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Transnational Corporations and Services: The Final Frontier
Frederick F. Clairmonte and John H. Cavanagh
Economic and Political Weekly
Vol. 20, No. 9 (Mar. 2, 1985), pp. 361-377
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4374136
Page Count: 17
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Services already account for almost two-thirds of world GDP and have also become prominent in golbal markets. The main beneficiaries of the international services trade have been a few developed market economies and a small number of large TNCs. The latter are the driving force behind this internationalisation, contributing to an accelerated liquidation of medium and small-scale firms that traditionally dominated the field. No less rapid have been the disintegration of barriers between individual service sectors and the rise of transnational service conglomerates and transnational integral conglomerates. When the TNCs attained dominance, which happened at different times and in varying degrees of intensity in different sectors, it was US and Japanese corporations that were in the lead. TNCs from these two countries exercise a far more pervasive control over services in the world market than they do over agriculture, mining and manufacturing. TNCs are at present impelling the service factor forward at a faster pace than any other sector. The expansion of services has also been accompanied by a serious decline in corporate accountability, due to service companies' access to tax-havens, flags of convenience, bank secrecy laws and a large array of legal and illegal arrangements. [This paper is being published in two parts. The first part appeared last week.]
Economic and Political Weekly © 1985 Economic and Political Weekly