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  1. 1 Olsztyn Economic Journal

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  1. 1 Kisiel R.

  2. 1 Panfil L.

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  1. 1 2011

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Transnational Corporations as Dominating Entities in the Contemporary Global Economy

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Kisiel R., Panfil L.
Olsztyn Economic Journal
|
2011
|
vol. 6
|
issue 1
75-87
EN
Transnational corporations (TNCs) achieved domination, in global scale, over the domestic enterprises and sometimes even over the national economies, particularly in the developing countries. The TNC as a relatively new form of enterprise organisation was defined by the UNO during the 1970s. Since then the corporations have been improving their competences and skills effectively pushing the domestic local players out from the markets. They achieve competitive advantage thanks to the effect of scale and adjustment of the marketing-mix to the local customer. The scale of their operations is exemplified by the comparison of revenues from sales of just 10 largest corporations with the GDP of developed countries. In 2005, the top ten TNCs generated revenues amounting to USD 1.9 billion while the GDP of the United Kingdom was USD 2.2 billion and that of Poland USD 0.3 billion USD (World Investment Report 2006). Corporations induce economic growth in the individual countries while the increasing number of mergers and acquisitions evidences existence of a new direction of changes in the global economy. The global economic slowdown initiated by the American crisis in the real property market in 2007 decreased the value of mergers and acquisitions by 64% in 2009 as compared to 2008. Nevertheless, it should be pointed out that until that time corporations developed greatly while crossborder mergers and acquisitions in 2005 reached the value of USD 462 billion while in 2008 they reached the record of USD 707 billion. The decrease in value of those transactions resulted during the recent times from their decreased number and low valuation of enterprises suffering from crisis.
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