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Multinational Corporations and Global JusticeHuman Rights Obligations of a Quasi-Governmental Institution$
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Florian Wettstein

Print publication date: 2009

Print ISBN-13: 9780804762403

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804762403.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 15 October 2019

When Multinational Corporations Act Like Governments

When Multinational Corporations Act Like Governments

Chapter:
(p.213) Chapter 7 When Multinational Corporations Act Like Governments
Source:
Multinational Corporations and Global Justice
Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804762403.003.0007

This chapter examines position of multinational corporations (MNCs) as quasi-governmental institutions, focusing on the two constitutive aspects of authority in the corporate context. First, it shows how MNCs successfully create a veil of legitimacy around the exercise of their power and how they factually govern people. Second, it argues that the authority of MNCs evolves as countervailing power diminishes. The chapter also illustrates how MNCs have outpowered the market mechanism in many respects and govern markets today, analyzes the potential countervailing power of national governments, and discusses Charles Derber's so-called corporate mystique that has effectively disguised the steadily growing power of corporations for decades. Finally, it considers the reach of effective control of the largest corporations in today's “networked capitalism” as well as the sovereignty of states versus that of corporations.

Keywords:   quasi-governmental institutions, authority, power, national governments, Charles Derber, corporate mystique, networked capitalism, sovereignty, states

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