What are Joseph Stiglitz’s 5-pronged recommendations for decreasing abusive and exploitative practices by multinational corporations?

1. Corporate social responsibility,

2. limiting the power of corporation,

3. improving corporate governance,

4. global laws for a global economy,

5. reducing the scope for corruption

Explanation:

Every year, more and more multinational corporations enter a country and conduct businesses from outside the borders of the country. They engage in what is called globalization. While globalization has resulted to various benefits, it is important to look at the way it is handled if this benefits would outweigh the disadvantage. In this light, Joseph Stiglitz’s provided 5 recommendation for decreasing abusive and exploitative practices by these organizations and they are:

1. Corporate social responsibility (Must give back to the community where you operate)

2. limiting the power of corporation (operate using a regional style of control, where each country is responsible for running the affairs of the company)

3. improving corporate governance

4. global laws for a global economy

5. reducing the scope for corruption (Eliminating every room for corruption)