Giant companies around the globe are gaining more and more power and influence. In my opinion, this trend could have both positive and negative consequences in equal measure.
The fact that international companies are becoming more powerful can be seen as positive development for multiple reasons. Firstly, the prosperity of such companies can create job opportunities and additional revenue for people. Big companies often require a huge amount of workforce to function, as they engage in manufacturing and trading on a global scale. Thereby, they are usually ready to offer employment opportunities to a large number of people, thus increasing recruitment and reducing unemployment rates. Also, from an economic perspective, the trend towards the increasing power of international companies will potentially aid to improve the economic state of countries where branches of such companies are located. With the taxes generated from the companies’ revenue, governments can increase their budget and avoid financial crisis. This form of economic boost is particularly welcome in countries which are in poor economic state.
However, along with the benefits it offers, growth in the influence of giant companies can lead to negative consequences. Such companies are often eminent with their high-quality services and products at affordable prices; this, in turn, can prompt people to use the services of only those companies rather than local small businesses. Resultantly, local population who rely on local organizations as the primary sources of income may lose their jobs. The advent of big companies also has negative implications for the environment and can trigger a set of global problems. International companies tend to use modern technologies to maintain or improve the quality of their products and services. Such technologies, on the other hand, often emit greenhouse gasses, produce noise, and require a huge number of resources. As a result, this trend can cause insurmountable problems, such as air contamination, noise pollution and resources scarcity, which affect all forms of life on earth.
In conclusion, international companies are becoming increasingly powerful and influential. While this trend can be seen in a positive light due to its benefits related to employment and economy, it can also be regarded as a negative development because of the hazards it may pose to the local workforce and the environment.