Domination of Anglo-Saxon Corporations Essay Example | Topics and Well Written Essays - 3000 words

Domination of Anglo-Saxon Corporations - Essay Example The elections in Germany in 2005 focused greatly on the role of corporations in the modern economy, and the change of governments marked the start of the embedding of Anglo-Saxon brand of corporate responsibility (Davis 2005). Corporate social responsibility (CSR) has become the hotbed of debates over the passage of time not only in the US but in many countries of the world as the public has become more aware of the impacts of giant corporations and their dominance of the markets. CSR relates to the notion of the responsibility that the corporations owe to other than their shareholders. Anglo-Saxon corporations have acquired large shares of the market over the period of time, particularly in European nations and in Asia. In these regions, the debates are ensuing between Anglo-Saxon shareholder capitalism and stakeholder capitalism. Proponents of Anglo-Saxon shareholder capitalism are of the perspective that the companies should only pursue the interests of their shareholders. On the other hand, stakeholder capitalism argues that corporations should also take into account the interests of the local community and their employees (The Economist 2002). The debates have also come to include globalization. It is argued that Anglo-Saxon corporations have used globalization to dominate other social and political institutions to further their own interests. Dr. ...For the most part of the previous century, the Anglo-Saxons have been the major ethnic dominating group. In the modern era, they are the producers of more than one-third of the total economic output all over the world. The Anglo-Saxon countries include the five countries i.e. America, Britain, Canada, Australia and New Zealand. The countries have gained dominance not only economically but also in the political arena and other aspects of governance such as the army, culture of the country and the moral values. Statistics report that the countries are the producers of US$20 trillion output of a total economic ou tput (GDP) of $58 trillion; the US alone makes an output worth $14 trillion (The Casual Truth 2010). This has contributed greatly in the countries gaining dominance in the financial market (such as through IMF and the World Bank), the oil industry, where six large corporations control a major proportion of the market. The Anglo-Saxons are not a major ethnic group in the world, yet these $14 trillion individuals remain as the some of the richest and powerful consumers of the world (The Casual Truth 2010). The great extent of the power of these corporations has enabled them to become a politically dominant force. The UK and the US are two of the five members of the UN Security Council. If countries want to pass a Bill on climate change, it is likely that there are little chances of the acceptance of the Bill if the US does not agree to it.