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International Law And Transnational Corporations: Towards A Final Summation, Varun Vaish
International Law And Transnational Corporations: Towards A Final Summation, Varun Vaish
Varun Vaish
The regulation of transnational corporations (TNCs) by an international legal order fundamentally centred on states proves to be difficult when they exercise political influence and have the ability to generate revenue which can eclipse the economies of many countries in comparison. According to the World Investment Report 2007, as of 2006 there were 78,411 parent corporations and 777,647 affiliates worldwide.4 The scale of the concentration of economic power is illustrated by the statistics: of the world’s hundred largest economic entities, 51 are multinational companies and 49 are nation states. The Texaco Corporation functioned for years in Ecuador with annual global …