{"id":230,"date":"2007-12-12T16:04:20","date_gmt":"2007-12-12T20:04:20","guid":{"rendered":"https:\/\/freedom24.org\/rationalpost\/2007\/12\/21\/the-rise-of-global-corporations\/"},"modified":"2009-09-23T00:36:26","modified_gmt":"2009-09-23T04:36:26","slug":"the-rise-of-global-corporations","status":"publish","type":"post","link":"https:\/\/freedom24.org\/rationalpost\/the-rise-of-global-corporations\/","title":{"rendered":"the rise of global corporations"},"content":{"rendered":"

This paper was written for quite possibly the best combination of professor<\/a> and class<\/a> I’ve ever experienced. If only all academic endeavor challenged so profoundly, surveyed so broadly, and bore as much intellectual fruit…<\/em><\/p>\n

Hegemonic Stability and the Rise of Global Corporations
\nby Devin DeCiantis<\/strong><\/p>\n

“The logic of markets is borderless,
\nbut the logic of politics remains bounded.”
\n– Louis W. Pauley, Who Elected the Bankers? Surveillance and Control in the World Economy<\/em>, 1997<\/p><\/blockquote>\n

\"globe\"<\/a> Traditional theories about power structures have focused on the role of states as principal agents in international affairs. In aggregate, these theories justify most of the major geopolitical incidents that have shaped the modern world order, but none of them effectively do so on their own. That\u00e2\u20ac\u2122s not to suggest that existing theories based on political<\/em> cooperation don\u00e2\u20ac\u2122t have their place among the predictive frameworks of the 20th<\/sup> century. Many of them have helped to explain some of the century\u00e2\u20ac\u2122s most important economic and security inflections. This paper simply suggests that where prevailing theories break down, a careful examination of the often quiet and understated rise of the modern corporation may offer a compelling supplementary explanation.<\/p>\n

One need only look at trends in portfolio<\/a> and foreign direct investment flows<\/a> to witness modern corporations driving international stability forward, increasing in power and institutional authority as their patron states struggle with fiscal, political and military balance<\/a>. At the same time, existing global institutions for stabilizing trade and finance<\/a> have squandered much of their early credibility. As relics of past hegemonic efforts, they have struggled to foster international stability under the burden of disparate political control and meager tools of enforcement. <\/span><\/p>\n

Corporations, on the other hand, have spent the better part of the last century finding ways to side-step trade restrictions, discordant legal systems, and countervailing duties in the pursuit of their own economic self-interest<\/a>. As this paper will argue, a by-product of that unabashed self-interest has been the foundation of a global system of open commerce and trade that has produced a more permanent structural stability than any of the hegemonic powers have been able to provide to date.<\/p>\n

<\/p>\n

Failures of Hegemonic Stability Theory<\/strong><\/p>\n

Briefly stated, Hegemonic Stability Theory (HST) as championed in its various forms by Kindleberger, Krasner and Keohane posits that an international system of trade and finance will only function smoothly in the presence of a hegemon or group of cooperative leading powers \u00e2\u20ac\u201c whose motives involve establishing an open system out of blatant (\u00e2\u20ac\u0153coercive\u00e2\u20ac\u009d) or enlightened (\u00e2\u20ac\u0153benevolent\u00e2\u20ac\u009d) self-interest. The key insight of this model deals with the \u00e2\u20ac\u0153public goods\u00e2\u20ac\u009d issue, such that the hegemon is inclined to lay down a framework for global stability (i.e. the public good) which protects and expands both its own interests and extends the benefits of collaboration to the rest of the international community. Public goods, however, present unique challenges to the hegemon as well as the relative actions of major powers, and lead to failures in HST to explain structural strength in the absence of a reigning hegemon.<\/p>\n

To Kindleberger\u00e2\u20ac\u2122s credit, his version of the HST model<\/a> fits historical evidence for the first two decades after the second World War as well as most of the 19th<\/sup> century, but that shouldn\u00e2\u20ac\u2122t be surprising coming from a man who was intimately involved in the development and launch of the Marshall Plan, perhaps post-WWII\u00e2\u20ac\u2122s most influential public good. It does, however, make several flawed conclusions about the first half of the 20th<\/sup> century as well as the years beyond 1970. For instance, between 1900 and 1918, Britain experienced a decline relative to Germany, the US and Russia<\/a> <\/span>yet this period witnessed a drop<\/em> in US tariffs<\/a> and a consequent rise in openness, behavior that HST on its own wouldn\u00e2\u20ac\u2122t predict.<\/p>\n

Conversely, during the interwar years when the US was a clear hegemon in the classical sense, there was a distinct absence of openness<\/a>, raising American protectionism to all-time highs and reducing total global trade by nearly two-thirds<\/a>. When hegemonic leadership and investment in public goods could have stabilized the system and provided considerable benefit to the system\u00e2\u20ac\u2122s strongest power, the US retrenched. It didn\u00e2\u20ac\u2122t bail out the British, the Austrians and the Germans in 1931, it devalued the dollar and went off the gold standard in 1933, and precipitated a fall in US prices which made domestic goods cheaper and struggling European goods more expensive.<\/p>\n

As power shifted from Britain to America, a dangerous situation emerged: Britain had the political will to support an open global system of trade \u00e2\u20ac\u201c as it had for most of the 19th<\/sup> century \u00e2\u20ac\u201c but it didn\u00e2\u20ac\u2122t have the economic means. America, on the other hand, had the means but no will, flying in the face of their own self-interest as predicted by HST. Consequently, stability never unfolded, and the world eventually devolved into open global war.<\/p>\n

But how could HST be so accurate under certain scenarios and produce such counter-intuitive predictions in others? Keohane\u00e2\u20ac\u2122s modification offers an explanation \u00e2\u20ac\u201c at least during these interwar years. By his definition, hegemonic states must have the ability to stabilize, the will to do so, and hold a dominant economic, political, and military position relative to their peers. As such, post-WWI America wouldn\u00e2\u20ac\u2122t be considered a true hegemon, because it didn\u00e2\u20ac\u2122t have the will to become one.<\/p>\n

That said, removing America\u00e2\u20ac\u2122s motive from the mix doesn\u00e2\u20ac\u2122t entirely explain the lack of structural openness, perhaps because it focuses on the will<\/em> of the state as opposed to the ability<\/em> of corporations, who at the time of the Great Depression were crippled by massive unemployment, a liquidity crunch, waves of corporate bankruptcies, underutilized capital, and eroding markets for their finished goods. It could thus be argued that the lack of openness was the result of American corporations focusing more on their domestic interests than their external opportunities, given the negligible scale of foreign direct investment abroad.<\/p>\n

More than a state-wide retrenchment from public goods as Keohane and HST proscribe, American corporations<\/em> withdrew from foreign markets out of necessity, reducing investment in their established \u00e2\u20ac\u0153semi-private\u00e2\u20ac\u009d or \u00e2\u20ac\u0153club\u00e2\u20ac\u009d goods (i.e. trans-Atlantic phone lines, shipping infrastructure, etc.) and choking off the global system of trade from the inside out.<\/p>\n

Thus, a careful reading of the rise of corporate influence in America may provide another explanation for the contradictory outcomes suggested by HST between 1900-1939. If the argument holds, \u00e2\u20ac\u0153Modified HST\u00e2\u20ac\u009d (or MHST) might also provide insight into other significant eras where HST can\u00e2\u20ac\u2122t explain the observable disconnect between hegemony and openness.<\/p>\n

<\/strong><\/p>\n

Rise of the Global Corporation<\/strong><\/p>\n

As the reigning 19th<\/sup> century hegemon, Britain\u00e2\u20ac\u2122s ascendancy and structural control fit modified HST perfectly. The country\u00e2\u20ac\u2122s early mercantile chartered companies were synonymous with state interests, and acted as the instruments of foreign economic policy, if not their direct beneficiaries. Consequently, as British power declined after the Panic of 1873 and the ensuing global \u00e2\u20ac\u0153Depression\u00e2\u20ac\u009d, protectionism gripped the international economy. This lack of openness was a predictable outcome, both according to HST and given the subsequent decline in monopolistic trade by these early companies. <\/strong><\/p>\n

At the dawn of the 20th<\/sup> century, having followed a similar though less mercantile path than their British cousins, American corporations were just beginning to mature in their nature and aims. After the Long Depression and the ensuing bankruptcy epidemic, \u00e2\u20ac\u0153a great merger wave\u00e2\u20ac\u009d took place between 1897 and 1903. Increased M&A swelled the value of open trade, giving these newly-merged companies political and economic heft. This, in turn, produced a rise in corporate involvement within America\u00e2\u20ac\u2122s expanded portfolio of international treaties (e.g. 1911 treaty with Japan and 1920s treaties with Germany) within which corporations were first conferred legal status in foreign jurisdictions as a corollary of any political agreement<\/a>.<\/p>\n

Thus, while HST fails to reconcile a decline in the reigning hegemon with a rise in structural openness, MHST suggests that corporations themselves began to compliment state interests abroad, becoming pseudo-hegemonic stabilizers through their participation in foreign legal systems and given their incentive to begin establishing physical ties between the US and its trading partners.<\/p>\n

In order to invest this capital and energy in foreign markets, corporations require economic, political and legal stability such that planning and investment can take place with confidence. The foundations of that global stability and operational predictability are found in the treaties and trade negotiations of the early 20th<\/sup> century, setting the groundwork for openness and international cooperation in the presence or absence<\/em> of a hegemonic regulator.<\/p>\n

We\u00e2\u20ac\u2122ll deal first with the presence<\/em> of a hegemon, and establish how corporations have complimented state interests in stabilizing the international system by examining the first two decades after WWII. At the time, the Bretton Woods system was designed principally by the reigning hegemon to secure American interests abroad, but while the complimentary Marshall Plan may have been political in its origins, it was almost exclusively corporate in its management, implementation, and economic benefit<\/a>. Keohane himself points out that American hegemony in the years after the war was used to establish international economic arrangements consistent with the structure of American capitalism. Here again, the US was rolling corporate policy into foreign policy, intent on establishing a political and<\/em> economic<\/em> environment in which capitalism could flourish.<\/p>\n

Where MHST is most valuable, however, is where it explains an increase in structural openness in the absence<\/em> of hegemon. To better understand this scenario, it\u00e2\u20ac\u2122s important to clarify the difference between a state-sponsored \u00e2\u20ac\u0153public good\u00e2\u20ac\u009d and a corporate-sponsored \u00e2\u20ac\u0153semi-private\u00e2\u20ac\u009d good<\/a>, because the latter represents a more permanent form of structural stability, enduring regardless of hegemonic influence.<\/p>\n

\n

The Importance of Semi-Private Goods<\/strong><\/p>\n

MHST implies that state<\/em> openness is based on trade, while corporate<\/em> openness is based on investment, with the corollary that trade can wax and wane depending on political climate but investments (particularly in illiquid assets or structural technologies) are less likely to decline in the absence of their original investors. Therefore, longevity and resiliency of this emerging corporate infrastructure are of considerable importance to MHST. Unlike the United Nations<\/em> or the World Trade Organization<\/em>, semi-private goods (e.g. telecommunications infrastructure, shipping infrastructure, airports, capital markets, and private intranets) represent the foundations of a common system of trade, communication, and information sharing, and avoid HST\u00e2\u20ac\u2122s issues with hegemonic stabilizers because the infrastructure is inherently not<\/em> public. More specifically, it\u00e2\u20ac\u2122s exclusive to members of the \u00e2\u20ac\u0153club\u00e2\u20ac\u009d that can both afford to pay and agree to participate in negotiated commercial transactions.<\/p>\n

Such a framework is inherently more stable than networks dependent on opaque or translucent political actors, particularly once private club members (as customers, clients, or service providers) establish a solid track record of reliability.<\/p>\n

\n

Beyond Bretton Woods<\/strong><\/p>\n

For the period beginning with the collapse of Bretton Woods in the early 1970s and continuing through to the fall of the Soviet Union in the late 1980s, the global system of trade and cooperation expanded apace. But the unrivaled US economy of the 1950s eventually begins to decline relative to Germany, Japan, and the USSR, in spite of successive rounds of global tariff reduction. Domestic recession and stagflation in the late 1960s and most of the 1970s began to cripple corporate interests, as industrial capacity among America\u00e2\u20ac\u2122s trade partners began to climb and overinvestment in domestic production capacity left American companies vulnerable to swings in global supply and demand.<\/p>\n

As a natural consequence, the US was no longer able to pursue international stability and openness because their post-war competitive advantage vis-a-vis Germany and Japan had eroded.<\/span> It is precisely at this inflection point where MHST offers a compelling explanation for the lack of closure in the markets, despite a decline of the hegemon. The premise is essentially two-fold: 1) infrastructure established by American corporations was still lubricating the international systems of trade, despite the country\u00e2\u20ac\u2122s domestic troubles, and 2) where American corporations declined in financial and productive capacity, their German, Japanese, and increasingly developing world competitors were quick to fill the void<\/a>.<\/span><\/p>\n

Corporations had finally come of age. Armed with established structural assets, existing and emerging technologies, and evolving information requirements, the 1970s and 80s witnessed corporations becoming a collective \u00e2\u20ac\u0153hegemonic force\u00e2\u20ac\u009d for global stability, in the face of a retreating United States. Free markets and the efficiency of private enterprise were embraced as a means of jumpstarting sluggish economies around the world, and they did so with full support of their jurisdictional governments. This arrangement produced some of the dominant political features of the era: Thatcherism, Reaganomics, privatizations, free enterprise, Indian economic liberalization, Chinese economic liberalization, and even the collapse of the Soviet Union. <\/span><\/p>\n

It would be grand hyperbole to suggest that all this was the result of \u00e2\u20ac\u0153corporate hegemony\u00e2\u20ac\u009d, but the rising international influence of the chartered company from its humble position almost a century before was certainly an intervening factor in the growing stability of the world system, and a control against the anarchic tendencies often postulated by the Realists and even the Institutionalists in the absence of a hegemonic stabilizer.<\/span><\/p>\n

\n


<\/span><\/strong><\/p>\n

APPENDIX A: Beyond the Cold War: Lessons for the 21st<\/sup> Century Corporation<\/strong><\/p>\n

Should America continue to decline in influence in the absence of a hegemonic replacement, HST would once again predict diminished openness and cooperation. MHST, on the other hand, would suggest that corporations will continue in their expansionary tendencies regardless of the power of their state sponsor, gradually stabilizing foreign states and markets to fuel their continued growth. Eventually they might even begin to call new foreign states home. Witness the rise of Sovereign Wealth Funds \u00e2\u20ac\u201c estimated to reach $10 trillion by 2012<\/a> \u00e2\u20ac\u201c and the cross-border effects of FDI and global M&A on underutilized capital and labor.<\/p>\n

Moreover, given that corporations are inherently more nimble than the states, their ability to adapt to a changing hegemonic climate is likely to ensure their continued existence as powers swell and recede. Should capitalism experience a backlash from citizens and smaller states who think free markets have gone too far in the unbridled pursuit of profit (as Keohane suggests) companies can simply embrace social and environmental responsibility in addition to profits and compete and innovate around the emerging metric of the \u00e2\u20ac\u0153triple bottom line\u00e2\u20ac\u009d.<\/p>\n

That shift from profit seeking toward socially responsible enterprise would involve corporations adopting elements of paternalism and traditional public goods from their sovereign administrators. For instance, Wal-Mart is already the largest private sector employee in America, and moves to provide its workers with health insurance could change the fundamental nature of Medicaid. This is obviously speculation, but it reinforces the idea that the corporations and their functional connections are likely to remain in place, despite hegemonic flux. In fact, given their entrenched role in the modern global economy, they may eventually overpower states as a reflection of their stakeholders\u00e2\u20ac\u2122 wishes, and reduce government to the role of employer of last resort and arbitrator of domestic disputes.<\/p>\n


Selected References<\/strong><\/p>\n

Bratton, William Jr. \u00e2\u20ac\u0153The New Economic Theory of the Firm: Critical Perspectives from History\u00e2\u20ac\u009d Stanford Law Review, Vol. 41, No. 6., 1989, pp. 1471-1527<\/p>\n

Cheffins, Brian R. \u00e2\u20ac\u0153Mergers and Corporate Ownership Structure: The United States and Germany at the Turn of the 20th Century\u00e2\u20ac\u009d The American Journal of Comparative Law, Vol. 51, No. 3., 2003, pp. 473-503<\/p>\n

Cypher, James M. \u00e2\u20ac\u0153The Deadly Connection: Reagan and the Middle East\u00e2\u20ac\u009d MERIP Reports, No. 128, 1984, p7-18<\/p>\n

Johnson, The Rise of Sovereign Wealth Funds F&D Magazine (IMF), September 2007, Volume 44, No. 3<\/p>\n

Keohane, Robert O. After Hegemony: Cooperation and Discord in the World Political Economy, Princeton University Press, 1984<\/p>\n

Kindleberger, Charles P., \u00e2\u20ac\u0153Dominance and Leadership in the International Economy\u00e2\u20ac\u009d, International Studies Quarterly, 1981, pp242-254<\/p>\n

Krasner, Stephen D. \u00e2\u20ac\u0153State Power and the Structure of International Trade\u00e2\u20ac\u009d World Politics, Volume 28, No. 3, 1976 pp317-347<\/p>\n

Mazumdar, D. L. \u00e2\u20ac\u0153The Modern Corporation and the Rule of Law\u00e2\u20ac\u009d University of Pennsylvania Law Review, Vol. 114, No. 2., 1965, pp. 187-208<\/p>\n

Pauley, Louis W. Who Elected the Bankers? Surveillance and Control in the World Economy, Cornell University Press, 1997<\/p>\n

Walker, Herman Jr. \u00e2\u20ac\u0153Provisions on Companies in United States Commercial Treaties\u00e2\u20ac\u009d The American Journal of International Law, Vol. 50, No. 2., 1956, p378<\/p>\n

\u00e2\u20ac\u0153World Investment Report\u00e2\u20ac\u009d, unctad.org, 2007<\/p>\n

Yarbrough, B. & Robert, \u00e2\u20ac\u0153Cooperation in the Liberalization of International Trade: After Hegemony, What?\u00e2\u20ac\u009d International Organization Vol. 41, No. 1., 1987, pp. 1-26
\nFootnotes:<\/strong><\/p>\n

<\/a> Global cross-border M&A activity was roughly $880 billion in 2006 \u00e2\u20ac\u201c second only to a record-setting $1.1 trillion in 2000 \u00e2\u20ac\u201c an increase of nearly 1200% since 1987. \u00e2\u20ac\u201c \u00e2\u20ac\u0153World Investment Report\u00e2\u20ac\u009d, unctad.org<\/em>, 2007<\/p>\n

<\/a> Similarly, outward FDI was $1.2 trillion in 2006, having grown by more than 860% over the same time frame. ibid<\/em><\/p>\n

<\/a> The US ran an estimated deficit of $423 billion in 2006 and the national debt now sits at over $8 trillion (or roughly 2\/3 of GDP), \u00e2\u20ac\u0153BUDGET FOR FISCAL YEAR 2007,<\/span>\u00e2\u20ac\u009d whitehouse.org<\/em><\/p>\n

<\/a> Principally, the World Bank, IMF, and WTO<\/p>\n

<\/a> Corporations can avoid the tariffs associated with selling into a protected market by investing directly in the market and selling from within <\/span><\/p>\n

<\/a> According to Kindleberger , these goods ought to provide include: 1) maintaining a relatively open market for distressed goods; 2) providing stable or countercyclical long-term lending; 3) policing a relatively stable system of exchange rates; 4) ensuring the coordination of macroeconomic policies; and 5) acting as a lender of last resort<\/p>\n

<\/a> Though in absolute terms Britain was still a bona fide hegemon<\/p>\n

<\/a> Through legislation such as the Underwood Tariff Bill of 1913, decreasing average tariffs from 41% to 27%<\/p>\n

<\/a> As evidenced by the Smoot-Hawley and Fordney-McCumber Tariffs<\/p>\n

<\/a> Between 1929 and 1934<\/p>\n

<\/a> 1911 treaty with Japan \u00e2\u20ac\u201c Article VII: \u00e2\u20ac\u0153Limited-liability and other companies and associations, commercial, industrial, and fhancial, already or hereafter to be organized in accordance with the laws of either High Contracting Party and domiciled in the territories of such Party, are authorized, in the territories of the other, to exercise their rights and appear in the courts either as plaintiffs or defendants, subject to the laws of such other Party.\u00e2\u20ac\u009d – Walker, The American Journal of International Law<\/em>, p378<\/p>\n

<\/a> \u00e2\u20ac\u0153Former Secretary of State Dean Acheson aptly termed this period “the creation.” At this “creation,” US corporate leaders possessed an unprecedented degree of access to foreign markets and strong control over international trade, banking and investment\u00e2\u20ac\u00a6 This was the magic combination that gave rise to the longest and most impressive boom in the history of capitalism.” – Cypher, James M. \u00e2\u20ac\u0153The Deadly Connection: Reagan and the Middle East\u00e2\u20ac\u009d, p7<\/p>\n

<\/a> Here the distinction between \u00e2\u20ac\u0153semi-private goods\u00e2\u20ac\u009d and \u00e2\u20ac\u0153club goods\u00e2\u20ac\u009d deals with the nature of the provider (i.e. private interests for \u00e2\u20ac\u0153semi-private\u00e2\u20ac\u009d goods and government or state interests for \u00e2\u20ac\u0153club\u00e2\u20ac\u009d goods, though functionally the two are essentially the same)<\/p>\n

<\/a> An important recommendation of the Trilateral Commission was that \u00e2\u20ac\u0153Nation states would have less control over the international economy, while a new world order would emerge which would be more favorable to the economic interests of transnational corporations of US, German and Japanese registry.” Cypher, p13<\/span><\/p>\n

<\/a> Johnson, The Rise of Sovereign Wealth Funds<\/em>, F&D Magazine (IMF), September 2007, Volume 44, No. 3<\/p>\n","protected":false},"excerpt":{"rendered":"

This paper was written for quite possibly the best combination of professor and class I’ve ever experienced. If only all academic endeavor challenged so profoundly, surveyed so broadly, and bore as much intellectual fruit… Hegemonic Stability and the Rise of Global Corporations by Devin DeCiantis “The logic of markets is borderless, but the logic of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_s2mail":"","footnotes":""},"categories":[2,12,4],"tags":[140,106,144,90,141,28,66,58],"class_list":["post-230","post","type-post","status-publish","format-standard","hentry","category-finance-economics","category-history-society","category-world-affairs","tag-business","tag-capital-markets","tag-corporations","tag-geopolitics","tag-government","tag-history","tag-politics","tag-trade"],"yoast_head":"\nthe rise of global corporations - The Rational Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freedom24.org\/rationalpost\/the-rise-of-global-corporations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"the rise of global corporations - The Rational Post\" \/>\n<meta property=\"og:description\" content=\"This paper was written for quite possibly the best combination of professor and class I’ve ever experienced. 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