureaucrats—who issue FDI licenses—must be motivated by concern for public welfare and nothing else.

Keywords: global business; capitalism; foreign investment; foreign subsidiaries; corporate social responsibility (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:sae:anname:v:603:y:2006:i:1:p:262-268

DOI: 10.1177/0002716205282264

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