These days, many people concur that the growth in power of several global corporations is a negative phenomenon. Although I agree with this opinion up to a point, I strongly believe the high power of some multinational firms also brings some benefits.
On the one hand, there are some reasons why I acknowledge the idea that powerful international organizations can lead to adverse consequences. The primary reason is that the development of international businesses may hinder the progress of local economies since some startup companies may face competition from foreign organizations. In fact, with the large resources of advertising budgets of prominent foreign companies, local startups may struggle to promote their product and approach customers because customers are frequently exposed to foreign products. For instance, when launching the new car model, local businesses find it challenging to promote the features of the vehicle and demonstrate its superiority to foreign models. Consequently, instead of adopting recently released local products, customers frequently choose the old foreign ones with well-proven features.
On the other hand, I strongly advocate the idea that there are some benefits of strong multinational businesses. Firstly, the establishment of international enterprises’ branches in developing countries can create employment opportunities for locals; therefore, the income of local people will be increased and living standards may also improve. Furthermore, the presence of international business may create a great contribution to the local tax revenue. As a result, these tax revenues can then be utilized to enhance essential public services such as education, healthcare, infrastructure, and social welfare.
To conclude, I would agree to some extent that the development of these companies has had a negative impact. However, it is my firm conviction that the benefits of that business are undeniable.