Does corporate power have greater potential
Since the beginning of civilization, man’s trade has always made an impact on the society he has lived in. As time passed by, small trade converged into small business and then with the turn of events in the finance and business sector, today these small businesses are transformed into large corporate power houses. Today companies who are reckoned as large corporations have a lot on their hand play major role in the development of the society and the country in which they are established. Since these corporations impact the society on such a large scale, any move or decision affects the people largely in a good or a bad way.
Today the scenarios of market have forced finance greedy corporations to become monstrous units of amassing wealth without looking out for their responsibilities towards the society or the world they live in. In the twenty first century, corporations are competing with each other at new levels and in their horde of making new financial milestones they are overlooking the hazards and dangers that they are causing to everyone around. The power of doing more bad has been systematically increased without any feeling of guilt or remorse.
Corporations are growing the fastest in this century and companies which were small units few years ago have made substantial gains because of their unethical ways and in result have brought in huge losses to the world in terms of destruction of varied reasons. Corporations are going to any ends to match and mince money without thinking once about the amount of suffering that is being caused. There are multiple ways in corporations largely are causing harm, and it can be classified in terms of finances, environment, community cleansing and even unethical following of labor codes.
One prime example of corporations turning to ugly ways of making money in terms of causing financial harm to their investors and the share market of the country is ‘Enron’. This corporation rose to success at alarming speeds and became of the fastest growing companies in the United States of America. Unfortunately their acceleration was based on unethical ways way which caused much harm to the economy of the nation and shed away investments of the common man.
The corporation followed a principle of portraying larger account balances that it actually had and because of the blemish in the internal control policy, this corporation ended up duping thousands of investors creating a very harmful impact. The harm is tending to be more during this century is because the amount of globalization that has taken place. Today a large corporation has roots almost everywhere in the world and when such a mother company gets affected or indulges into something that can be called unethical, the amount of damage that is done becomes humongous.
When such corporation causes financial meltdowns, the whole economy of the country becomes affected and it is the common man, who their investment and jobs due to such harmful and fraud behavior of corporations. Another example of corporations doing more harm in terms of finance and market equity is the Anderson accounting firm, which had scrupulous ways of manipulating their clients accounts to show bigger bandwidth of equity. These accounting corporations’ scandals have duly highlighted the vital responsibility being maneuvered in an unfair way which ultimately damage and bring the health of the capital market to grave risks.