According to the Top 200, an Institute for Policy Studies, of the 100 largest economies in the world, 51 are corporations; only 49 are countries. General Motors is bigger than Denmark and over three times the size of New Zealand; the top 200 corporations’ combined sales are bigger than the combined economies of all countries except the largest ten. “It is size with the protection afforded by company law and governments that gives corporations power to make the rules and encourages their arrogance” (Madeley). Globalization presently is dominated by corporations that have too much freedom without any repercussions to their actions. Corporations are able to increase their wealth as well as political and economic power through freedoms above that of individuals. Governments around the world are to blame for letting these corporations "exploit" the system and financial deregulation has only furthered this problem.
Governments have presented cutbacks in health, education and other vital social services around the world as a result to structural adjustment policies prescribed by the International Monetary Fund (an organization that supposedly works to foster global growth and economic stability) and the World Bank as conditions for loans and repayment (Stiglitz). In other words the government depletes the money used in communities to in essence “bail” out and support large corporations in trouble. It is becoming a major concern of why businesses are receiving more support from the government than individuals do. In addition, it is vital for emerging nations to open their economies to compete with each other and with more powerful and established industrialized nations. These developing nations are constantly competing to see who can provide lower standards, reduced wages and cheaper resources. As a result, corporatists override national sovereignty and can undermine political and monetary systems. As corporations have become more multination and larger in size, their influence on government as well and individuals has become stronger. John Madeley in his book A People’s World: alternatives to economic globalization states:
“The battle is between a bland, monolithic, corporate-dominated and fundamentally anti-democratic global system that damages the lives of the poor, and a diverse, pluralistic and infinitely more democratic system where people have a real say in the things which affect their lives”.
Madeley does a fine job of summarizing the concerns associated with globalization and indeed offers a valuable resolution. The solution to stop corporate-led globalization is for governments to join forces with one another to implement policies that force corporations to be accountable for their actions; abolishing corporate personhood would result in redirecting the focus of corporations back on individuals, opposed to profit. Ultimately, as Madeley believes, it is up to the citizens within these economies to pressure the government to...