TITLE

The Global Economy and the Nation-State

AUTHOR(S)
Drucker, Peter F.
PUB. DATE
September 1997
SOURCE
Foreign Affairs;Sep/Oct97, Vol. 76 Issue 5, p159
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article presents a discussion on globalization in nation-states. By 1912, when the United States established the Federal Reserve System, every nation-state had its own central bank to control the commercial banks and their credit. But throughout the nineteenth century, one nation-state after another put itself (or was put) under the control of the nonnational gold standard, which imposed strict limits on a country's monetary and fiscal policies. In the global economy, businesses are increasingly forced to shift from being multinational to being transnational. The traditional multinational is a national company with foreign subsidiaries. These subsidiaries are clones of the parent company. Most companies doing international business today are still organized as traditional multinationals. But the transformation into transnational companies has begun, and it is moving fast. The transnational company is not totally beyond the control of national governments. It must adapt to them. But these adaptations are exceptions to policies and practices decided on for worldwide markets and technologies. Successful transnational companies see themselves as separate, nonnational entities.
ACCESSION #
10241238

 

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