Closing the Governance Gap
Corporations, Globalisation and the Law series
The spread of globalisation towards the end of the twentieth century has led to the rise of the transnational corporation (TNC). In 2002 the United Nations Conference on Trade and Development (UNCTA) estimated that 29 of the world’s 100 largest economies are companies. Using the metric of value added, in 2000 the world’s largest TNC was ExxonMobil, with a value added of $63 billion, exceeding the GDP of countries such as Pakistan, New Zealand, Hungary, and Vietnam. Using the same metric the 100 largest corporations account for 4.3 per cent of world GDP. The spread of globalisation has seen a rapid increase in investment in the developing world by TNCs. Too often this has become a focus for human rights abuses by States.