Accounting and Economics the Power Term Paper

Download this Term Paper in word format (.doc)

Note: Sample below may appear distorted but all corresponding word document files contain proper formatting

Excerpt from Term Paper:



Education should come from non-profit international scientific, health and environmental organizations. They would be most widely respected and would have more access to both the TNCs and the host and origin country governmental bodies. They can educate the corporations on the practicality of policing their own people and actions. They can educate government bodies on how to include these considerations in political decisions. They can be resources for The United Nations and the WTO to help them decide on their programs. Finally they can help the educate the global populace via global media, especially independent educational media.

The last suggestion is one way to approach using public relations. Another is to incite the press and various other media to report the good and the bad actions of TNCs. His makes for interesting news for their audiences, and good public service for the media. In essence, Fowler has said much of this in his journal article:

Environmental matters are one exception to this trend. In this area, there appears to be a broad consensus that it is appropriate and desirable to develop standards to guide or direct TNC behavior.(18) A parallel and related recognition has emerged in free trade negotiations, where the proposed global agreement emerging from the Uruguay Round of GATT and regional agreements such as the North American Free Trade Agreement (NAFTA) have been recognized to require specific, additional measures concerning environmental, health, and safety matters.(19) However, considerable uncertainty exists about how to apply environmental standards to TNCs in this new era of free trade, liberalization of national economies, and promotion of FDI. TNCs are key players in terms of development activity, and the perception that they operate in a vacuum between ineffective national laws and non-existent or unenforceable international laws has heightened concerns about the current reach and effectiveness of environmental regulation, particularly where TNCs are operating in developing countries. A considerable amount of attention has been devoted in recent years by TNCs and others to the notion of self-regulation of environmental, health, and safety matters.(20) This may in part reflect a belief that TNCs are beyond any form of regulatory control and should develop their own rules to meet public expectations. It may also constitute an effort by TNCs to anticipate further regulation, either by forestalling it or by being prepared in advance to comply with it. "

Fowler)

His suggestion that promoting self-regulation among the TNCs is not without merit, since it is the most immediate method and probably the most long lasting. Therefore, our efforst should concentrate upon identifying those areas which need attention and providing guidance for self-regulation. This is not to say that we should not continue with effort in the U.N. And the W.T.O.,but that we should offer our well considered plans and rules to the TNCs first and give them first crack at taking action, while we struggle with other solutions.

So while it is evident that environmental protection is an important area where we really need to apply some control to TNCs, doing so may be problematic. Since TNCs are such powerful global forces, we need to convince them that protecting the environment everywhere is in their best interests, because any damage anywhere will have a ripple effect everywhere. We can do this with education using respected non-profit international entities in the health, science and environmental protection communities. At the same time, our best hope of creating any rules with enforceable consequences lies within the U.N. Or the W.T.O., and these same organizations which we should be using for education can also provide advice to these entities. In fact, a set of reasonably well thought out and scientifically supported rules should provide a framework for organizations to use to police themselves, and since they need customers, public education and disclosure is a hefty stick we can wave.

Works Cited

Fowler, Robert J. "International Environmental Standards for Transnational Corporations." Environmental Law 25.1 (1995): 1-30. Questia. 14 Dec. 2006 http://www.questia.com/PM.qst?a=o&d=5000274495.

Ietto-Gillies, Grazia. Transnational Corporations: Fragmentation Amidst Integration. London: Routledge, 2002. Questia. 14 Dec. 2006 http://www.questia.com/PM.qst?a=o&d=108115153.

Thomas Donaldson, The Ethics of International Business 31 (1992).[continue]

Cite This Term Paper:

"Accounting And Economics The Power" (2006, December 14) Retrieved December 5, 2016, from http://www.paperdue.com/essay/accounting-and-economics-the-power-40922

"Accounting And Economics The Power" 14 December 2006. Web.5 December. 2016. <http://www.paperdue.com/essay/accounting-and-economics-the-power-40922>

"Accounting And Economics The Power", 14 December 2006, Accessed.5 December. 2016, http://www.paperdue.com/essay/accounting-and-economics-the-power-40922

Other Documents Pertaining To This Topic

  • Social Accounting Socio Economic Accounting as a Term

    Social Accounting Socio-economic accounting as a term and as a subdiscipline of accounting is a relatively new phenomenon. It is sometimes confused with social accounting, which is an established field of accounting and economics. Social accounting was first introduced by J.R. Hicks of Oxford University in The Social Framework: An Introduction to Economics, published in 1942. The accounting research of the time interpreted it as the whole system of accounts

  • Accounting the Most Effective Means

    Systems of income and financial position would superimpose standards of normalization upon everyone within the firm. Accounting, thereby, had achieved Foucault's definition of knowledge as power over people per excellence. By the 1950s, however, person as decision-maker replaced this vision of person as machine, and accounting still has power in our society, but a different sort of power. Likewise, accounting still possesses its constructivism (i.e. manner of perceiving a

  • Accounting Theory

    Accounting Theory Over the year, the world scholars continue to evaluate the economics of the world to understand their functioning. In this course, they developed the subject of accounting to assess the frameworks of financial principles. The accounting theory in discussion involves reviewing the historical foundations of financial reporting and creating new models of reporting the financial developments and exchanges (Richards, 2009, p. 17). Accounting theory evolves continually; thus, there are

  • Economic Globalization Has the 2008 Financial Meltdown

    Economic Globalization Has the 2008 financial meltdown in the U.S. And the ongoing economic crisis in Europe have practically ended the era of economic globalization? Following the financial crisis that marred the U.S. economy along with other global economies as well as the ongoing Eurozone debt crisis, there have been projected concerns that this predicament would end economic globalization. The purpose of this paper is to assess this claim. Going by Immanuel

  • Accounting Approach to Valuation by GAAP and

    Accounting Approach to Valuation by GAAP and IFRS: Key Differences When it comes to valuation by U.S. GAAP and IFRS, there exists a number of differences in terms of the approaches used. To begin with, in regard to inventory valuation, both FIFO and LIFO are permitted in the case of U.S. GAAP. On the other hand, IFRS do not permit the usage of LIFO. However, in the latter case, FIFO is permitted

  • Economic Crash Through the Works

    Sorkin's book does a good job of giving the details on what happened among Lehman Brothers, Barclays, JP Morgan, Goldman Sachs, the Fed, and Big Gov following the collapse. Essentially, everyone had egg on his face -- but some of the bigger powers had the muscle to save face -- and sink competitors at the same time: which is exactly what Goldman Sachs did to Lehman. Goldman had been placing

  • Accounting Two

    Accounting II ABC Overall risk profile The ABC Company may face series of risks based on the current industry and economic issues. First, the company is operating in a competitive market environment making the company to face a fierce competition from other companies producing similar products. Thus, the ABC Company may likely to lose some of its customer to competitors if the price per product is too high. Moreover, the current recession may


Read Full Term Paper
Copyright 2016 . All Rights Reserved