Corporate Accountability In A Globalized Economy
- IJLLR Journal
- Feb 17
- 1 min read
Gracy Tanwar, National Law University, Odisha
ABSTRACT
In the twenty-first century, the relationship between corporations and society has significantly changed because of globalisation. The rise of multinational corporations (MNCs), internationalisation of production and supply chains, and an increase in financialisation of the global economy has broadened the influence and ability of business actors. Globalisation has improved efficiency, stimulated innovation, and created opportunities to make wealth; while at the same time has revealed the necessity to demand corporate accountability. The unfolding of events from disgraces like Enron, WorldCom, and Satyam, to disasters like the Rana Plaza factory collapse in Bangladesh, have shown us the destructive powers of corporations when left unchecked1. In this article, I want to critically explore corporate accountability in a globalised economy. I will look at theoretical bases of accountability, and international and domestic regulatory frameworks for corporate accountability, and the challenges of accountability for conduct across jurisdictions. I will also investigate the corporation’s role in human rights, environmental protection, taxation and supply chains. I will conclude with the pursuit of a shared model of binding international norms with an emphasis on robust domestic enforcement and civil society participation that is essential for justice, fairness, and sustainability in an increasingly globalised world.
