Description
Economic globalization has revolutionized the movement of goods, services, technology, and capital. However, it has also led to fierce competition among the world’s economic and legal systems. We have seen how companies based in states with higher standards with regard to human rights, labor laws, environmental protection, health and safety, intellectual property, and tax laws have eluded these regulations and their inherent costs by conducing their activity abroad. Most states that host these multinational companies are developing countries that need these investments for the growth of their economies. It is in these states’ interest to maintain the lowest possible standards in order to attract foreign investments. The immediate effects seem positive also for mass consumers who benefit from cheaper products, but in the long-run what are the consequences of the absence of minimum global standards? To what extent are both laborers and consumers being put at risk? This course will identify the effects of globalization, its historical, economic, social, cultural, and also legal consequences. The course will also address the problem of multinational companies’ lack of accountability and the question of responsibility of the state for the behavior of its multinational companies abroad.
