Political Involvement

Political Involvement

There is concern that the foreign firm will meddle in local politics to toster its own objectives rather than local ones. As recently as 1949, an association of     six European firms handled 66 percent of Nigeria's imports and 70 percent of      jts exports; other European firms had a virtual monopoly on shipping and  banking. Because of this economic power, the foreign companies, through
forced regulations, forbade Nigerian competition and employment except in the more menial and lower-paying activities. Despite the headline examples, such as the discovery in 1972 of offers by ITT to support a group that planned to overthrow the Chilean government, most evidence shows that international firms have avoided local political involvement in recent years. Even in the ITT situation, the argument could be made that the action was no different than that taken by many locally controlled firms facing nationalization. Nevertheless, such instances kindle fears of a return to earlier periods when some foreign investors did manage to pick local leadership supportive of their firm's activities, regardless of the effect on the local population.

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